There was a fairly significant plunge in Bitcoin and other cryptos over the past few days. It dropped roughly 20 percent before rebounding.
CNBC:
Bitcoin prices dropped sharply overnight Saturday, plunging to a low near $43,000.
The world’s most prominent cryptocurrency pared losses subsequently, last changing hands at around $49,663, according to Coin Metrics.
From a 24-hour period spanning early Friday morning to early Saturday morning, bitcoin’s price went from about $57,000 to $47,000, losing $10,000, or more than 17%.
Bitcoin is going to continue to be volatile but it still represents a life raft from a global economic system that is highly unstable.
I don’t care that it crashed 20 percent. Even if it crashed 50 percent I’d still continue to hold it.
Of course, I don’t suggest that you put your whole life savings into cryptos. I personally have a combination of physical gold, physical silver and cryptos alongside some more traditional investments.
I view the US Dollar and these other fiat currencies to be riskier investments than Bitcoin. These people are printing gazillions of dollars and destroying its value.
Also, look at what just recently happened to the Turkish Lira. These currencies are being inflated into worthlessness.
