Posted on 06/12/2022 8:24:02 PM PDT by C210N
Bitcoin price continued its selloff as part of broader declines in cryptocurrencies after a sharp rise in US inflation triggered risk-off sentiment. The world’s largest digital token tumbled as much as 7% to $25,366, at 18-month low. The most popular crypto is down more than 43% so far this year (YTD), and is trading far below its record high of $69,000 it had hit in November last year.
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Here is your chance!
For me, I'm running away.
Easy come, easy go.
Cue the tiny violin gif
For a “hedge against inflation” bitcoin is not performing as advertised.
Maybe it will at some point, but this isn’t confidence inspiring.
I began to get very skeptical of cryptos when you started to see a new cryto-currency flavor every week.
crypto is returning to its intrinsic value.
Look at the 2 year Treasury right now. The market will bomb tomorrow and then the fed and whales will try to buy back to stabilize, but by July this becomes impossible.
Get what you can now
Blue cities will go wild and violence is already breaking out. Martial law will be out late Sept as the inflation continues and Nov midterms will be “postponed” i.e. cancelled.
The only hedge now against inflation is stacking real money.
None of this fiat and no BTC or similar non-ISO20022 crypto.
The only ‘money’ authorized by the Constitution - physical coin. That money, in the short run, is being artificially held down extremely low because the banksters and traders make enormous profits with pump-n-dump paper metals, whose price is diabolically tied to the physical.
“s when you started to see a new cryto-currency flavor every week.”
Those are gambling coins.
I can see that too.
Totally.
Bitcoin and cryptos were sucking the life out of the gold market. A very smart guy agreed with me on this.
So maybe this crypto plunge will be good for gold. Though, selling off all yr stocks and putting them in Treasuries money market fund (aka cash) makes sense too.
I don’t think it will go to zero, but would not be surprised if it went back to its pre-pandemic levels.
Also, if you look at the CC charts, most of them mirror the movement of BTC. That always seemed like a red flag to me.
Yeah talk to your neighbors. See who’s a gun nut and who’s a nut. Blue states will only protect the places that pay for security. Red state LEO will probably go home to protect their family. Get a good shovel.
As markets over-correct, Hodl the silver, and then pick a point at some better future time to convert a portion of that silver to gold.
Compare gold and silver to dollar ratios:
Peak crypto dumbassery was NFTs. That market imploded 2-3 weeks ago.
6 months back I read about a struggling musician who made $140,000 selling off some of his tunes as NFTs. I am glad he got while the getting wuz good.
Silver will burn you in a recession.
Gold - good during inflation.
Silver will outdo gold during an inflation and hyper-inflation.
I bought some silver in 1983 at $16/oz. I still have it. The price today is $22
I read somewhere that Bitcoin was trading for 9 cents back in 2009.
So, a $90.00 investment in 2009 would have been worth $69,000,000 in November 2021.
It’s fun to be a Monday morning quarterback....and depressing.
I’ll have to buy more.
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