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RE: Death of Bitcoin Articles Are Usually a Good Sign for Bitcoin Prices
How many times have we heard the mainstream media pronounce the end of Bitcoin?
Enough times for it to become a long-running in-joke. :)
Bitcoin is 'worthless' and will perform worse than stocks in the coming months, analyst says
The funny thing is, the second part might be right. If some analyst had said that in (say) the spring of 2014, that part would have been true. Bitcoin kept sliding in the latter half of '14 and went nowhere in '15.
But it did come back, as we all know. '15 was definitely the year to buy Bitcoin. (Altcoins not so much, but they benefited later.)
So: scare articles do provide a contrary indicator - for lack of a better tag, "buy the corpse" :) - but only for long-term, preferably staged, purchases.
When I first saw the article I just shook my head and wondered "does the mainstream media ever tire of being wrong". The mainstream media seems to go whichever way the wind is blowing. And the mainstream media does not seem to learn from their past mistakes, they just double down.
We live is a world where reporting the truth does sell or generate clicks. Everything needs to be sensationalized. I guess that is the price we pay for living in a real-time world. What happens today is quickly forgotten when the latest event happens. There is a reason they are called "news stories" because in most cases they are just "stories".
Just my rant this morning....
I do think that stories like this about Bitcoin bode well for determining the end of one market cycle and the beginning of the next.
Thank you for your continued support @nxtblg, it is greatly appreciated.
Have a great day!
Steem on,
Mike