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Bitcoin is crashing! It’s done, it’s toast, it was just a passing fad, a scam, a fraud, nail in the coffin.
Bitcoin is now down 27%, it’s a golden buying opportunity. It’s the future, it’s the solution, it’s the answer to the worlds fiat currency problems, it’s going to 1 million.
We’ve been hearing both sides of it for years but who’s right? Well, probably neither but the truth is I have no idea. Bitcoin is one of the most interesting and bizarre developments I’ve ever witnessed and I’ve largely stayed out of the debate.
I’m a strong believer in the technology behind it and I really think the blockchain itself has potential for a myriad of practical applications in the coming years. As for the coins though, especially as a currency, I have serious doubts. How can we possibly call something with this much volatility a currency?
I actually considered buying some several years ago, but what’s kept me on the sidelines is the fact that it’s value is completely unquantifiable and that doesn’t sit well with a quant type like me.
So we’re going to see a slew of bad Bitcoin press this week and there will be plenty of pundits calling it’s demise. But I think some perspective is in order here. This 27% drawdown just barely cracks the top 10. It’s recovered 9 times before from larger drawdowns, so we’ll have to wait and see.
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