Twitch streamer Asmongold reflects on falling cryptocurrency prices.
Many cryptocurrencies including Bitcoin and Luna have seen their values plummet in recent months. Everyone, from Twitch streamers to financial speculators has shared their thoughts on the market crash via YouTube and social media. Asmongold, a popular Twitch streamer, expressed his opinions and thoughts on the market spiral in a Twitch stream.
Bitcoin, the most widely used cryptocurrency worldwide, dropped below $30,000 on May 9. Its lowest point since July 21st 2021. Many observers and speculators had been expecting a market crash this severe for some time, due to the decline in NFT values and rise in affordability of GPUs as cryptocurrency miners abandon blockchain mining. Asmongold, a long-standing opponent to cryptocurrency and other non-fungible coins has been promoted by streamers and celebrities.
Asmongold decided to livestream on Twitch, despite having originally planned to skip the day. Asmongold laughed a lot as he responded to Coffezilla’s explanation of the crypto death spiral. Coffeezilla comments are repeated by the streamer, who says that people place bets on everything and finds it amusing. Asmongold gigglingly looks at the crypto investors who still hold onto their investment as he peruses Twitter messages near the end. Highlights of the stream were uploaded to Asmongold TV (the streamer’s main YouTube channel).
Blockchain-based currencies or NFTs have no intrinsic value, and are not government-backed like bonds and stocks. The price of a Bitcoin, Bored Ape NFT or Bitcoin depends on what an investor will pay. Asmongold was rightfully vindicated by current events, since the Twitch streamer had predicted the crypto market crash. However, the cryptocurrency market is highly volatile and uncertain. Bitcoin is now at new heights following previous drops, although it may fall even further.
One of the biggest issues facing the gaming industry is the adoption of NFTs and blockchain technology. Square Enix, despite the crypto market collapse and fan backlash is committed to NFTs in their games. Square Enix appears to have stopped plans to adopt NFTs due to Final Fantasy 14, which Asmongold regularly streams. However, the future of the company’s intellectual property is uncertain.