Bitcoin sank below $18,000 yesterday … down from an all-rime high of almost $69,000 last December … down 75% … WOW! That’s not just a haircut … it’s a scalping! And the other cryptocurrencies have also suffered in kind.
Now, I have written about cryptocurrencies before … see: Trading Sardines for one … Cryptocurrency Problems for two. And now Bill Gates has even exposed his skepticism … calling these ephemeral currencies only valuable to the “bigger fool.”
Making predictions is always dangerous … but it seems to me that cryptocurrencies will continue to destroy wealth until they all decline to their intrinsic value … zip, zero, nada.
STAND UP FOR THE DOLLAR!
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