ON THE RADIO: Bitcoin Bubble Is About To Pop?
I remember when Bitcoin was becoming a big thing, sort of. I remember folks who where big on the idea of the digital currency and they urged me to jump on the bandwagon that was sure to go mainstream.
I was told Bitcoin and later on, cryptocurrency could not be hacked or manipulated because nobody owned it out right. Bitcoin was never going to be tied to anything in the real world because it was not backed by real world problems such as gold or governments.
This is exactly why I never got involved in this potential debacle. As Bitcoin began to rise to ridiculous highs I did not waver from by belief that it was going to crash and that all of the crypto world was in trouble.
I got even more pressure to go possitive on Bitcoin and its digital cousins when Bitcoin was rising above $6,000 per coin. It kept going reaching over $12,000 per coin. I stood firm saying it was going to crash, governments would begin to regulate or ban it and that since 99% of the real world did not accept it or any other digital currency, it was inevitable for it to decline.
And here we are. Not only was I correct about regulation and decline, but the fact that it would not be influenced by the economy as a whole and the typical economic indicators such as the Dow Jones Industrials and the Stock Markets of the world was a lie.
This will not be the low point of digitals. This is not the bottom for the likes of Bitcoin. It will get worse for the whole of digital currencies. I firmly believe that digital currency is the wave of the future but it will not look like anything we currently have and indeed it will be owned by governments around the world just as printed paper and coined money is.
New York Times: As Bitcoin Bubble Loses Air, Frauds and Flaws Rise to Surface