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The coming crash of Bitcoin? What's going on in the markets? Hopefully this video will explain exactly why the price of Bitcoin, Ethereum, Dogecoin, and all the other cryptocurrencies is falling. In fact, Bitcoin fell around 20% this week so far and for people that are new to crypto, which is a lot this year, it’s a scary time. Trust me when I say I know how that feels, losing $100,000 in a matter of a few days can be terrifying but hopefully if you watch this video all the way through you’ll get a better understanding of what’s going on.
Reason 1: Elon Musk doing Elon does best - tweeting, here's what he said "Having some Bitcoin, which is simply a less dumb form of liquidity than cash, is adventurous enough for an S&P500 company….To be clear, I am *not* an investor, I am an engineer. I don’t even own any publicly traded stock besides Tesla. However, when fiat currency has negative real interest, only a fool wouldn’t look elsewhere. Bitcoin is almost as bs as fiat money. The key word is “almost”."
Here's the thing. There’s plenty of assets Elon could have bought that would have given him arguably the same amount of liquidity - but he didn’t - and he certainly didn’t buy Dogecoin with it so he must not think it’s that BS. So what’s going on? Here’s what I think: if there’s one thing I’ve noticed across the board, and this doesn’t matter if you’re a rich, or smart or if you’re Elon Musk - the longer you invest in Bitcoin, the more it starts to make sense.
Just like Elon said, he’s not an investor, he’s an engineer, which means perhaps he doesn’t understand all the aspects of the technology and game theory that’s behind Bitcoin. I know Elon is probably the smartest person on Earth but it seems like he’s still missing a key element of Bitcoin, maybe he still has questions regarding how Bitcoin will scale, maybe the jury is still out on Bitcoin’s expensive fees as a currency, or the wastefulness of it, whatever his hang up is, he’s still getting comfortable with it and perhaps it hasn’t quite clicked with him yet.
Reason 2: A guy by the name of Peter Schiff quoted Elon on Twitter “even Elon thinks Bitcoin is as BS as Fiat money”. Peter is the chairman of Schiff Gold where he sells people digital gold as investments. So obviously he has an incentive to sell gold, that’s how he makes his money. Elon responded, "An email saying you have gold is not the same as having gold. You might as well have crypto. Money is just data that allows us to avoid the inconvenience of barter. That data, like all data, is subject to latency & error. The system will evolve to that which minimizes both.”
Elon is right, that’s the whole strength of gold is that it’s tangible, it’s physical, no one can take it away from you or manipulate it if you own the physical asset which let’s face it - most people don’t. Otherwise it’s no different than owning Bitcoin. But then here’s the tweet that really dropped the price - he goes on to say "That said, BTC & ETH do seem high lol”
Reason 3: Janet Yellen criticized Bitcoin saying it's used for illicit activities, it's not efficient and people should be careful speculating.
Reason 4: Tether and Bitfinex were banned from trading in NYC. The New York attorney general said that tethers were not fully backed at all times and they were fined $18.5 million dollars. Tether and Bitfinex responded saying that they admit no wrongdoing in anything and that when it boils down to it, it’s just a matter of disclosure and transparency.
My thoughts: this is what Bitcoin does, there's hype, the price goes up then someone from the government criticizes it, the price falls. However, 30-40% pull backs in the market are healthy and it's business as usual. If anything, it's great to see some clarity on Tether which isn't as bad as investors previously thought.
*None of this is meant to be construed as investment advice, it's for entertainment purposes only. Links above include affiliate commission or referrals. I'm part of an affiliate network and I receive compensation from partnering websites. The video is accurate as of the posting date but may not be accurate in the future.
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