Alright, so some dude named Jacob King is flapping his gums about Bitcoin collapsing. Big deal. Another day, another crypto doomsayer. You'd think these guys would get tired of being wrong all the time, but hey, gotta get those clicks, right?
Bitcoin's "Scarcity" Gimmick—or Legit Value?
King's Argument: Scarcity Ain't Everything
King's main beef seems to be that Bitcoin's fixed supply of 21 million tokens is a "gimmick." He says scarcity alone doesn't guarantee value, comparing it to "unwashed Christmas socks." Okay, that's... colorful, I'll give him that. But is he *wrong*?
Let's be real, the whole "limited supply" thing *is* Bitcoin's main selling point. It's digital gold, remember? But King's got a point—if nobody *wants* the damn gold, it doesn't matter how rare it is. Demand is king, and right now... well, demand is kinda wobbly, ain't it?
And then he brings up the possibility of changing the supply. Says it's not as set in stone as the "brainless maxis" (his words, not mine… mostly) think. He figures some influential figures could sway the masses in "four seconds." Now *that's* a hot take.
Is he understimating the crypto bros' devotion? I mean, these are the same people who think Elon Musk is their personal savior.
Bitcoin Cultists vs. the "Unchangeable" (Yeah, Right)
The Backlash: "Not Gonna Happen!"
Of course, the Bitcoin community went ballistic. They're all screaming about "hard forks" and how changing the supply would require *everyone* to agree. One user said it would be like convincing "all miners, node runners and users" to devalue their savings. Good luck with that, right?
But here's the thing: these guys act like Bitcoin is some immutable law of physics. Like there's no way, *no how* it could ever be changed. That's just... naive. History is littered with "unchangeable" things that got changed anyway. Remember when Blockbuster was unstopable?
I'm not saying King's right, but the level of certainty coming from the Bitcoin faithful is kinda creepy. It's like they're in a cult or something.
Plus, he says Strategy (MicroStrategy) is "deeply underwater." Okay, that's potentially huge if true, but he doesn't exactly provide any evidence. Just throws it out there like it's common knowledge. Sloppy, even for a doomsayer.
Bitcoin Bear Market: Party's Over, or Just a Hangover?
The Bear Market Blues
King also claims Bitcoin's in a bear market that'll "drag on for years." And that prices above $90k are a "rare second chance for people to exit." Basically, he's saying the party's over.
Honestly, it's hard to argue with that. I mean, look at the charts. Bitcoin's been bouncing around like a ping pong ball for months. Is it going to zero? Probably not. But is it going to the moon anytime soon? I seriously doubt it.
But then again, maybe I'm the crazy one here. Maybe Bitcoin *is* the future, and I'm just too old and cynical to see it. Nah, who am I kidding?
So, Is This the End or What?
Look, I don't have a crystal ball. I can't tell you if Bitcoin's going to collapse or not. But I *can* tell you that listening to either the doomsayers or the "brainless maxis" is a recipe for disaster. Do your own research, be careful out there, and for god's sake, don't put all your money into magic internet beans.
