Bitcoin, the cryptocurrency used online (and just about only online) has been around for a few years, but it remains mysterious and misunderstood. As such, its status as the leading contender for a future worldwide money system not tied to any central government captivated investors in 2017. Its value (or perceived value) has exploded over the last few months. Just four days ago the price peaked at just under $20,000. And that might be as high as it will go, because it seems as if the inevitable Bitcoin bubble burst has occurred.
The value of Bitcoin just plummeted by 30 percent. It’s currently sitting around $12,500, which is a huge drop for a single day. This means Bitcoin is now worth roughly what it was, uh, last week.
This doesn’t necessarily spell the end of Bitcoin, but a lot of people lost a lot of money today. When the stock market crashed in 1929, people reportedly jumped out of windows. In this day and age, they just vent on Twitter.
The cryptomarket lost about $200 bn market cap in 24 hours! Wow… this is what I call a #flash #crash. But it doesn't matter! Panic newbies are gonna sell, #HODL ers are gonna hodl and smart people are gonna buy in. We've seen all this before! #btc #bitcoin #ltc #litecoin #bcash
— This place is doomed to failure (@BitcoinOpinions) December 22, 2017
https://twitter.com/_tm3k/status/944111529019965441
My barber said his brother-in-law was investing everything in Bitcoin, and asked me if he should too. This will not end well. https://t.co/puAVQHJY3T
— Paul Krugman (@paulkrugman) December 21, 2017
silver lining for how illiquid Bitcoin is: if it were at all easy for people to sell, it'd be cratering even harder now
— Lead Actor from Pixar’s Sodas (@ByYourLogic) December 22, 2017
Bitcoin owners watching Bitcoin value today. pic.twitter.com/l3yERhXEDv
— Mikel Jollett (@Mikel_Jollett) December 22, 2017
Bitcoin true believers can confidently ride this volatility out. Global currency demand continues to grow unabated.
— Tim Draper (@TimDraper) December 22, 2017
https://twitter.com/erikfinman/status/944249363642986497
Oh neat, Bitcoin is having a Christmas sale
— TotalBiscuit (@Totalbiscuit) December 22, 2017
Hate to say but our trading desk is just laughing at #CNBC coverage of the the “collapse of bitcoin.” Like people didn’t think it would go down. So many inexperienced people doing stuff they shouldn’t be. Please get help.
— Ross Gerber (@GerberKawasaki) December 22, 2017
https://twitter.com/SPEEROTHEKID/status/944254759007080449
Bitcoin cash just went down to $0 pic.twitter.com/AzOcYVrdC3
— Sabrina Vaz-Holder 🇧🇷 🇵🇹 (@sabrinavholder) December 22, 2017
https://twitter.com/ConnorSouthard/status/944263710284988417