Cryptocurrencies: 6453 / Markets: 43605 Market Cap: 24h Vol:
Seeking Alpha
2021-05-10 00:34:14

Bitcoin: A 1929-Esque Bubble

Due to an inability to regulate Bitcoin, the value of the cryptocurrency is incredibly easy to manipulate -- and so it is very commonly manipulated.The rampant market manipulation reminds me of a pre-SEC world where, in the 1920s, stocks ran wild until ultimately busting in a catastrophic manner.Bitcoin is a failed currency and has no intrinsic value beyond being a means to pay for goods. This makes its value as an investment purely emotion-based.The incredible energy consumption of Bitcoin mining is in direct opposition to the cryptocurrency’s largest support base and is what I’ve identified as the catalyst to pop the bubble.

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