Here comes another round of the naysayers saying "Bitcoin is dead" for the 800th time." Stock market loses 27% and nobody says "The stock market is dead."
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Even gold and silver are way down. Silver at 22 and gold is at about 1,800.
Gold is DEAD, I'm telling you dead. Gold was always a ponzi scheme. All that silver stuff was too. Note, I'm joking here. Commodities and crypto goes up and down with the stock market. Always has. The market is way, way down now, so everything is way down.
Anyway, I generally agree. I think the losses will soak up people's excess income, or make people feel poorer because their inflation hedges took a beating; the 401k, the crypto, those silver coins you have stashed in your dresser. People will stop spending, and the economy slumps and we get a full blown recession.
With food prices up 25% you would expect hedges like gold would rise. But gold is totally manipulated on the paper side.
I forgot one more important factor. The Fed. By their raising interest rates, it pulls investment out of alternatives hence precious metals take a beating.
We are heading into a recession for sure; expect no recovery for a year at least. Hopefully this will at least shovel out the Democrat stables somewhat as the proles realize how much they have been screwed.
An interesting idea, increase everything while decreasing silver. I fucking hate the global bankers.
I know some people in another country. Silver has been very heavily marketed over there and they bought a whole bunch of it. The people doing it knew this was going to happen.