Bitcoin users are beginning to wonder if the blockchain is officially dead after its ninth consecutive month of languishing.
In a scathing opinion piece on Tuesday, Bloomberg writer Jake Lloyd-Smith brutally tore down the digital token.
Calling BTC a “train wreck” and “absolutely dire”, the author pointed out it was possible the coin could plunge so low as four digits in the near future.
Bitcoin is currently worth five figures, at US$19,566 (A$29,000) at time of writing.
That’s a significant decline when you consider that the crypto hit an all time high in November last year of US$69,000 (A$99,000) per coin.
Overall, that means the digital asset has plunged more than 70 per cent since then. So far this year, it is down 60 per cent in terms of its return on investment.
In fact, all bitcoin’s gains over the last two years of the pandemic have pretty much been wiped.
Mr Lloyd-Smith also said bitcoin’s difficult year had ruined any notion that it could be used as a way to hedge against...
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