After twelve months, the extent of the euphoria and devastation has been wrought on the price of Bitcoin. Out of necessity, it is necessary to review what has happened since our January 17, 2018 posting (when Bitcoin was at $11,141) on the topic as this was the last assessment that was the most accurate, so far. In that posting, we said the following:
“Anyone willing to participate in Bitcoin should be willing to accept that the price could easily decline –70%, as has been the average of all previous Bitcoin busts (found here). Anyone who participates in anything other than Bitcoin should expect a minimum –90% to –99% decline if, at the same time, Bitcoin declines –70% or more.
“We see the current decline consistent with all prior crashes in Bitcoin and therefore see no reason to panic if you are out already. Alternatively, if you are currently in Bitcoins, you should be willing to accept that the price routinely declines to the levels mentioned above.”
Again, this was that last best assessment we had. After this posting, we’ve had others that can be found in our Bitcoin archive which have been mostly accurate and a couple that have been dead wrong. Below is the update on the topic of Bitcoin. Continue reading
