Bitcoin Critic Says Price Is ‘Collapsing,’ Says Drop In Miners Pushing Asset Into ‘Downward Spiral’
A prominent Bitcoin critic warns that Bitcoin's price is "collapsing" and claims a sharp drop in miner participation and hashrate could trigger a self-reinforcing price decline. Jacob King argues that falling prices and fixed operating costs may force miners to sell Bitcoin to stay solvent, accelerating a "downward spiral." He points to a significant short-term hashrate decline, calling it unprecedented. However, many market participants attribute the hashrate drop to temporary factors, such as extreme winter weather in the U.S. that forced miners to shut down operations voluntarily. Traders and analysts emphasize the disruption is likely temporary, not a sign of fundamental network weakness. King's views align with other bearish voices, including economist Steve Hanke and investor Michael Burry, who remain skeptical of Bitcoin's long-term prospects.
ccn.com01/28 13:46
