Ethereum

Road to Irrelevance (Last Gasp of BTC)

Collection

VIBIN MEMES

Creator

justvibin

Description

It is December 2022. One year ago, Bitcoin was traded around 4 times higher the current price. Times have been rough. This is not the first time Bitcoin goes through a major retrace. And every time it does, Bitcoin is declared to be a Ponzi Scheme, a mistake, a dying asset. We, as those who have been associated with the cryptocurrency, heard such claims numerous times. The latest of such comments came from European Central Bank. Authors Ulrich Bindseil and Jürgen Schaaf published a blog post on ECB's website called "Bitcoin's Last Stand". An excerpt from the post: "The value of bitcoin peaked at USD 69,000 in November 2021 before falling to USD 17,000 by mid-June 2022. Since then, the value has fluctuated around USD 20,000. For bitcoin proponents, the seeming stabilization signals a breather on the way to new heights. More likely, however, it is an artificially induced last gasp before the road to irrelevance – and this was already foreseeable before FTX went bust and sent the bitcoin price to well below USD 16,000." In the same post they also claimed "Bitcoin is rarely used for legal transactions", and that "Promoting Bitcoin bears a reputational risk for banks". In a world with rampant corruption and irrational fiscal policies, such claims sound irrational to us. The very reason why Bitcoin was created is more relevant than ever. In a world where banks are "too big to fail", inflation at an all time high, and the wealth gap increasing, people become increasingly discontent with how things are run. Only time will tell what the future bears. This is the Last Stance of Bitcoin. Among dark clouds, with its bright orange shine.

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