Time to dust off those old posters! There’s something comforting about a good old 'Bitcoin is dead' headline. It feels like 2018 all over again. These guys always mistake a price correction for a fundamental failure. Let them enjoy the $70k doom-porn while we keep stacking. 😎😎

DailyStacker

The best answer to this bullshits "Bitcoin is dead" is keep stacking.

Taft

I know. I had to amend his phrase for the title of my post. Everybody wants to hedge. Sad.

Death-spiral? Come on cut the bullshit. Doesn't anyone have the balls to say it has "died" anymore? This worries me.

billytheked

I was missing the Bitcoin death chants. I had a number of posters I made long ago that relied on the "Bitcoin is dead" trope. Haven't been using them for  year or two, but perhaps I will once again get to haul 'em out.

'Sickening scenarios have now come within reach,' Burry noted, adding that if BTC declines by another 10%, Michael Saylor's MicroStrategy, the largest corporate holder of the digital coin, would be billions in the red and could 'find capital markets essentially closed'. If the price crash does not slow, it could push Bitcoin miners towards bankruptcy.

'There is no organic use case reason for Bitcoin to slow or stop its descent,' Burry wrote, adding that BTC adoption by nearly 200 public corporations and ETFs is not sufficient to drive up prices forever or prevent major consequences if it declines significantly.

 use case, it's that there's no (not enough really) illegal need. Bitcoin needs a censor folks. The only value proposition is censorship resistance.

He added that spot ETFs have only boosted Bitcoin's speculative nature, while ramping up the token's correlation with stock markets. He shared that BTC's correlation with the S&P 500 has reached 0.50, and liquidations could be triggered aggressively when loss positions grow.

This seems like it could be true. But if falling to $70k is what breaks Bitcoin, I'll admit it was never gonna succeed in the first place.

news

bitcoin

They, in this case, are Michael J Burry.

![](https://m.stacker.news/128944)

I was missing the Bitcoin death chants. I had a number of posters I made long ago that relied on the "Bitcoin is dead" trope. Haven't been using them for  year or two, but perhaps I will once again get to haul 'em out.  

> 'Sickening scenarios have now come within reach,' Burry noted, adding that if BTC declines by another 10%, Michael Saylor's MicroStrategy, the largest corporate holder of the digital coin, would be billions in the red and could 'find capital markets essentially closed'. If the price crash does not slow, it could push Bitcoin miners towards bankruptcy.

"Sickening" scenarios!  

> 'There is no organic use case reason for Bitcoin to slow or stop its descent,' Burry wrote, adding that BTC adoption by nearly 200 public corporations and ETFs is not sufficient to drive up prices forever or prevent major consequences if it declines significantly.

It's not that there is no *organic* use case, it's that there's no (not enough really) illegal need. Bitcoin needs a censor folks. The only value proposition is censorship resistance. 

> He added that spot ETFs have only boosted Bitcoin's speculative nature, while ramping up the token's correlation with stock markets. He shared that BTC's correlation with the S&P 500 has reached 0.50, and liquidations could be triggered aggressively when loss positions grow.

This seems like it could be true. But if falling to $70k is what breaks Bitcoin, I'll admit it was never gonna succeed in the first place.