The $10,000 Surprise

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Perhaps you’ve heard that crypto is (once again) crashing:

slopechart BTC

So now that Tesla has proudly boasted that they would accept Bitcoin for their cars (who CARES??) and someone bought one a few days ago, I guess Tesla gets $10,000 less on the vehicle sale. So is that a benefit?

Let’s just pretend for a moment that we’ve reached the absolute top (just as a thought experiment); what would some of the tell-tale signs be?

  1. Dogecoin (created in three hours as a JOKE) reaching $52 billion in value;
  2. Coinbase (symbol COIN) going public within hours of the lifetime high of BTC;
  3. Me actually offering up some enthusiasm for a few alt-coins

This isn’t the first time crypto has had a tumble. Hell, it lost virtually all its value in the year 2018, only to go up almost TWENTY-FOLD afterward. So there’s no point in saying this is The End.

I will note however, things aren’t looking so great. Bitcoin has clearly lost its momentum, and we’ve got a very clear pattern failure:

slopechart BTC

As for the crypto crowd, honestly, there’s no group more sensitive, so I truly refrain from saying anything, since they are even loopier than Precious Metals Kooks. I mean, just as a purely hypothetical, if I tweeted out “It’s weird that MTG is so against trannies, since she looks like one” (again, strictly hypothetically) or, instead, “Cryptos Suck“, I guarantee I’d get far worse blowback from the latter. Promise.