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No matter what else happens in the crypto world, Bitcoin (CRYPTO: BTC) will always hold the title of being first.
It was initially introduced in a 2008 whitepaper by one or more people going by the pseudonym of Satoshi Nakamoto, before being launched in January 2009.
While 13 years isn’t a long time for many investment classes, Bitcoin literally dates back to the dawn of cryptocurrencies.
Now the Bitcoin price may be down 67% from 10 November’s all-time high of US$68,790. But it’s up a phenomenal 34,709% since trading at lows of US$66 on 5 July 2013, the year CoinMarketCap data begins tracking prices.
Yet, just because it was first, does that make all other cryptos a scam?
Bitcoin operates outside the system
According to Cory Klippsten, who founded Swan Bitcoin, the answer is a decided yes.
As The Age reports, Klippsten began warning about tottering the crypto markets in March.
He tweeted that Luna was “a scam” and that crypto bank Celsius Network was a “massive blowup risk”.
Luna went on to hit all-time highs of $19.54 on 28 May. It’s since crashed by more than 90%, currently trading for $1.96.
Celsius Network offered yields of up to 17% for crypto loans. But it was unable to meet its lofty obligations and the company filed for bankruptcy in New York in July, leaving most investors with empty pockets.
The combined collapse roiled the crypto world just as interest rates were rising and pressuring risk assets across the board….
