Bitcoin Bites ... Sez Social
Has the Bitcoin rollercoaster has turned into a death spiral? While Bitcoin has made billionaires out of some, like the Twinklevoss Twins massing a $6 billion slush fund out of the ether, for many they might be better off having invested their life savings with Bernie Madoff.
While a gaggle of cryptocurrencies have sprouted up over recent years, Bitcoin remains the 800 lb gorilla in the space despite it turning kyptoniteish of late, especially compared to many other wannabes.
Earlier this year Bitcoin was on fire when Tesla bought $1.5 billion of the vaporware and announced it would be accepting Bitcoin for Plaid Mode. Seemed like a match made in heaven. But Musky McMuckface got cold feet and recently pulled a mid block u-turn, abandoning Bitcoin due to the environmental nightmare mining the stuff has become. Given Musk's knack for threading the regulatory needle one might have thought he'd be pushing green crypto as long as the electrons for mining came from Tesla's SolarCity solar company. But all for naught as Musk more or less opened up the elevator doors and shoved Bitcoin into the empty elevator shaft where it dropped from north of $58,000 per Bitcoin in early May to presently under $34,000.
Bitcoin is also tanking verses other cryptos in the space pulling 43% positives in social media over the last two weeks compared to the closest rival Ethereum pulling 52% positives and Litecoin, Cardano and Monero all posting in the mid 60's percent positives.
Will we see Bitcoin restore its luster as it has time and time again? While Bitcoin has been eating a whoop sandwich of late in the market and in social, 43% positives and big volumes still shows some muscle and will likely rise again pulling in people's savings and pushing out greenhouse gases all in the name of chasing the all mighty buck, or bit.