Now, before you come at me and telling me that I might have lost my marbles, let me just clarify one thing. I am not anti-Bitcoin.
Bitcoin is, and always will be, the pioneer. But as same as any other trend, the old one always tend to get outdated and gets left behind because of the tech. Even manual printing machines retired when the digital press happened.
If you are new to the crypto market, you may or may not know how Bitcoin shaped the blockchain technology as we know it today.
Bitcoin is created by (either an anonymous single entity or group) named Satoshi Nakamoto. The creation of the Bitcoin and introduction of the blockchain technology started and ignited the now we call crypto innovation. Bitcoin was invented back in 2008, and wasn't used as a currency until 2009, and originally engineered in an open-source coin coded in C++ language.
Open-source means anybody can share their information and insights in developing a certain program or software. In this case, Bitcoin is one of the few cryptocurrencies that is open-source.
But as of today, the market looks awfully highly manipulated by unknow entities. If you are involved in the Twitter-verse of cryptotraders, Elon Musk recently announced that Tesla is cancelling the Bitcoin transactions for purchasing a Tesla car unit from them. You can see the tweet here and the replies from the community.
If you were active then you'd know how fast the market crashed and Bitcoin dragged every coin in the market with it and put negatives on almost everyone's portfolio.
Up until now many financial conservatives are calling Bitcoin a bubble, but as days goes by, there are news everyday being broadcasted that we are nearer to the Great Reset than we know it.
Even the US government are ready to roll out their new financial system soon. We might about to see a new digitized way of transactions in the near future. Especially now that China has already been rolling out the digital wallet and $YUAN coin that they are going to use for national and local transactions within the country. We might see in the next couple of weeks the launching of the $DOLLAR coin. But this doesn't answer why people think Bitcoin is a bubble doesn't it?
The thing is, USD Tether or $USDT as we know it, recently just shared that the crypto itself is only backed by less than 3% in cash even though they clearly said that the ration of USDT to paper US dollar is 1:1. This is one of the indicators that Bitcoin, which is backed by the USDT, might really be a bubble, according to some experts.
If they are right, we will go through an extensive regulation on all crypto in the market, and Bitcoin might not be the store of value coin that we really know.
What are your thoughts about this?
Not only is Bitcoin a bubble, it's increasingly becoming a pyramid scheme. It's not used any more as censorship-resistant value transfer (mostly because of high fees and lack of privacy), but rather as a gambling instrument.