Bitcoin is still trading at less than half of its all-time high, while the S&P 500, QQQ, and gold continue to set new records on a regular basis. The main reason for this long-term poor performance was formulated by Tether advisor Gabor Gurvacs. In his view, the value of mainstream cryptocurrencies is literally being “depleted” due to the deterioration of the industry debate itself.
Instead of building strong infrastructure and developing distribution, a significant portion of the crypto space is occupied by “tourists” and creators of apparently weak derivatives focused solely on clickbait and fast hype, Garbacks says.
Very unscrupulous people took over most of the Bitcoin conversation and instead of building belief, infrastructure, and distribution, they sold weak products and recycled narratives. That is a big reason why Bitcoin is not currently in the ATH.
That was nearly 10 years ago…
— Gabor Gurbacs (@gaborgurbacs) June 29, 2026
He draws a strong line between today’s market and the crypto community of the pre-2017 era. The early Bitcoin era was based on cypherpunk principles, the concept of “hard money” and professional capital market operators.
“They were deeper, more principled, mission-driven people. If I had one wish, I would have liked for 2017 to be a real-world asset tokenization boom instead of an ICO boom,” the Tether advisor said.
Why is Bitcoin stalling?
The main paradox of the current cycle is that Bitcoin has de-synchronized from traditional defense and technology assets. Institutional investors entering the cryptocurrency market face a large amount of speculative “noise” that prevents long-term value retention within the ecosystem.
pressure on $BTC Prices are also rising due to regional oversupply. Last week, net capital inflows based on the “institutional absorption versus initial holder distribution” model showed the worst result in the cycle. The cumulative balance of this indicator has decreased to -154,169 $BTC Since the peak in October 2025.
Nevertheless, Gurbax emphasizes that Bitcoin will still win in the long run. The current problem is not related to technology, but to the quality of those who try to guess it.
