“After all, tomorrow is another day!”
~ Margaret Mitchell, Gone with the Wind
Written by Bryan Lutz, Editor at Dollarcollapse.com:
Well, crypto is pushing more all-time-highs.
And as the markets move, the wind is blowing in the winners, and the losers.
Fartcoin, for example, just hit $440 Million in Market Cap.
So, congrats to all the dedicated fartcoiners out there.
Meanwhile, the vulgarity of this age has also attracted the losers.
The “Hawk Tuah” girl, famous for her drunken, yet expository erudition on maintaining relationships, mainly through the maxim, “Spit on that thang” launched her own memecoin, which was rug pulled by insiders on her team while she collected big-time fees on all the transactions.
Like the wind, memes come and go.
And, in my opinion, so will Elon Musk’s DOGE coin.
Back in Novermber 2023, I bought some DOGE because I had a bit of dry powder and thought it would be fun. Unfortunately, Ii went down after I bought it.
Here’s where it’s at now:
The price of a DOGE coin has shot up mostly on the excitement of many crypto-holders hoping for the Department of Government Efficiency to wreak havoc on the overspending Deep State.
I suspect that once the rubber hits the bureaucracy road, DOGE prices will slow down. Everyone will come to reality that government changes are difficult to accomplish, and the meme will fade in the consciousness of history.
So, if it continues to hold, I’ll sell what I have in late January or early February.
And now for the elephant in the room.
Is Bitcoin one big meme against the value of fiat money.
Bloomberg seems to think so:
A Bitcoin Reserve Could Be the Biggest Crypto Scam Yet
“Does the US government need a strategic reserve dedicated to Bitcoin, as President-elect Donald Trump seems to be contemplating? At risk of oversimplifying: no. In fact, the idea looks like the biggest crypto rip-off yet.
Bitcoin has soared more than 50% since Nov. 4, topping $100,000 in part on hopes that crypto advocates — having donated some $135 million to Trump and dozens of successful congressional campaigns — will persuade Trump to make the reserve a reality. Much depends on the details.”
One thought on "Gone with the Wind: Will Bitcoin Vanishes with these “Collapse” Memecoins?"
Yes, Bloomberg is right. Bitcoin is unusable as a currency and its only function is as a speculative asset. It is anti-efficient in that as adoption increases the energy required to maintain the system increases. This is against the economy of scale concept that technology typically follows. If the US buys Bitcoin for a ‘reserve’ the billionaires the funded Trump’s re-election will make off like bandits while US taxpayers end up holding the bag. Don’t be fooled by this con.