Bitcoin Update: Crash Resumes at 69k. 2021 all over again?

Bitcoin crash is resuming, down from a high of $69k to $63k as of writing this. Anyone can see that Bitcoin has a long history of suddenly crashing, like in May 2021 and all of 2022. Was I wrong earlier this year, yes, but 10 months remain for 2024, which is an eternity in the world of crypto.

It feels like 2021-2022 again when it was above $60k, and the “experts” insisted it was a SUREFIRE thing that $200k+ was just around the corner, only for Bitcoin to plunge below $20k instead.

The era of Bitcoin making people rich ended in late 2017, when it 20x alone that year from $1k to $20k. Now the value proposition is terrible. Sure, maybe you can make another 50% from $50k to $75k, but I would rather just buy TQQQ instead and make that 50% with less volatility and more certainty.

There was a post by Zvi in which he expressed regret over missing out 50% gains in $ARM, writing “I have indeed bought some of the obvious things, and that part of my portfolio is doing fine. But oh my could things have gone so much better if I’d gone for it.” I’m like, just buy TQQQ and you’ll make that 50%, but with less risk and guesswork than with individual stock picking.

Bitcoin is like a beached whale that is slowing suffocating under its weight in the hot sun. There is not enough money in the world to sustain these inflated prices. When a star exhausts its hydrogen it collapses under its weight, as will Bitcoin when the money runs out.

Who is gonna come up with another $1 billion to buy above $60k? None of the Forbes 400 billionaires are buying. How many billionaires are like, “My life is not complete unless I buy this highly volatile and useless asset. I better buy a billion dollars of Bitcoin right now.” At least with Nvidia and other tech stocks there is economic value created in the form of profits, earnings, and adoption.