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

BlockBeats News, February 9th, The Financial Times published an article stating that Bitcoin may have experienced dozens of major crashes, perhaps hundreds of crypto companies have gone bankrupt, and countless people may have lost their lifelong savings, but every time Bitcoin falls, it always bounces back. Those with the ability to hold on will do so, and each rebound brings a cognitive memory that convinces people that their beloved cryptocurrency will exist forever. Since its inception, Bitcoin has been on a path destined to end in a tragic manner.

This week, Bitcoin experienced its most severe crash since 2022, dropping to around $60,000 at one point, erasing all gains since Trump's reelection in 2024. From its all-time high of over $127,000 in October last year, the price has dropped by more than half. According to Coinglass data, about $1.25 billion worth of Bitcoin positions were liquidated in just 24 hours from Thursday to Friday.

The U.S. does indeed have a leader closest to being a "Bitcoin president," and his family has a stake in crypto assets. However, despite establishing a "Strategic Bitcoin Reserve," pardoning many convicted crypto criminals, allowing Americans to incorporate crypto assets into 401(k) retirement accounts, and claiming to have ended former President Biden's "crypto war" in the first 200 days of taking office, Trump's presence in the White House could not prevent the selling pressure.

We may not have truly seen Bitcoin's final "death spiral" yet; I cannot predict when it will come. It is very difficult to judge the end of a speculative frenzy based solely on belief, and Bitcoin may still have several rebounds (as of the time of writing, it has rebounded to around $70,000). But confidence is beginning to wane. People are starting to realize that an asset maintained purely by fantasy has no bottom line in terms of value. Ask yourself: Will this thing still exist in 100 years? Remember, "It's not how you fall, but how you land" is what truly matters.