While the BTC price has slipped since ending 2017 trading close to $20,000, the crypto industry has remained polarizing as always.
All through the bullish run that characterized last year, financial reporters, economists and Wall Street moguls continued to fish out the flaws of Bitcoin.
Rather than focus on growth through adoption, the narrative surrounding Bitcoin and cryptocurrency became one of greed and confusion.
The relentless media cycle at the end of 2017 fluctuated between arrogant perplexity and annoyed FOMO, with early crypto adopters being hailed as visionary innovators or just plain lucky depending who you asked. The conversation for crypto changed from “What is Bitcoin?” to “How can I get rich?”
The bull run that marked the end of 2017 and extending into the first weeks of January was built upon investors who took decisions without fear, not taking the time to learn about Bitcoin, cryptocurrency or the extensive altcoin market. All they needed was a white paper and a promise to drive billion dollar valuations.
The market collapse seen in January and February, that extended into December, with Bitcoin and altcoins hitting their relative low, has brought out a host of schadenfreude, with nearly every economist and analyst waiting to cast stones at the industry of crypto and the investors who bought in during the fall.
For most in the industry of crypto, the financial narrative is producing an ongoing annoyance, with Bitcoin having been proclaimed “dead” many times before. But the overtone being applied to the more recent articles on Bitcoin’s demise is one filled with glee over the failure.
While some take pleasure in painting Bitcoin as the greatest bubble in history that finally popped, it’s becoming increasingly hard to take serious the opinions of financial professionals and experts who are allowing their emotional sides color their analysis.
Somehow, Bitcoin transformed into as much an ideology as a technology, one that detractors feel compelled to stamp down upon to the extent of being irrational.
If anything, that might be all the indication supporters of Bitcoin need to find continued hope in the future of the currency.