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.
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