MARK BARNES: Lack of fundamental valuation one of the reasons behind Bitcoin crash
The cryptocurrency has lost about 80% of its value over the past year, which rivals the Nasdaq Composite index collapse at the time of the dot-com bubble burst in 2000
A bubble-bath in financial markets is a sequence of events, not a romantic invitation. Bitcoin was invented nearly 10 years ago, by an unknown person known as Satoshi Nakamoto, as the new peer-to-peer currency of the world. Perhaps it sought to replace gold as the non-fiat currency of choice and that’s why you should go mining for it? I truly don’t know. I’ve got matric and yet I still haven’t yet read an article on cryptocurrency without coming across words or acronyms I’ve never seen before and don’t understand. I think they (the crypto-people) do this on purpose, lest we work out the extent of hot air in their bubble. There are none so eager to nod their heads in agreement than those who truly do not understand. The crash of the bitcoin bubble has been spectacular, losing about 80% of its value over the past year. That rivals the Nasdaq Composite index collapse at the time of the dot-com bubble burst in 2000 and beats hands-down the Tulip mania in Holland (1630s), the South Sea C...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.