Google's technical director Patrick Shyu has liquidated his cryptocurrency assets and stated that Bitcoin has come to an end

According to u.today, Patrick Shyu announced in a YouTube video that he has sold all of his cryptocurrency assets and suffered significant financial losses. Patrick Shyu stated that Bitcoin has dropped 50% from its peak of $120,000 last October to over $60,000 this summer, and that he was unprepared psychologically due to excessive leverage.

Patrick Shyu pointed out that the current liquidity in the funding pool is far lower than in 2021, mentioning that Mt.Gox creditors received 35,000 Bitcoins and MicroStrategy holds 850,000 Bitcoins, believing there may not be enough liquidity for everyone to exit.

Additionally, Patrick Shyu also mentioned the threat of quantum computing and the economic sustainability issues of network security after mining rewards decrease, but he stated at the end of the video that he remains optimistic about the underlying technology in the long term and believes this video could be a bottoming signal.