Someone predicts volatility in the markets and think they are genius? Imagine that
Seems like the guys on here that thought I was nuts when I said Bitcoin would drop like a teenage boys pants on prom night are silent !
Yep my 8 ball was right again !
Down over 50 percent from its high few months ago
Is there anyone who didn't predict this ?
Cryptocurrencies' worst nightmare is coming to fruition: much higher interest rates to compete with risk assets, more government regulation debunking its original claim of being unregulated, and the argument that cryptos were an inflation hedge has been shattered. It's also impossible to argue a case for Cryptos as a store of value when Bitcoin went from 68 thousand dollars down to around 30 thousand recently. Cryptos are speculative risk assets as they are proving now by moving in lockstep with other risk assets. Crypto bulls try to associate crypto with Blockchain. The latter has a function while the former adheres to the "greater fool" theory of hoping others pay more for it than you did.
IMHO
Ken, this current drop in Bitcoin isn't it's biggest percentage wise. You and I both know percentages are the only thing that matters. Probably not in the top three. It dropped something like 85 percent from it's high of 19,xxx in 2017. If it drops that from it's high of 69,xxx we will be looking at somewhere just north of 10,000. South of 20, I'm buying.
As far as government regulations, they better be careful. Gresham's law might take effect. I'm not hoping others pay more for it than I did, I'm hoping someday we will go back to a sound money principal, I'd prefer a gold standard. For me BYC is a game if you will, it won't surprise me if it goes to zero and I'll be equally surprised if it goes north of 250k or equivalent. The thing is if it does 250k won't buy what it once did lol.
As far as the Kentucky wonders prediction, I said I expected it to go below 30k and most likely 25 before the next leg up. I also have said that I expect silver to break below the 20 dollar barrier, it's getting close.
YTD the s&p is down roughly 17 percent, I wonder how much BTC is down since Jan 1.....
Has the FED been stimulating BTC same as traditional markets?