On Tuesday, December 17th, Bitcoin quietly reached the 100,000€ mark, which made its value spiral into free fall ever since.
As someone who once engaged with this bubble from a different perspective, I still understand the mythical value this value holds.
Not only does this swift rise and even swifter drop demonstrate the classic “bag holding” and “whale” behavior of scams, but also does it show how cryptocurrencies are an asset and should be treated as such. The main context I've ever heard people talk about Bitcoin, is for investments, not the usability of a decentralized coin.
There's no real world application for a currency in which a singular unit equals to 100,000€. That's a meaningless value only having a purpose for the previous bagholders of this grift. The people who were told that Bitcoin were to skyrocket to a different mark, such as 150,000€, are now left holding the bag, having created the fortune of those who helped create the fortune for those of the previous iteration of this never ending cycle. Everyone who's now in the negative will have to spend the coming years propagating the advance of this coin once more, to everyone and their mother, in order to ever see hope of making their money back.
