Bitcoin’s current harm, according to Saifedean Ammous, will eventually transform into a “big comeback.” In an interview with Kitco News, he discussed the Chinese authorities’ attempts to “destroy” the most popular cryptocurrency on the market.
Ammous noted that Bitcoin has the unique quality of bouncing back in response to Chinese officials’ actions in an interview. He also stated that he is confident in the long run, despite the critical “sell-off of Bitcoin,” which has turned into a kind of “seasonal sickness” for the business.
In an attempt to explain the “seasonality” of the Bitcoin price drop, the author cited events like the shutdown of the Silk Road trading site and China’s ban on cryptocurrencies in 2017, when the crypto asset “got ill.” According to him, many people predicted the “death of Bitcoin” back then, just as they do now, but he eventually came back with newfound zeal.
According to Ammous, this time will be no exception, with the asset having a good potential of a “large return.”
The fact that Bitcoin is still such a small component of the global financial system is the sole issue that concerns the author. He expressed the optimism that as the main cryptocurrency’s popularity grows year after year, it will be able to get the status of “legal” in the world’s greatest countries, despite the shattering repercussions of China’s outright rejection of it, to some extent.