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For months, pundits and commentators have been calling for the Bitcoin bottom to dip below $10K, but Bitcoin enthusiasts and seasoned crypto investors are believing that all the social signals are indicating that the bottom might be in as Bitcoin currently sits at $16,841.60. The value of crypto has been under attack as of late with the FTX collapse has shining a bright negative light on the asset class, confirming the views of crypto naysayers and skeptics. The FTX news has captured the financial headlines for weeks with no signs of slowing down, causing an array of people to comment their opinions on cryptocurrency. The European Central Bank warned that Bitcoin is on its way to irrelevance. CEO of JP Morgan Jamie Dimon, while giving credit for blockchain technology, smart contracts, and Web3.0, trashed cryptocurrency on CNBC, calling it useless and just a tool for the immoral transactions in society i.e. sex workers, scammers, money laundering, and drug trafficking. And now one of the most influential voices on the internet, Andrew Tate, weighed in on his thoughts about crypto. On The Ahmad Mahmood Show, the outspoken entrepreneur revealed that he was a proponent of crypto, particularly Bitcoin and Ethereum, but warned his followers that the free ride is over and that the stupid money has left. Those following crypto religiously understand that we’ve been looking at bearish action for the past 13 or so months, as Bitcoin had slid drastically from its all-time high, but to the experienced HODLERs, this is nothing new and the same “crypto is dead, the run is over” sentiment was being tossed around in 2018 before its run to $69,000. However, Tate warned that now, the profits in the crypto space will be harder to come by.
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