It's been a testing period for Bitcoin - just when you thought the clouds were clearing after the December sell-off, Bitcoin has been brutally sold off again this week.
The mainstream media has been beating up Bitcoin relentlessly while we had more FUD relating to rumours of SK banning crypto-currency trading (if anyone was still under the impression we live in free societies... hate speech laws, State coercion, political correctness etc). And on that point, you have to ask whether it is in the SK government's interests to crash crypto prices given their citizens have been early adopters. You'd think the answer would be 'no', unless they really wanted to spite their citizens, even if it meant dinting their economy.
We also had Warren Buffett come out and deliver the cryptos a good clip. And to be fair, his opinion does deserve to carry some weight. Yet, Buffett is also not a digital native, and hasn't been screwed by the financialisation of the economy; both of which are factors why younger people are getting behind crypto currencies more in my opinion.
I must admit, this sell-off caught me off guard, I thought we were back to normal transmission after we hit US$17k. To be back at U$13.5k is disappointing. Moreover, I'm starting to worry we might (not will) see a loss of faith and a sell-off towards US$10k. If that happens I'll be seriously considering buying.
As the old saying goes, 'smooth seas never made a good sailor'
The Engima.
