#Millennials are about to learn the hard way that paper profits on highly speculative and over-priced assets mean nothing until they're realized. Years worth of unrealized gains will soon be wiped out. Hopefully as vast paper fortunes are lost, wisdom and humility will be gained.
#Bitcoin has finally broken the neckline of a head-and-shoulders top. The scary part for the longs is that the pattern projects a move below $30,000. Once that level is breached Bitcoin will have completed a massive double top. From there a crash below $10,000 is highly likely.
Lots of people on Twitter keep reminding me how wrong I've been on #Bitcoin because its price rose so much during the years I claimed it wasn't digital #gold and had no real value or utility. How low does the price of Bitcoin have to fall before I get credit for being right?
The real problem with #Bitcoin isn't volatility. Volatility means Bitcoin can't function as a currency, but it makes it very appealing to traders and speculators. The real problem is that Bitcoin has no underlying value to support its price, making a terminal collapse inevitable.