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“Bitcoin, Ether and other cryptocurrencies may be seeing the beginning of the end” – MarketWatch | $4,669.66

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The sudden Chinese crackdown on the virtual coin fundraising of bitcoin and other cryptocurrencies that caused the plunge is either the end of the beginning for the crypto-party — or, more likely, the beginning of the end….

It makes no serious sense. In other words, cryptocurrencies lack precisely the supposed unlimited upside that speculators dream about. The only way we are ever looking at so-called “blue sky” valuations is if the governments of the world all lose their collective minds…

And as for those cryptocurrency fans and their libertarian fantasies: If you think bitcoin or Ether or whatever is somehow beyond government control because it is so decentralized across so many different computers, think again. Governments may not be able to shut down all the servers, but they don’t have to. They can in theory ban people and companies under their jurisdiction from buying, selling, trading, or holding these things. Governments can make your cryptocurrencies unconvertible into anything useful…

Crypto-mania may continue for now. Traders will be watching the charts to see how the trends develop. But the long-term investment story looks like another matter. The risks are rising.

Eulogy made by Brett Arends

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital. 99Bitcoins may receive advertising commissions for visits to a suggested operator through our affiliate links, at no added cost to you. All our recommendations follow a thorough review process.

Having delved into futures trading in the past, my intrigue in financial, economic, and political affairs eventually led me to a striking realization: the current debt-based fiat system is fundamentally flawed. This revelation prompted me to explore alternative avenues, including investments in gold and, since early 2013, Bitcoin. While not extensively tech-savvy, I've immersed myself in Bitcoin through dedicated study, persistent questioning, hands-on experience with ecommerce and marketing ventures, and my stint as a journalist. Writing has always been a passion of mine, and presently, I'm focused on crafting informative guides to shed light on the myriad advantages of Bitcoin, aiming to empower others to navigate the dynamic realm of digital currencies.

View all Posts by Alexander Reed

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