For over a year, Mike Adams, the Health Ranger and founder/editor of Natural News, warned over and over again that Bitcoin and other cryptocurrencies were nothing but a glorified Ponzi scheme, that those buying into the concept were like “sheep being led to slaughter,” and that the whole thing would end catastrophically. Nonetheless, the lure of a quick buck was too much for many, and droves of people invested all they had in the 21st century’s biggest “get-rich-quick-scheme.”
As thousands of years of history have proved, however, when something seems too good to be true, it usually is. We hope and trust that Adams’ message resonated with loyal readers and moved them to action, because his prophesied catastrophic crypto-collapse has come true – big time. Just like the last “next best thing” – the tech bubble of 1995 to 2000 – the whole cryptocurrency mania has gone up in flames.
As reported by Bloomberg Quint (BQ), crypto’s plunge into destruction has been even more spectacular than the dot-com crash, losing 80 percent of its value in just a few months. (Related: Wall Street Journal confirms Bitcoin is a BUST.)
What goes up must come down …
Of course, when Adams repeatedly warned people about the crypto bubble he was viewed as a conspiracy theorist, but now that his words have come true, everybody else suddenly also saw it coming all along.
“It just shows what a massive, speculative bubble the whole crypto thing was -- as many of us at the time warned,” Neil Wilson, chief London market analyst for Markets.com, a foreign-exchange trading platform, told BQ. “It’s very likely a winner takes all market -- Bitcoin currently most likely.”
Really?
Actually, last year, analysts were calling Bitcoin “digital gold” and virtual currency mania had a firm grip on the whole world’s investors. In the midst of the greed and hysteria, however, Adams warned:
The headlines you’re going to see emblazoned across the mainstream media when this scheme unravels will include, “Bitcoin BLOODBATH” and “Bitcoin Goes BUST.” Every individual and website publisher that promoted Bitcoin is going to be named, discredited and possibly even indicted. …
What’s especially fascinating in all this is that the faster Bitcoin skyrockets, the sooner it will reach a blowout peak and begin its inevitable collapse. As I’ve stated before, it’s dangerous to try to predict just how high it might go before the blowout because that’s a function of the psychology of the mania, which is impossible to accurately model or anticipate. (Crazy people are not rational, by definition.)
And that mania has proven costly for huge numbers of people, leaving some completely financially wiped out. (Related: How to explain the Bitcoin bubble to young people.)
As reported by BitRaped.com, like many others, Pete Roberts, an investor from England, felt that he had better join the crypto party or risk being left behind. To his shock and horror, the $23,000 he invested in digital tokens is now only worth $4,000.
While all currencies – including cryptocurrencies – experience ups and downs, the severity of this latest crash and the fact that it has taken so many “regular Joes” down with it, will likely leave many people too frightened to risk investing in this pseudo money in the future.
Perhaps Markets.com’s Wilson said it best when he noted, “Until you can pay your taxes in cryptos, it’s just a pointless investment vehicle. Some people will make loads of money but most won’t.”
Which is exactly what Mike Adams said all along, isn’t it?
(Related: Don't get left behind. Stay updated on the state of cryptocurrencies and the market at BitRaped.com)
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