Bitcoin volatility is normal
The reality is that bitcoin is a volatile asset to own. It has gone up in value over 1,000% in the past 12 months. They do not understand the history of bitcoin valuation. Bitcoin has an upward bias. I heard a chart expert say that last year bitcoin dramatically went down in price at least 6 times. However, each time it went down in price, it sling-shotted back to an even higher price within a few days.
The dramatic $3,000 drop in the price of a bitcoin token in the past 48 hours has led to a number of stories in mainstream publications (Bloomberg, Wall Street Journal, etc.) that foment FUD (fear, uncertainty, doubt) among investors. These articles talk about the investment being worthless, about people losing money, and about the history of bubbles that go down to zero dollars. When it went down 20% in the past 2 days (temporarily), once again the Wall Street traditionalists started coming out of the woodwork to bash bitcoin.
Note to self: Keep that in mind each time Wall Street traditionalists try to scare the bejesus out of you with articles designed to create FUD.
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STOPThank you. I am still learning this system. I will post again when I have something useful to contribute.