Posted on 06/02/2026 8:24:17 AM PDT by delta7
Bitcoin’s (BTC) price fell below $70,000 on Tuesday morning, wiping out nearly $800 million in leveraged crypto traders in the last 24 hours amid escalating outflows from spot BTC exchange-traded funds. Bitcoin’s price was trading at around $69,400 at the time of writing, down 4.4% in the last 24 hours – the steepest decline among the top 10 cryptocurrencies by market capitalization – and was among the top trending tickers on Stocktwits.....
(Excerpt) Read more at finance.yahoo.com ...
“The world’s Central Banks dumping Treasuries and buying Gold,”
Buying gold from Russia who is selling theirs to pay for Putin’s mismanagement.
Bitcoin is like tulips and Beanie Babies. It’s entire value is based on what some other sucker will pay for it.
Good move. Congrats on your gains!
And there's your error.
Currency debasement is the primary tax collection method by governments with fiat money.
"In the absence of the gold standard, there is no way to protect savings from confiscation through inflation. There is no safe store of value. If there were, the government would have to make its holding illegal, as was done in the case of gold. If everyone decided, for example, to convert all his bank deposits to silver or copper or any other good, and thereafter declined to accept checks as payment for goods, bank deposits would lose their purchasing power and government-created bank credit would be worthless as a claim on goods." - Alan Greenspan, 1966
"I don’t believe we shall ever have good money again before we take the thing out of the hands of government. If we can’t take it violently out of the hands of government, [then] all we can do is by some sly roundabout way introduce something that they can’t stop." - Friedrich Hayek, 1984
The Federal Reserve Notes you keep in your wallet have declined 28% in value since just 2016 (if you accept the government's official inflation statistics since then of a 39% increase in prices). That isn't going to slow down over the next decade. In fact, before another decade passes Social Security will reach insolvency.
“We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.” - Alan Greenspan 2005
That rings like a factoid from a global warming chart.
ROTFLMAO! Your chart is THREE years out of date!
Not quite! While Isaac Newton was involved in a legendary financial bubble, it was the South Sea Bubble of 1720 in England—nearly a century after the famous 1630s Dutch Tulip Mania.
> While Isaac Newton was involved in a legendary financial bubble, it was the South Sea Bubble of 1720 in England… <
I just checked. By golly, you’re right!
But I was off by less than 100 years. So I’ll give myself partial credit here.
(Just kidding.)
> There is no safe store of value.
I’m a plunger. All in on it.
... It ends in Feb/Mar of 2026. How is that three years dated?
My bad, FreeRepublic doesn't autoscale links. I've resized it for your re-assessment:
If you right click and open image in a new window you should be able to see it scaled to fit if this still doesn't fit your screen.
“... It ends in Feb/Mar of 2026. How is that three years dated?”
For some reason it did. Now it is showing 2026.
Thanks for showing Russia selling almost 20% their gold reserves this year to prop up their failing economy.
“Its not for the average investor.”
It’s not for any investor. Bitcom is not investing, it’s speculating.
1] The Space Scam ipo is in a couple of weeks. Institutions want liquidity to invest in it. BTC is the first of many that will have some liquidation to buy into it.
2] Also, earlier in the week, Treasury Bessent bragged about 'taking' over a Billion in Iranian btc assets. That helps destroy the image of crypto as safe haven and something outside the bounds of government. Those comments were some of the best ads for having Gold Bullion that have seen in a very long time.
Fun fact: Isaac Newton made money during the tulip bulb craze. He got out before the peak.
But then Newton got greedy. He bought back in, then rode the craze all the way down.
***********************
Newton got greedy during the South Sea Bubble not Tulip Mania.
Sorry, I should’ve read the whole thread before posting.
It doesn’t really matter what bubble it happened in, the trend to buy in at high equity prices will always exist as long as there are stock markets to invest in.
Bitcoin is below $69K, a peak first reached in Nov. 2021, nearly five years ago. However, during that time period the NASDAQ is up 73%, gold is up 138% and silver is up 218%. Despite the unprecedented hype, Bitcoin investors missed out on huge gains in risk and safe-haven assets.
The cycle has turned, many are now starting to realize what thin air digital “ assets” on a screen are worth. Tangible assets are called for in a time when all the world’s paper currencies are crashing and we enter the dreaded debt spiral.
“ This time last cycle, Bitcoin was down 70% from its peak.
“Today, it’s down just 43%.
“Best bear market ever.
- X
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