Bitcoin—and a collection of other cryptocurrencies are plunging as doubt seeps through the market following regulatory strain, retail investor anxiety, and of course—a couple of fucking Tweets.
Elon giveth, Elon (mostly) taketh.
Even though volatility has long been the name of the game in crypto—there does appear to be a general sense that this time feels different. With highly speculative investments, all it takes is a splinter of doubt and the whole thing can come crumbling down.
I can’t be alone in saying this, but I like my currencies humble—and I don’t know about you, but Bitcoin felt like it was getting a little too big for its britches.
Think about the Mexican Peso for example…
When was the last time you heard anything about the Mexican Peso? Spring Break Circa 2019?
Exactly. The Mexican Peso just goes about its business, day in and day out—providing people with a means for acquiring goods and services. It doesn’t claim to be some beacon of hope for the poor and disenfranchised. It doesn’t tout itself as a living, breathing revolution.
I mean… Yeah, it is only worth about .05 USD, which isn’t great, but at least it hasn’t prompted an onslaught of insufferable influencers—who by the way—I would bet my last Peso are hedged out of true loss.
Bitcoin went from 6’ 5” and 215 to just cracking 4’ with a pot belly and you know what? I hope the Winklevoss’s do too.