The leading cryptocurrency has been in a clear decline lately, with the downturn intensifying over the past 24 hours as the price briefly tumbled below $60,000 for the second time this month.<\/p>\n
As expected, the latest pullback has prompted a wave of doomsday predictions, with some claiming that bitcoin is \u201cgoing to zero.\u201d The popular American businessman and media personality, Dave Portnoy, floated the idea, but numerous industry participants dismissed the grim scenario.<\/p>\n
The founder and CEO of Barstool Sports created<\/a> a heated debate on X with his post. Several hours ago, he urged \u201call the bitcoin and crypto people who say it\u2019s going to a million and how it\u2019s the future\u201d to convince him that the digital asset is not a scam and not headed toward rock bottom at $0.<\/p>\n \u201cCause it seems like it\u2019s going to zero,\u201d he added.<\/p>\n What followed was a massive wave of support toward BTC and its fundamentals, along with accusations that Portnoy simply speaks of things he doesn\u2019t understand. One of the prominent people presenting strong arguments in favor of the cryptocurrency was Jack Mallers. The founder and CEO of Strike reminded<\/a> that over the past 13 years, BTC has been the subject of such forecasts numerous times, especially after catastrophic events like Mt. Gox\u2019s crisis and FTX\u2019s meltdown<\/a>.<\/p>\n Yet somehow, BTC is still around with a market capitalization of over $1 trillion, Mallers noted. He said the asset has been \u201cthe best thing I could have poured my life into over the last 13+ years.\u201d Mallers then moved on to give Portnoy important advice:<\/p>\n \u201cThe Bitcoin journey is a hero\u2019s journey. You kill your ego. You surrender the idea that you\u2019re the all-knower of the future, the main character, and important enough to matter to this thing. Bitcoin doesn\u2019t care what you think, and it doesn\u2019t need your permission. You either have the balls to build conviction in it, or you don\u2019t.\u201d<\/p>\n Last but not least, Mallers challenged Portnoy to sell his BTC if he believes in the government and its ability \u201cto not print away\u201d people\u2019s purchasing power.<\/p>\n Altcoin Daily also joined the discussion. The X user described<\/a> BTC as \u201ca global gold 2.0\u201d that people can \u201cactually own, send globally, and hold without a bank, CEO, or government changing the rules.\u201d<\/p>\n \u201cYou know value and price are not the same thing. The internet crashed, too. It still changed the world,\u201d they added.<\/p>\n Historically, BTC cycle bottoms have coincided with peak pessimism, when numerous people declared the asset dead or insisted that \u201cit\u2019s going to zero.\u201d Some of the commentators on Portnoy\u2019s post outlined<\/a> that parallel, arguing that the market floor might be near.<\/p>\n Portnoy has long stirred controversy with his Bitcoin takes, initially calling<\/a> the asset a \u201cPonzi scheme.\u201d He then softened his tone and withdrew<\/a> his scam claims.<\/p>\n He also has experience in the meme coin sector, launching tokens such as GREED, GREED2, and JAILSTOOL, which experienced massive price volatility and severe crashes. Several X users reminded<\/a> him of those efforts, predicting that BTC will recover sooner or later, but the dubious coins he once shilled are unlikely to rise from the dead.<\/p>\n The post \u2018It Seems Like BTC is Going to Zero?\u2019 Prominent Voices Explain Why Dave Portnoy Is Wrong<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" The leading cryptocurrency has been in a clear decline lately, with the downturn intensifying over the past 24 hours as the price briefly tumbled below $60,000 for the second time this month. As expected, the latest pullback has prompted a wave of doomsday predictions, with some claiming that bitcoin is \u201cgoing to zero.\u201d The popular […]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-187051","post","type-post","status-publish","format-standard","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/187051"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=187051"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/187051\/revisions"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=187051"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=187051"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=187051"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Shift Focus From BTC<\/h2>\n