There are only three reasons why you take pleasure in an asset’s price fall. Either, you shorted it, knew it would tank, and didn’t buy it, or you enjoy seeing it lose value.
In the Bitcoin market, or should we say the anti-Bitcoin market, this sentiment is quite popular. Given the deep disruptive nature of Bitcoin as either a next-generation currency of the Internet or a valuable asset which allows investors to hedge against traditional markets, the cryptocurrency is a natural outlier. This ability to stray away from the pack, however, attracts pessimism.
From gold bugs to currency hoarders, everyone wants the cryptocurrency (which, to them, is the worst of both worlds), to tank. In the choice above, they neither short Bitcoin[1] nor avoid it, they just want it to be worthless. They are the cynics every asset class naturally has. This sort of confrontation between the cryptocurrency and its death-wishers is akin to another confrontation that we’ve seen in the past, that of the market against disruptive companies.
When you have a traditional stock market where the big companies (As was in the second half of the twentieth century in the U.S) are mainly public sector undertakings or large private banks[2], railroad companies, and oil & gas companies, those that go against the grain and build on a factor of production like technology, that was so nascent at the time, were inevitably slated to fail.
These technology stocks, of which Sun Microsystems, Intel, Apple, and Microsoft were the pioneers, began in much of the same way as Bitcoin did, creating hype, driving up their price, having high volatility in its early days. They were cast out by the larger market and eventually, turned into the investment of the decade.
Comparing these
