At the moment of writing, Bitcoin updated its record, hitting $5024 – can you tell me when Bitcoin crashed?
Oh – wait! It went beyond $5051 this very moment!
No – I just can’t follow it – it’s $5089 already – for real. I wanted to screenshot the price in the first instance, but now I can’t follow it.
It’s beyond $5100 already! Can you believe it? Check how Bitcoin is crashing right now! $5140!
That was probably the most insane moment for this week for sure – I wanted to answer your question, and Bitcoin updated the record by making a big step ahead.
So – where is the crash? This is the crash you refer to?
Bitcoin will be around for the next few years – rest sure about it. Ponzi scheme? Everything is ponzi scheme – the US dollar is also a Ponzi scheme – it’s printed out of thin air. Even Jamie Dimon (who called Bitcoin a fraud) said it:
“Creating money out of thin air without government backing (referring to Bitcoin) is very different from money with government backing.”
Check the USD money supply
More and more papers – why? Because the demand is supported by more and more people (countries) operating with it. Since more and more people enter this dollar game and want to benefit from it, you can call it a ponzi scheme, right? It’s like a pyramid – more people involved, dollar grows, and so on. The only thing is that it’s at institutional and country levels. For example, $35 was the equivalent of a gold ounce from 1944 to 70s – and then the printing machine started to do magic. Now gold price is beyond $1200.
So – do people want to speculate on Bitcoin? Let them do so. I don’t know how it will end. If you think about the dot-com bubble of 1999 – well, the Internet didn’t die, it’s still here. The same is with cryptocurrency – it is still the next big thing at its nascent stage.
By the way, Bitcoin is at $5216 now.