Wednesday, May 26, 2021
COTW: Crypto Crisis
As readers undoubtably know, US Person is not a fan of crypto-currencies. It is not a thing, but a digital ephemera concocted from software iterations of galactic proportions. Even that iconic futurist, Elon Musk, has expressed doubts about bitcoin and the massive energy consumption needed to support trades. He announced that bitcoin would no longer be accepted in trade for one of his electric vehicles. Consequently the coin dropped precipitously in value [chart]. Here is a graphic showing bitcoin's history of extreme volatility:
When will the digital mania end? Not soon, because there is always a greater fool round the corner. There are now over 5,000 cryptos! In this regard, this so-called currency is no different from the fiat dollar crypto fans love to hate. Meanwhile, US suggests as an investment vehicle for risk lovers: tulip bulbs. Hey, they worked before!