Bitcoin, which started June above $70,000, fell to $58,000 during the month. While factors such as ongoing spot ETF outflows, a more hawkish Fed, and continuing US-Iran tensions were cited as reasons for the decline, Gabor Gurbacs, an advisor at VanEck and Tether, offered a different perspective.
Gabor Gurbacs, strategic advisor to asset management company VanEck and stablecoin issuer Tether, claimed that Bitcoin failed to reach a new all-time high because of extremely irresponsible people.
Gabor Gurbacs, in a post from his X account, argued that the market is being diluted by those who prioritize copying existing products and reusing old narratives instead of building lasting infrastructure and belief systems.
Gurbacs argued that highly unserious individuals have hijacked a large part of the Bitcoin discourse.
He criticized these individuals for copying and selling substandard products and stale narratives instead of focusing on building long-term beliefs, infrastructure, and distribution networks.
Gurbacs stated that this is one of the main reasons why Bitcoin is currently unable to surpass its all-time high (ATH).
According to the expert, although Bitcoin experienced gains in the last two years and reached an all-time high of $126,000, it traded below its peak of approximately $69,000 in November 2021 for much of the past two years.
Gurbacs argues that this is not just a macroeconomic problem, but also a reflection of structural problems in the sector.
At this point, he emphasizes that the fundamental structure of the market lost its seriousness with the Initial Coin Offering (ICO) boom of 2017. Gurbacs notes that the crypto community before 2017 was sharper and acted with clear principles and a mission, adding that almost a decade has passed since the market changed.
The celebrity concluded by saying that if he had one wish, he would wish the Real World Asset (RWA) tokenization boom had happened before the 2017 ICO boom disrupted the market.
*This is not investment advice.
