When Bitcoin came into existence about a decade ago, critics jumped on to brand it a scam. As the truth continued to come to light and Bitcoin started catching on as an attractive investment, critics still said that it wasn’t viable.
Banks did their best to shun it as it seemed to present a serious threat to the traditional money flow. Back in 2014, Jamie Dimon was quoted as saying that Bitcoin was a terrible asset to use as a store of value.
However, things haven’t gotten any better for the banks as more cryptocurrencies enter the market every year. In a tweet, James Todaro beams a light on the intricacies of the Bitcoin market and how the critics have reacted to its rising popularity and success over the years.
James recalls how critics were against Bitcoin when it reached $200 in value. The interesting part is that there are still critics even as Bitcoin hit its $20,000 value back in December 2017.
The Big Question
Now the question is: what will it take for the critics to finally see the light and jump on the Bitcoin wagon? Granted, the crypto market keeps expanding, meaning that the longer the skeptics take to accept Bitcoin as a successful project, the more they stand to lose in the end.
As is a fact, any shrewd investor looking to invest would obviously want to hop in the earliest possible. Now that Bitcoin has dominated the crypto market both by price and market share, is it time for everyone to get on board?
Going on, James also recalls some time back in April 2013 when the then Greek Minister of Finance said Bitcoin isn’t viable because it’s not centralized or under anyone’s control like Central Banks.
Two years later, Greece went bankrupt and the Minister resigned. In March 2014, Warren Buffett said people should stay from Bitcoin because it has no intrinsic value. Three years later, Bitcoin hit its all-time high in December 2017. On the twitter thread, James goes on to mention a lot of other critics that have shunned Bitcoin in the past.