The Financial Times published an article criticizing cryptocurrencies: Bitcoin is still severely overvalued, and a crash is imminent

The Financial Times stated that Bitcoin may have experienced dozens of significant crashes, hundreds of crypto companies may have gone bankrupt, and countless individuals may have lost their life savings, but every time Bitcoin drops, it always rebounds. Those who are capable can hold on, and the cognitive memories brought by each rebound make people firmly believe that the cryptocurrency they worship will exist forever. Since its inception, Bitcoin has been on a path destined to end in tragedy.

This week, Bitcoin experienced its most severe crash since 2022, briefly falling to around $60,000, erasing all gains since Trump’s re-election in 2024, and dropping more than half from its historical high of over $127,000 last October. According to Coinglass data, approximately $1.25 billion in Bitcoin positions were forcibly liquidated within just 24 hours from Thursday to Friday.

The U.S. indeed has a leader closest to being a "Bitcoin president," and his family has interests in crypto assets. However, even with the establishment of a "strategic Bitcoin reserve," the pardon of many convicted crypto criminals, the allowance for Americans to include crypto assets in 401(k) retirement accounts, and claims of ending former President Biden's "crypto war" within 200 days of taking office, Trump's presence in the White House still cannot stop the selling pressure.

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