It’s another boring morning, with one exception – – one glance at CryptoStream will show you one localized meltdown.
Whenever the crypto kooks start running around trying to outdo each other with just how high Bitcoin will go (“$100,000!”, no, “$500,000!”, no, “a million!”) you know a turn is at hand. In a matter of days, a full 25% of Bitcoin’s “value” got erased. Of course, the crypto kooks will (correctly) point out the many drops in the past, none of which amounted to anything.
The most ridiculous zealotry lately was around Musk’s beloved Dogecoin. Does anyone actually believe that a currency that plunges nearly two-thirds in value in the span of four days will ever represent either a means of transaction or a store of value? I don’t.