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.
(Excerpt) Read more at livemint.com ...
“Jack Dorsey’s First Tweet’ NFT Went on Sale for $48M. It Ended With a Top Bid of Just $280”
“Crypto entrepreneur Sina Estavi bought Twitter founder Jack Dorsey’s first-ever tweet as an NFT for $2.9 million last year.”
The banks are deliberately driving it down, dumping it, rebuying at the lower price, dumping again, and repeat. The reason is to chase everyone else out of it so they can own it all. Then the value will skyrocket.
I had a lot of silver coins when I was a kid.
When I was still quite young in 1980, my father urged me to sell the coins when silver reached $50 per ounce. I did.
Then silver came crashing down because of speculation from the Hunt brothers in Texas, and nearly took the stock market with it.
I wish I still had those coins, but at least I sold them at the top of the market.
“The only hedge now against inflation is stacking real money.”
You need a better financial advisor. You would have done a lot better buying Treasury Inflation-Protected Securities and Inflation Derivative Swaps.
Anyone who got even a small part of their portfolio into these last year is very happy right now.
Have fun losing a whole lot of money with that tactic in the recession.
“So, a $90.00 investment in 2009 would have been worth $69,000,000 in November 2021”
Yep almost all of missed that one. The one thing that gives me solace is buying then meant going through the early exchanges like Mt. Gox.
All of those got hacked and investors lost all their money, so even if I had bought I still wouldn’t have millions.
Currently I have the least amt. of $$ in the "M" in years............
The ONLY thing linking them is that their prices are bound together. Oh, and that they are both called "silver".
Paper silver drives the price today. That won't be much longer (see Basel-3 Tiered assets, and moves to base currencies to PMs - like Russia is doing, and consider Rule 589 and NESARA).
The original purpose of Bitcoin was to safely pay for minor purchases, such as say magazine articles.
I never saw a need to buy Bitcoin to make a tiny price purchase.
Sorry but Federale Reserve notes, fiat currency, under your mattress are superior to riding down this Joe Biden stock market. Blame this stock market on effin Greenies and the DemonRat party.
Both are killing domestic drilling, thus jacking up gasoline and diesel prices. Jet fuel prices. Home heating oil prices. Democrat voters in our Northern states will faint in October when they see what home heating oil will cost to fill up their home tanks. Might even make them vote Republican.
If you’re not rich enough to ride the fads, you’re screwed.
The current market and crypto and all the rest are mostly just fads.
The smart people like Buffet rise and fall on them. The average joe can make it off pretty well, but the vast majority can’t keep up with the fad ups and downs.
One night driving home from work and listening to Glenn Beck I heard him moaning about the way Bitcoin was so volatile, falling in the market in huge freefalls.
I hope he got out.
“All of them got hacked and investors lost all their money...”
Holy crap. I didn’t know that.
I guy I know here in Maine has a cousin who works in the financial sector in lower Manhattan.
His cousin begged him to buy BitCoin when it was $5.00 per coin. He didn’t, but he did jump in when it was $100 per bit coin.
He sold a thousand Bitcoin when it was $2,000 per coin and sold a hundred more when it was $42,000 per coin.
The same cousin told him to buy Amazon back when it was $5.00 or $10.00 per share and he did just that.
He’s done pretty well for himself. That cousin would be my favorite relative if he were my cousin.
Ride the fad, as I said. The crypto fad made a lot of people insanely rich. It’s all like coming into a hot craps table and leaving when the cold front comes.
Large financial institutions are trading BTC now....(not just your “Average Joe”)...and they treat BTC like a “risk on” asset (it is basically tracking the NASDAQ lately)...”AverageJoe” knows that BTC is an alternative to the deflating USD...but not enough Average Joe holders (HODL’ers) compared to Blackrock, etc. traders I guess.
In 1960 an oz of Silver was 92 cents per oz
A gallon gasoline was 31 cents per gallon.
An oz of silver could buy 3.22 gallons of gasoline.
Currently:
Silver is $21.60 per oz.
A gallon of Gas in California is $6.40.
An oz of silver can buy 3.37 gallons of gasoline. Obviously in some states it could buy a little more gasoline.
Silver and gasoline are always changing in value compared to each other. But after 72 years they are almost the same value compared to each other.
Silver is money and a commodity, it is not an investment. The same can be said for Gold. Although Gold is really not a commodity.
The 90’s fox ‘gold must be nooowwww’ thing probably caught a lot of conservatives in that market.
Metals have never been even very good as a money sink. Thank you for pointing out the real market issues.
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