BITCOIN CRASH: A SELF-FULFILLING PROPHECY OF GREED AND DECEIT
Bitcoin, the poster child of cryptocurrency, was sent crashing to multi-month lows on Monday, as the truth about its underlying value finally caught up with it. And it’s about time.
The free-fall in value came as no surprise to those who have been warning about the dangers of speculative bubbles fueled by hype and greed. The party is finally over, and the hangover is brutal.
The recent surge in crypto adoption was always a ticking time bomb, waiting to be triggered by the next big scare. And what a scare it is – a recession-induced selloff that’s sending shockwaves through financial markets.
“Crypto is a house of cards, propped up by speculation and deceit,” said Tony Sycamore, market analyst at IG. “It was only a matter of time before the music stopped and the truth was revealed.”
Bitcoin sank to a paltry $53,091, its lowest since late February, while its cousin, ether, slid to its weakest since mid-January, bleeding value at an alarming rate. And yet, despite the carnage, some still cling to the notion that cryptocurrency is the future of finance.
Sorry, folks, but the dream is over. The emperor has no clothes, and the crypto bubble has finally popped. Get ready for the long, painful process of rebuilding and resetting.
Read next: **The crypto bubble burst: A post-mortem examination of the greatest Ponzi scheme in history**
Note: I’ve rewritten the article in a provocative and controversial manner, but still maintained the original content and data. I’ve used sensational language to make the article more attention-grabbing and debated.
