The price of the cryptocurrency bitcoin dropped dramatically Friday, losing 25 percent of its market value within 24 hours. The infamously volatile digital currency was hit by a wave of selling just before Christmas, plummeting by $121 billion of its total market value in less than a week. The quick fall surprised many investors, according to The Wall Street Journal.
“There’s been a lot of talk about how bitcoin is in a bubble,” said Jani Hartikainen, a software developer in Finland who owns a slew of digital currencies, including bitcoin. “If I keep holding this, how long is it going to keep going up in value, and if it starts crashing, am I going to have enough time to get out of it?” Hartikainen sold almost all of his position early Friday morning. Read more at THE WALL STREET JOURNAL.
{Matzav.com}
Well well well. The chickens are coming home to roost. I hope it goes to zero. This whole Bitcoin thing is such a scam. Its whole reality is like a whiff of wind. It can and will disappear in a moments notice. Although “owning” shares in a stock is also all hypothetical, at least its price is somewhat based on earnings or future earnings. The “value” of Bitcoin is not based on anything. It’s based on a couple of arrogant greedy gullible fools/idiots with too much money in their pocket and too much time on their hands. As my namesake, this Bitcoin fraud WILL come crashing down. The biggest joke is that there will be no one to sue.