Bitcoin is acting weird. The world's most famous cryptocurrency has now lost half its value from its October peak, falling below $63,000 Thursday for the first time in 16 months. That decline is actually not unusual at all. Crypto is notoriously volatile, and it's gone through numerous crashes that are bigger than this one. What's strange is this: Bitcoin's four-month slump has come at a time when, in theory, it had everything going for it. Crypto bulls have long advocated that investors treat bitcoin as "digital gold," a new safe haven investment where traders can store funds when times are tough. So now would be a logical time for a safe haven to surge.
SUCKERS AND LOSERS
One view ...
Michael Burry Warns of Cascading Effects From Bitcoin Plunge
finance.yahoo.com
... Michael Burry, who rose to prominence for his wager against the US housing market ahead of the 2008 financial crisis, warned that Bitcoin's plunge could deepen into a self-reinforcing "death spiral," inflicting lasting damage on companies that have spent the past year stockpiling the token.
In a Substack post Monday, Burry argued that the original cryptocurrency, which has fallen 40% since peaking in October, has been exposed as a purely speculative asset, failing to take off as a debasement hedge similar to precious metals. Further losses, he said, could rapidly strain the balance sheets of major holders, force selling across the crypto ecosystem and trigger widespread value destruction. ...
Bitcoin Loses Half Of It's Value
It's because of risks like these that I invested my money in tulip bulbs.
Tulip mania was a period during the Dutch Golden Age when contract prices for some bulbs of the recently introduced and fashionable tulip reached extraordinarily high levels. The major acceleration started in 1634 and then dramatically collapsed in February 1637. It is generally considered to have been the first recorded speculative bubble or asset bubble in history. The term tulip mania is now often used metaphorically to refer to any large economic bubble when asset prices deviate from intrinsic values.
en.wikipedia.org
Drudge Retort Headlines
Republicans Freaking Out About Hispanic Voters (93 comments)
Poland to Probe Epstein-Russian Intel Ties (55 comments)
45-year-old Man Wearing MAGA Hat Arrested after High School Girls Attacked (34 comments)
Newborn Dies After Mother Drinks Raw Milk During Pregnancy (21 comments)
Farm Leaders Warn of 'collapse of American Agriculture' (21 comments)
Trump's New Pal 'Coalie' (20 comments)
Largest Nurses Union in the US Calls to Abolish ICE (20 comments)
Supreme Court Upholds California PROP 50 (19 comments)
Huge Gold Statue of Trump Will Be Displayed at Doral Resort (19 comments)
Republican State Rep Blames Trump Regime for Party Exodus (18 comments)