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After a year-long bear market that led to many calling crypto a bubble and predicting its eventual demise, one Twitter user has posted some stats to compare cryptos with more traditional assets. He points out that many NASDAQ shares are down from their ATHs even more than Bitcoin (BTC).
It's undeniable that the loss of value and confidence in Bitcoin and other cryptos has been significant this year, but the hordes of commentators and figures from financial institutions calling crypto a scam and claiming that the bubble is bursting are, perhaps, speaking a little too soon.
Twitter user @IvanOnTech posted a timely reminder that all kinds of more conventional stocks and shares have suffered extreme losses, without NASDAQ and the mainstream finance market being written off or criticized in the same way as crypto. Share in Twitter itself, for example, are now worth 63 percent less than they were at their all-time high point.
This is not ICOs, this is NASDAQ % drop from ATHs. Scam? 😅😂
— Ivan on Tech (@IvanOnTech) December 24, 2018
GOPRO -95%
FIT -92%
LC -91%
SNAP -83%
P -80%
ZNGA -77%
HIVE -73%
TRUE -66%
TWTR -63%
SONO -60%
DBX -57%
Z -57%
PS -50%
FTCH -49%
PSTG -48%
SPOT -48%
BOX -46%
DOCU -45%
SVMK -45%
FB -42%
This comparison has been brought up before, with more bullish BTC and crypto figures pointing out how far Amazon fell after the dotcom crash, before eventually asserting its position as one of the most valuable companies in the world.
Read more:Â Twitter comes out to remind us that this dip is nothing to worry about;Â What can the dotcom bubble teach us about the crypto market?
As usual in the crypto space, observers were appreciative of this dig at traditional finance. Some also pointed out the huge historic losses that all fiat currencies have suffered since their creation, which was a major motivating factor behind the development of crypto.
Fiat money and stock markets is mother of all scams. Exit out of it sooner than later
— Cryptonian (@Shiva_SPC) December 24, 2018
That is layer 2 scam 💣 Now take a look at layer 1.
— Julio J Jimenez (@SoundDrGenie) December 24, 2018
The biggest scam of all. #PoW #Bitcoin #Dollar #Goverment #Fiat #ICO #CryptoNetworth #DAI pic.twitter.com/W8BhdLXlxg