Bitcoin drops below $20,000 as crypto selloff quickens

There are real human victims here that are ordinary people.

"Ordinary" investors don't put a significant chunk of their capital in an extremely risky speculative asset. A bitcoin isn't called "a piece of nothing" for nothing.

70% drop for bitcoin is nothing. It is still way above its value of zero.

Were you looking for an opportunity to leave the rat race and flip the bird to your boss at your McJob at one of the big Eikaiwas? Well, this is it! BTFD! I'm personally selling 2 vehicles to load myself up on BTC and ETH.

See, I told you.

Cue the Bitcoin cultist advising to "buy the dip"....

My guess is that it will have a few more boom and busts until eventually falling to a low level held and traded by the few remaining cultists.

I don't care what any self-proclaimed "expert" says. Bitcoin is coming back. Crypto is here to stay. It is FIAT currency that is finished.

Good, cheap time to buy Crypto, guys.

The fundamental case for bitcoin has never been stronger. Not a buyer here as could still get a lot more ugly. But wouldn't be a seller here either.

So how much has Elon Musk lost then?

Bitcoin started at a value of a few cents. Within 5 years it went up to almost US$ 20,000. Some smart friends of mine became millionaires. Then it went down to US$3,000 and everybody was selling. Not long ago in November 2021 it went over US$68,000. Now it's going down and it is expected to go lower before the next high jump. All smart people get ready.

Bitcoin isn't an investment any more than tulip bulbs were investments in the 1800s.

If you happen to be lucky and time owning/selling at the right times, you could leave with more money than you started. The only people really making money are those with $20,000 computers with 6 $2000/ea GPUs mining the block chain. It wasn't always that way. Mining was much easier and quicker 12 yrs ago when I did it purely from curiosity.

Think of bitcoin like going to Vegas. Take only the money you can afford to lose, never more than 5% of your total liquid value and play it like you do the dogs or horses.

BC isn't an investment.

Golly, a fake currency only useful to criminals and speculators, that you can’t actually buy anything with, that isn’t supported by a central bank, and who’s value changes wildly based on sheer speculation.

What did Bill Gates call that? “Oh yes, “The Greater Fool” theory of value.

But those who doubt have been derided as “just not getting it.” Funny, I “just didn’t get” what made Enron so valuable either. Then I realized that it wasn’t. It was an illusion based on lies and fraud.

I’m calling it now, and if I’m proven wrong it will be here for the record - Bitcoin is going nowhere. And it will go up past the $20,000 mark again, plus we’ll beyond that. This is a temporary dip, and Bitcoin has been volatile from the start. This isn’t the first time it’s been written off by people.

I have never bought a Bitcoin, as I’m into low to medium risk investment, and Bitcoin as an investment is high risk.

One way I could see myself being wrong is if there is a better cryptocurrency out there. I have never looked into any of them - cryptocurrencies as a technology depending on social engineering are what interest me. So I guess my actual prediction is that cryptocurrencies are going nowhere, with Bitcoin probably continuing to be the leader, breaking through the $20k barrier and well beyond.

Anything has value if you can find an idiot willing to pay you more than what you paid. All these bitcoin evangelists are just doing the old pump and dump I’m sure

The value of bitcoin is 0...well just what someone slse will pay for it.

Wow, so you mean Bitcoin is.... just like every other single thing on this planet? No way!!!

I wonder if you even realize that value is determined when a buyer and seller agree on a price. Everything else, such as that it has a value of zero, is just speculation. And the fact that it's trading at a value, means you're wrong. The value isn't zero.

Remember when oil crashed a few years ago and basically went to zero? Now look at oil prices. This Bitcoin crash will recover and go to new highs. It’s just a matter of time, likely years away.

Were you looking for an opportunity to leave the rat race and flip the bird to your boss at your McJob at one of the big Eikaiwas? Well, this is it! BTFD! I'm personally selling 2 vehicles to load myself up on BTC and ETH. ETH changed my life back in 2017, don't miss this golden chance.