Tuesday, January 25, 2022
Crypto
Investors in bitcoin are worried they are entering a "crypto winter" since the currency has lost 50 percent of its value in a "sharp sell-off." Perhaps holders are starting to realize there is no value in the heart of it. Bitcoin is a perceptual currency without asset or government backing. Its worth is only what people believe it is, and it works on the greater fool theory. It rises when greater fools invest in it. One might call bitcoin a triumph of publicity. People flack it and greater fools believe them. Perhaps, some day, bitcoin might find a stable value without huge swings in price it suffers now, but don't bet on it. There is no "there there" as Gertrude Stein once opined.
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