So the “bears” are on the prowl and of course the eternally optimistic Crypto-believers joyfully declare that this is a buying opportunity.
This belief comes from the history of the stock market with wild ( at times seemingly irrational ) swings. So sentiment and herd psychology are in play ....nothing new here, right ?
Well, I do not know. Equities are (almost) always worth .....well...something. I mean you can argue with what that value is but it is pretty clear that the local utility or business has some income generating capacity ....and as such is worth ...something ....all hype and emotion aside.
Bitcoin is an exciting concept to be sure. But until we have widespread acceptance and utility, I am yet to be convinced that it has any intrinsic value beyond the hype and emotion. The Crypto-Agnostic continues to believe that the value of Bitcoin may still settle out about about zero. Am I sure ? No. So I continue to hold what I already have. I am prepared to lose it all, indeed , expect to do so. I hope I am wrong....as much for those who are still pouring (real) money into this than for myself. I can afford to lose what I have in....I suspect that a lot of (younger) people cannot.