The bitcoin selloff that began less than 24 hours after has now plummeted nearly 75% from Wednesday’s bitcoin high of $266, wiping out over $1.5 billion in valuation for the crypto currency.
As bitcoin skyrocketed in value, I saw unmistakable signs of “irrational exhuberance” kicking in, with bitcoin hypsters starting to talk more like charlatans and cult members than rational investors. So I published an urgent warning and repeated the same warning live on national radio.
The very next day, bitcoin cratered from $266 to $105. Self-deluded bitcoin cultists called this “50% off Wednesdays” and urged everyone to “buy and hold.” (Because that’s how the con works.)
But the selloff had already picked up steam, and while Thursday saw some support around the $110 – $120 level, by Friday morning the bitcoin bubble accelerated its downfall, plummeting to $61.11, a loss of over 75% from its high.
Bitcoin investors are delusional…
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