Summary
- SwanDesk CEO reportedly raised a strongly pessimistic view that Bitcoin will never recover its all-time high.
- CEO King said the current market decline is the start of reality, and this downturn could be the last cycle before BTC disappears.
- It reported that amid recent increases in market volatility, some analyses say that institutional selling pressure and regulatory uncertainty affected Bitcoin's sharp decline.
Jacob King, CEO of SwanDesk, raised a strongly pessimistic view that Bitcoin (BTC) will never recover its all-time high.
On the 1st (local time), CEO King said on X (formerly Twitter), "Bitcoin will never surpass its all-time high," and "the greed and overheating of the past few years cannot be reproduced." He went on to claim, "The current market decline is not a simple correction but the beginning of reality being revealed," and "this downturn may be the last cycle before BTC disappears."
King's remarks were made amid recent increases in market volatility and have drawn attention as they coincide with a period when institutional selling pressure and regulatory uncertainty overlapped and Bitcoin plunged sharply in a short time.
Meanwhile, there is also analysis that despite several corrections this year, buying by long-term holders and institutional demand have been maintained, so the market has mixed reactions to King's extreme outlook.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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