Despite a recent rebound in price, criticism has emerged via a Financial Times (FT) column that Bitcoin remains “significantly overvalued,” reigniting fundamental skepticism toward the broader digital asset market.
According to the Financial Times on February 8 (local time), FT columnist Jemima Kelly commented on Bitcoin’s recent drop to around $60,000 followed by a rebound to roughly $69,000, stating that “Bitcoin is still overvalued by about $69,000” and warning that the latest correction could be a precursor to a larger downturn.
The column noted that less than six months after Bitcoin recorded an all-time high above $127,000 last October, its price has collapsed by more than half. In fact, Bitcoin suffered its steepest decline since 2022 last week, briefly falling below $60,000, and an estimated $1.25 billion worth of Bitcoin positions were liquidated within just 24 hours.
Kelly argued that Bitcoin supporters have repeatedly echoed the narrative that “it will eventually bounce back again,” but that this amounts to nothing more than a speculative structure built on belief. She suggested that the market’s survival despite repeated crashes, large-scale bankruptcies, and massive losses for retail investors has been the result of reliance on the “greater fool theory.”
Particular attention was drawn to the fact that prices continued to fall despite a series of pro-crypto policies following President Donald Trump’s return to office. Even amid unprecedentedly favorable conditions—such as plans for strategic Bitcoin reserves, deregulation of digital assets, and the allowance of cryptocurrencies in pension accounts—selling pressure persisted, undermining expectations that Bitcoin is an asset that benefits from policy support.
The column stopped short of pinpointing an exact end for Bitcoin but raised fundamental questions about its long-term viability, stating that “speculative assets based on belief have no intrinsic price floor.” Kelly cautioned that we should ask whether the asset could still exist 100 years from now, warning that the current rebound may be nothing more than a “brief moment of relief” during a broader descent.
*Disclaimer: This article is for investment reference only, and no responsibility is assumed for any investment losses incurred based on its content. The material should be interpreted solely for informational purposes.*
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