Until it doesn’t.
I confess to a bit of schadenfreude at today’s Bitcoin news.
An almost 14% drop today to bring the mathy-equivalent of Beanie Babies down to below where it was when Trump took office.
Krugman has thoughtsKrugman has thoughts:
…today’s price action shouldn’t change your view about Bitcoin’s usefulness or lack thereof. If, like me, you consider the whole thing a delusion — BTC isn’t a medium of exchange, nor is it a reliable store of value — then you already knew that and the fact that we seem to be having a Wile E. Coyote moment isn’t information about the fundamentals. (There are no fundamentals.)
And more thoughts:
….everyone who bought Bitcoin in the belief that Trump would make Bitcoin greater than ever has lost money, in many cases a lot of money. So this is another case of ETTD: everything Trump touches dies.
Exactly so. As Krugman goes on to say, this means there’s a political angle. t of Trump’s most motivated supporters are now gonna have to lick some wounds. Quite possibly deep ones if the rout continues.
For some reason, I find myself unmoved by their plight.
This thread: it is as open as a SPAC IPO is for the next tranche of rubes.
Image: Victor Dubreuil, Barrels of Money,Barrels of Money, 1910 or earlier.






