I'm serious, up 1000% then down 20%. This is perfectly normal and has been during the latest bull runs. There's a reason they say Bitcoin is volatile in it's exchange rate. But don't take my word for it, or fake news media, check the charts yourself: https://coinmarketcap.com/
For one, Crypto is in a major bubble right now. I know most people who do not understand economics think a deflationary currency like bitcoin is the "future," but it is not. Inflation is good for building wealth in any country and any economy. 2% inflation every year is healthy, but people do not actually understand the numbers they are looking at. When someone who is used to making $40k per year sees trillions of dollars, it is like an ant watching the human world around them - they will never understand it. I have always argued that the 1% having a majority of the money is what keeps our money valuable. If the rich people were taxed and money distributed to the poor, supply and demand would simply make the price of everything rise and the poor people would give all of the money back to the rich people anyway. The military protecting this country (and any other 1st world country) is a major reason why money can continue to be printed and it be worth something. Once the safety of a country disappears, the money also becomes worthless. When no one wants to own the currency you own, or no one wants to live in the country where your currency is created, the currency becomes worthless.
That being said, Bitcoin is outrageous in regards to its price. The technology of blockchain will be game changing if used correctly, but Bitcoin, ETH, etc are all going insane on pricing because of speculation. Institutions can see the hype of this and they are of course going to invest. Most of the low tier investors "follow the money," meaning that if a massive investment firm like Blackrock invests into something, the smaller guys will follow their lead.
Is Elon manipulating the price? Possibly, but who gives a fuck. If you do not already know, you need to learn the accounting behind owning a digital asset like crypto.
If Tesla buys $1.5b worth of Bitcoin and it goes down in value, they can write those losses off on their taxes - EVEN IF THEY DO NOT SELL THE COIN.
However, if the Bitcoin value goes up and Tesla's investment grows by $100m, they DO NOT have to pay taxes on the money.
They only have to pay taxes on gains if they sell, but they can write off losses without selling.
There is more to it that even I don't understand, but it seems there are always people who blackpill themselves into believing every conspiracy that is spewed by any random 1000 sub YouTuber.
A correction was expected, it's up over 1000% since the last bottom.
You have got to be kidding me.
Yeah. A "Correction." ;D
https://www.thesun.co.uk/tech/13822372/bitcoin-whales-crash-market/
I'm serious, up 1000% then down 20%. This is perfectly normal and has been during the latest bull runs. There's a reason they say Bitcoin is volatile in it's exchange rate. But don't take my word for it, or fake news media, check the charts yourself: https://coinmarketcap.com/
"This is perfectly normal" Look at the title of this post.
For one, Crypto is in a major bubble right now. I know most people who do not understand economics think a deflationary currency like bitcoin is the "future," but it is not. Inflation is good for building wealth in any country and any economy. 2% inflation every year is healthy, but people do not actually understand the numbers they are looking at. When someone who is used to making $40k per year sees trillions of dollars, it is like an ant watching the human world around them - they will never understand it. I have always argued that the 1% having a majority of the money is what keeps our money valuable. If the rich people were taxed and money distributed to the poor, supply and demand would simply make the price of everything rise and the poor people would give all of the money back to the rich people anyway. The military protecting this country (and any other 1st world country) is a major reason why money can continue to be printed and it be worth something. Once the safety of a country disappears, the money also becomes worthless. When no one wants to own the currency you own, or no one wants to live in the country where your currency is created, the currency becomes worthless.
That being said, Bitcoin is outrageous in regards to its price. The technology of blockchain will be game changing if used correctly, but Bitcoin, ETH, etc are all going insane on pricing because of speculation. Institutions can see the hype of this and they are of course going to invest. Most of the low tier investors "follow the money," meaning that if a massive investment firm like Blackrock invests into something, the smaller guys will follow their lead.
Is Elon manipulating the price? Possibly, but who gives a fuck. If you do not already know, you need to learn the accounting behind owning a digital asset like crypto.
If Tesla buys $1.5b worth of Bitcoin and it goes down in value, they can write those losses off on their taxes - EVEN IF THEY DO NOT SELL THE COIN.
However, if the Bitcoin value goes up and Tesla's investment grows by $100m, they DO NOT have to pay taxes on the money.
They only have to pay taxes on gains if they sell, but they can write off losses without selling.
There is more to it that even I don't understand, but it seems there are always people who blackpill themselves into believing every conspiracy that is spewed by any random 1000 sub YouTuber.