Another Day, Another Bitcoin Obituary
Anyone that has been involved with the crypto industry for longer than a few years knows that Bitcoin dies more often than Kenny from South Park. Seldom does a month go by without a traditional investor, banker, or gold bug predicting Bitcoin’s imminent demise.
Even after a dozen years of skeptics and critics getting it wrong, some naive commentators still fall into the trap of thinking Bitcoin has a shelf life. In fact, Bitcoin has had so many obituaries that there is an entire website that works tirelessly to keep track of them.
Now, with Bitcoin following another minor yet perfectly normal correction, the Swedish Central Bank (Riksbank) has hopped on the Bitcoin obituary wagon. In a dramatic speech that compared trading Bitcoin to stamp collecting, Swedish Central Bank Governor Stefan Ingves voiced his belief that Bitcoin could eventually collapse.
“Private money usually collapses sooner or later,” he said at a banking conference in Stockholm. “And sure, you can get rich by trading in bitcoin, but it’s comparable to trading in stamps.”
While some stamps are admittedly quite valuable, the Philatelic (stamp trading) market is estimated to be worth only $5 billion. That’s considerably smaller than Bitcoin’s near trillion-dollar market cap – almost 200 times smaller, in fact. Needless to say, it seems unlikely that Bitcoin will die anytime sooner than the two-hundred-year-old stamp market.
Bitcoin dropped 15% earlier this week on the same day that El Salvador introduced the cryptocurrency as legal tender. It has since shown signs of mild recovery, climbing from $45,000 to $47,000.
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