7 upvotes, 1 direct replies (showing 1)
Bitcoin was intended as a currency, but it hasn't proved out to be very useful as a currency. Instead, people buy and hold Bitcoin as an investment.
Because it has no connection to anything in the real world except electricity, the value of Bitcoin bounces up and down depending on news, events, and various frauds.
Skittish investors might jump ship when the value of Bitcoin tanks, which would tank the value further. As a result, the Bitcoin forums are full of people hyping each other up to hold their Bitcoin, memed as HODLing.
Ultimately, the whole Bitcoin-as-an-investment thing is entirely dependent on waiting for a bigger fool. Trump might soon make the United States the biggest fool of all time.
Comment by zeptillian at 26/11/2024 at 19:50 UTC
1 upvotes, 1 direct replies
Because it has no connection to anything in the real world ~~except electricity~~, the value of ~~Bitcoin~~ $USD bounces up and down depending on news, events, and various frauds. Or however much companies want to arbitrarily raise prices.
Skittish investors might jump ship when the value of ~~Bitcoin~~ the stock market tanks, which would tank the value further as well as the entire economy and the value of $USD. As a result, the entire financial news industry ~~Bitcoin forums~~ are full of people hyping each other up to ~~hold their Bitcoin, memed as HODLing~~ make money by selling their stock to new investors for a profit.