Baird market strategist Michael Antonelli declared crypto “irrelevant” this week, joining Peter Schiff, Michael Burry, and Mike McGlone in a growing chorus of bears that historically signals bottoms for Bitcoin (CRYPTO: BTC).
Antonelli: Crypto Became Irrelevant Fast
Antonelli wrote on X that it was “remarkable” how quickly crypto had become “irrelevant,” questioning whether the technology had delivered any meaningful real-world adoption beyond functioning as a payment system.
“No one built a single thing on it that gained widespread adoption,” Antonelli posted.
“Remember when it was going to replace the dollar? Laughable,” he added.
The post drew sharp backlash from Bitcoin supporters. Crypto investor Wendy O responded that traditional financial industry giants are excited about crypto and Bitcoin ETFs, patiently waiting on market structure before expanding further.
Another user noted crypto’s 10-year compound annual growth rate of 80% to 120% depending on …