Bitcoin news this week was not confined to crashing prices. An even more ominous trend for bitcoin has emerged, as reported in this article.
Bitcoin usage dropped almost 80% in the year ending last September. While bitcoin has always served as a speculative gamble and utility token for criminals, many advocates hoped that bitcoin could break out and become a true currency offering liquidity and price stability. Instead, the opposite has happened.
Along with a usage collapse comes a price collapse from $6,500 to $3,500 per coin in a matter of weeks, a nearly 50% price crash on top of the 67% crash that took place earlier this year. One commentator claims, “There would have to be a stability requirement if [bitcoin] is to become another form of money.”
That’s a nice sentiment, but it’s detached from reality. Bitcoin is failing in every important category of suitability as money — price stability, convenience, transaction cost, speed, sustainability, scalability and volume.
What’s happening with bitcoin is not a bump in the road but the end of a fantasy. That’s been my view for a long time, and now the data support that view.
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It’s clear that good science does not support the extreme claims of the climate alarmists. Yes, there is such a thing as climate change, but it’s slow, difficult to predict and almost impossible to model because of the complexity of the process. The climate alarmists have grabbed most of the headlines for the past ten