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Yes. As it turns out the true attraction to "Bits of Coins" and subsequent valuation drive was negative interest bearing securities of all types.
The more negative the market went the higher the price per coin went.
In the search/reach for yield over time all managed to turn these virtual coins into a hard money lending facility.
Which led to deals bring pledged to the price increase of said coins. These pledges drove the price increase through the vehicle of common conspiracy theory.
For a long time all took turns rowing the boat to help keep it all afloat. Aside from the occasional quarter billion drop in total value all did OK for themselves.
What the aggressive tightening by central banks world wide is saying is that real rates are coming back soon.
The sharp money has taken off in advance of this occurring and have positioned themselves to take advantage when the reality of this hits and debt instruments once again will pay some kind of positive return.
Thus leaving the bits of coins and retail investors behind.
Keep in mind the last six months or so up to the sixty thousand mark was fueled by celebrity endorsements, ever more outrageous its sexy, sexy, sexy commercials and people of note enough demanding payment in and broadcasting that they were paying with crypto.
( The Euro went through the same thing after the housing crash.)
The crypto millionaires/billionaires will not be back. Nor anyone else. Without this segment the sharp money has nothing to leverage in order to drive price increase of any kind.
Thus dropping the value out of the entire virtual coin idea.
Worse is that these deals have no real collateral attached to them. Therefore the calls for collateral that do for a time calm the banks down enough until something gets figured out can't be made.
This effectively drops the value of the hard assets to zero.
Any subsequent rise will get cashed out after a certain point so as all can pay what's being called in. That's what today's bump was about.
Over time this will lower the price more and more due to the gouging out effect of people trying to dig out produces.
Thus leaving the Bits of Coin as currently constructed in the dust.
That is all.
INVISIBLE AND QUIET IS NO LONGER ACCEPTABLE. INVISIBLE AND QUIET IS NO LONGER ACCEPTABLE.
The Voice of a New Generation.
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