The article discusses the recent collapse in Bitcoin's price amid a global trade war initiated by the US, highlighting that the perceived independence of cryptocurrency is an illusion. Initially valued over $100,000, Bitcoin's price dropped to around $78,800, alongside a general decline in the crypto market. Casual investors who entered the market for speculation are now selling off their assets as economic conditions worsen and liquidity tightens. This behavior underscores that Bitcoin, often touted as a non-governmental currency, remains tethered to broader financial trends and investors' needs for liquid cash.
If Bitcoin were - as true believers often say - a government-free currency, Donald Trump's idiot tariffs should have strengthened it. But it has not.
Bitcoin's original stated goal was to avoid financial institutions and central banks, but it has not been that in quite some time.
As money shows signs of getting tight, casual Bitcoin owners seem to be bailing, reflecting that they are not ideologically committed.
Many people who put their 'fun money' in Bitcoin are selling, because they need that 'fun money' in real currency now.
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