Okay bitcoin threatened breaking 30,000 yesterday. 70% of owners of it are underwater .
Some expert who owns a fund pitching it claimed on cnbc this morning when shown charts where it's performance has mirrored the Nasdaq said that was only a short term phenomenon and "their work" showed it's true value to be between $48,000 and $180,000 .
At any rate it has not proven itself to be a store of wealth as people claimed. It has thus far not proven to have become a great medium of exchange ..huge thefts and
ransom and money laundering concerns.
I have no clue and am agnostic. I assume it's worth somewhere between buffet who says it's worthless and the lady who gave the wide range and is profiting from convincing others.
So now that 70% of owners are underwater, there is no intrinsic value, no earnings what happens? My thinking it will be much harder to climb to the lofty levels the lady would like and many were predicting.
Many people feeling some pain and somewhat let down will sell as soon as they get near whole or just give up. They will not be so anxious to jump back in. That is a reason many younger people who watched their parents hit the 2000 or 2008 bear markets did not want any thing to do with equities when they hit the post college job market. Only when the froth of meme trading sucked them in, made some money and most an elevator ride or worse, were they equity investors (gambling?).
I think it will continue to be very volatile and perhaps a trading vehicle but will have lost a lot of its luster as an independent store of value.
Several hedge funds are hurting and one wonders that for the same reason the average Nasdaq stock is down 50% is that along with selling those high beta non dividend stocks they are not selling bitcoin for same reason . The correlation is uncanny.
Any bitcoin bulls out there?
Some expert who owns a fund pitching it claimed on cnbc this morning when shown charts where it's performance has mirrored the Nasdaq said that was only a short term phenomenon and "their work" showed it's true value to be between $48,000 and $180,000 .
At any rate it has not proven itself to be a store of wealth as people claimed. It has thus far not proven to have become a great medium of exchange ..huge thefts and
ransom and money laundering concerns.
I have no clue and am agnostic. I assume it's worth somewhere between buffet who says it's worthless and the lady who gave the wide range and is profiting from convincing others.
So now that 70% of owners are underwater, there is no intrinsic value, no earnings what happens? My thinking it will be much harder to climb to the lofty levels the lady would like and many were predicting.
Many people feeling some pain and somewhat let down will sell as soon as they get near whole or just give up. They will not be so anxious to jump back in. That is a reason many younger people who watched their parents hit the 2000 or 2008 bear markets did not want any thing to do with equities when they hit the post college job market. Only when the froth of meme trading sucked them in, made some money and most an elevator ride or worse, were they equity investors (gambling?).
I think it will continue to be very volatile and perhaps a trading vehicle but will have lost a lot of its luster as an independent store of value.
Several hedge funds are hurting and one wonders that for the same reason the average Nasdaq stock is down 50% is that along with selling those high beta non dividend stocks they are not selling bitcoin for same reason . The correlation is uncanny.
Any bitcoin bulls out there?
