New FUD from FT: “Bitcoin (BTC) is Overvalued, Finally….”

While Bitcoin ($BTC) has recovered to the $70,000 level after last week’s major crash, the cryptocurrency market is discussing a Financial Times opinion piece that predicted $BTC would fall to $0.

The Financial Times, one of the largest financial newspapers in the UK and the world, has once again featured Bitcoin on its front page.

According to Financial Times columnist Jemima Kelly, in her opinion piece, she argued that Bitcoin is overvalued around $70,000 and will eventually fall to zero.

However, the cryptocurrency community strongly opposes these claims by the FT.

FT columnist Jemima Kelly compared $BTC holders to the protagonist of the French film ‘La Haine,’ who consoles himself by saying “everything is alright for now” as he falls from a skyscraper, and eventually crashes to the ground.

“…This is the story of a man who falls from a 50-story building. As he falls from each floor, he consoles himself by repeating the same sentence over and over: ‘So far, so good.’”

True, Bitcoin has experienced dozens of major crashes; perhaps hundreds of cryptocurrency companies have gone bankrupt; countless people have lost their life savings—but every time Bitcoin fell, it rose again.

But in the end, it won’t happen again.

We may not yet have fully entered Bitcoin’s ultimate “death spiral”; I don’t claim to know when that will happen, as determining the endpoint of a purely faith-based and speculative frenzy is an almost impossible task.

In response, the crypto community issued harsh criticism.

One user on X said that articles from media outlets they described as outdated, inadequate, and arrogant were bullish signals for the $BTC price.

Other X users also offered similar support, viewing the FT’s statement that Bitcoin is dead as a positive development.

The Financial Times is known for its long-standing opposition to Bitcoin and cryptocurrencies.

*This is not investment advice.