Bitcoin May Still Stand Even After 95% of Cryptocurrencies Disappear

According to foreign media reports, Bitcoin is currently experiencing a huge crisis. The Wall Street Journal published an article this week saying that the value of Bitcoin "may be zero." Last week, the financial and technology industries discussed JPMorgan Chase CEO Jamie Dimon's remarks that Bitcoin is "a fraud."

Affected by the news of the closure of Bitcoin exchanges, the price of Bitcoin once fell below $3,000. Last week, the price of Bitcoin fluctuated between $3,000 and $4,000. The article in the Wall Street Journal pointed out that Bitcoin has become a tool for criminal activities such as money laundering and drug trafficking. However, the author did not point out that this is also the choice of CEOs or some venture capitalists.

Those with a deep understanding of the financial industry may find Bitcoin unsustainable; many will point out that Bitcoin has an absolute cap of 21 million Bitcoins, so it is naturally deflationary. At some point, speculation will stop. Other cryptocurrency companies insist that Bitcoin does not play by the rules of fiat currencies. Price fluctuations will not affect them because it is an application related to blockchain technology.

Foreign media said that even if the CEO of JPMorgan Chase declared Bitcoin a "fraud", don't forget that the company also has a blockchain department. But why is JPMorgan Chase (or anyone else) trying to convince the outside world that Bitcoin has flaws, but blockchain is good? Some experts say that Bitcoin is as good as blockchain. While it may not be the best investment, calling it a fraud or saying it is worth zero is a classic case of "the more you explain, the more you feel that you are saying one thing and thinking another." They may try to convince the outside world that Bitcoin is a fraud so that they can try to recommend you a different cryptocurrency.

Best-selling author and financial expert James Altucher has said that 880 of the more than 900 cryptocurrencies will ultimately prove to be worthless.