《Financial Times》 Article Criticizes Cryptocurrency: Bitcoin Still Severely Overvalued, Crash Imminent

On February 9, the Financial Times published an article noting that while Bitcoin has seen dozens of major crashes, hundreds of crypto firms have gone bankrupt, and countless people have lost their life savings, the token has always bounced back after each drop. Those who can hold on do so, and each rebound reinforces the belief that their favored cryptocurrency will endure forever. Yet from its launch, Bitcoin has been on a path bound for a tragic end. This week, Bitcoin suffered its steepest crash since 2022, at one point falling to roughly $60,000—wiping out all gains since Trump’s 2024 reelection. The token has shed more than half its value from its all-time high of over $127,000 last October. Coinglass data shows roughly $1.25 billion in Bitcoin positions were liquidated in just 24 hours between Thursday and Friday. The U.S. has a leader who’s perhaps the closest thing to a “Bitcoin president”—and his family holds crypto assets. Yet even after establishing a “Strategic Bitcoin Reserve,” pardoning dozens of convicted crypto offenders, letting Americans add crypto to their 401(k) retirement accounts, and claiming to have ended former President Biden’s “crypto war” in his first 200 days in office, Trump’s time in the White House couldn’t stop the selling pressure. We may not have seen Bitcoin’s final “death spiral” yet—and I can’t predict when it will arrive. It’s hard to call an end to a speculative frenzy just based on conviction, and Bitcoin could still see several more rebounds (as of this writing, it’s bounced back to around $70,000). But confidence is fading. People are starting to recognize that an asset propped up solely by fantasy has no inherent value floor. Ask yourself: Will this still exist in 100 years? Remember—“It’s not how you fall, but how you land” is what truly counts.