News

‘Bitcoin dead’: Google searchers’ deadly fear


Bitcoin: death number 455. Picture: Getty Images
Bitcoin: death number 455. Picture: Getty Images

While the crypto market is attempting some sort of tentative, minor recovery at the time of writing, “Bitcoin dead” Google searchers have been clearly fearing the worst just lately.

Google Trends shows that there’s been a helluva lot of “Bitcoin dead” and “Bitcoin is dead” searches over the past week or so. The data reveals the phrases are easily at the highest levels registered in about four and a half years.

Source: trends.google.com; annotations: Stockhead crypto journalist
Source: trends.google.com; annotations: Stockhead crypto journalist

According to Bitcoin.com, the last time the Google Trends data showed a significant spike for the “Bitcoin is dead” search phrase was during the Terra LUNA implosion during the week of May 8-14.

Read Next

For the latest crypto news, sign up here for free Stockhead daily newsletters

This spike is about 60% higher than that, though, and can be put down to a fun cocktail of factors including the “crypto contagion” (Celsius and 3AC), plus ongoing macro forces including, Wall Street games, the Fed’s inflation-combating moves, war, recession fears, yada yada.

Bitcoin has apparently died 15 times this year

According to the Bitcoin Obituaries list, the No.1 orange coin has now carked it 455 times in total since inception, and 15 times so far this year.

The list bases the “deaths” on negative mainstream-media articles sporting headlines such as: “All Crypto Should Die in a Fire”; “Blockchain is Like a Venereal Disease”; “Bitcoin is Just a Crappy Tech Stock” … and so on.

The site also provides the following criteria:

The content itself (not just the headline) must be explicit about the fact that Bitcoin is, or will be, worthless (no “maybe” or “could”).

• The content was produced by a person with a notable following or a site with substantial traffic

In comparison, 2021 saw about 47 Bitcoin obituaries, so perhaps 2022, isn’t trending quite as badly as last year, then, which is surprising.

The year prior to that, though (2020), was a pump-tastic one for crypto in general, and only registered about 14 notable Bitcoin bucket kicks, according to the site.

Visit Stockhead, where ASX small caps are big deals

Michael Saylor’s 10 ways to better Bitcoin

Michael Saylor, CEO of business intelligence/software/Bitcoin-gobbling company MicroStrategy, has outlined 10 things he believes needs to happen over the next decade in order to make the OG crypto a stronger asset.

The BTC bull was speaking with Bloomberg this week and also discussed his firm’s 10-year strategy and plans to keep on buying Bitcoin.

In light of the recent market downturn, Saylor was asked if regretted buying so much Bitcoin, to which he replied:

“We did a lot of backtesting and I’ve gone back and looked at the numbers. On August 10, 2020 when we announced our $250 million bitcoin buy, since then, Bitcoin is up 72%.

“The bottom line is that the Bitcoin strategy is 10x better than any other alternative,” Saylor concluded. “So, no. I don’t regret it.”

“There’s about 10 things that have to happen over the next decade to make it (Bitcoin) a better asset, and we kind of know what those 10 things are,” said Saylor.

First on Saylor’s list is the need to address the absence of a “no wash-trading rule”. At the moment, traders are able to harvest loss and gains in ways that can’t happen in highly regulated equities markets.

The CEO has issues with the 520 unregistered and unregulated crypto exchanges offering 20x leverage, which can lead to unprotected investors getting absolutely rekt .

He believes, the 19,000 or so cryptos cross-collateralised and associated with Bitcoin hold the No.1 crypto back – by association with “badly managed, unregistered securities”.

Lack of knowledge about Bitcoin needs to be addressed, according to Saylor. Ignorance and fear of the asset class, as a lack of technical know-how still terrifies many, he said.

And that stems from sensationalist media coverage declaring the many supposed deaths of Bitcoin (see above), he added.

A “real stablecoin” is needed for the entire crypto ecosystem to thrive, he explained – one that us fully regulated and approved.

A spot exchange-traded fund (ETF) is needed in the US, said Saylor – in order for better conditions for American-based institutional investors, who currently rely on futures-backed crypto ETFs.

And lastly, he made three points based around lack of regulatory guidance that he thinks needs to be overcome, involving insurance, and greater guidance for entering the crypto-investment space.

This content first appeared on stockhead.com.au

SUBSCRIBE

Get the latest Stockhead news delivered free to your inbox. Click here

Read Next

Comments

You can now view your entire comment history via the My comments link in the subscriber menu at the top right of each page. Click here for more details.

Reader comments on this site are moderated before publication to promote lively, but civil and respectful debate. We encourage your comments but submitting one does not guarantee publication. You can read our comment guidelines here. If you believe a comment has been rejected in error, email comments@theaustralian.com.au and we’ll investigate. Please ensure you include the email address you use to log in so we can locate your comment.





Source link

Leave a Reply

Your email address will not be published.

close