Bitcoin has recorded its largest monthly loss since June 2022, pushing it into a bear market as the euphoria over cryptocurrencies after Donald Trump’s election win faded.
The price of bitcoin fell by 17.5% in February, the biggest monthly drop since June 2022, and its eleventh worst month in the last decade, as risk-off sentiment gripped financial markets.
The world’s largest crypto asset ended February at about $84,252 (£67,010), having hit a three-month low of about $78,273 during trading on Friday.
Bitcoin has now dropped more than 20% below the record high of $109,071 set in mid-January, which puts it into a technical bear market.
It allows sending value anywhere anytime and it protects you against inflation, because it can’t be debased. You can also move large quantities of money without needing permission from anyone, anytime you want.
On the other hand, fiat money creates inflation and is controlled by central banks.
It’s a giant ponzi scheme currently propped up Tether printing imaginary money.
Well it isn’t protected from rapid deflation. In fact that seems like the point according to all the advertisements presenting it as an “investment”. Also, I’m not sure who needs to move large quantities of money across the globe. I just want to exchange money for his it services.
Bitcoin is deflationary by design, but that’s an advantage, not a problem. It’s like saying that gold is bad, because it’s worth more and more every year.
It has been one of the best returning investments since its birth. Even Black Rock and many other companies consider it as a great investment.
Believe it or not, there are rich people who need to move large quantities of money to buy houses, to buy land, etc. You can also buy small things with Bitcoin, of course.
I don’t think they “need” that. I think they like that. I also think they are frequently monsters and making things cushier for them doesn’t translate to as better off a life for the rest of us as we would like to think. In fact them being able to move money quick to buy houses and land quickly… Seems like it may drive it up for the rest of us
So then why are the only people ising Bitcoin to move large amounts of money scammers and criminals? It’s a hassel to move large amounts of money from one country to another because the stakes are so high and everyone involved wants to make sure it is done properly. You wouldn’t send the down payment for a house or car via cash in the mail, so why would you do the online equivalent?
You can use Bitcoin to buy food and small things as well. No, actually scammers and criminals are among the minority of people that use Bitcoin. Many people use Bitcoin for their daily needs.
Stakes are high? I don’t think so. The problem is politicians, the hundreds of worthless currencies that exists and the expensive banking cartel with its high fees. People should have the freedom to move their money as they wish, because it’s their money.
You can actually buy houses using Bitcoin, I don’t understand why you wouldn’t do that.
So on top of pollution it enables crime? Great
Well it being a criminal money is a plus, a main feature even. I got some from GPU mining ages ago so was selling them at its peak and it’s easily noticable how all the legal way to get money is all so traced and requires you to send your ID, sold them by dealing with buyers directly so no ID required instead.
What do you think state currency does? Petrol-dollars? Are these planting trees and spreading world peace?