It’s no surprise to see the mainstream media hyping the latest “drop” in bitcoin’s price. “Bitcoin Price Crashes” and “Bitcoin headed towards $30,000” scream the headlines! Maybe it is, maybe it will go up farther. Who knows? Who cares? Let’s use it to support the latest political propaganda talking points anyway.
No research, no evidence, no studies, just a random correlation. Bitcoin down, dead puppies, because Putin. As you know, the Ukraine-Russia thing has only been going on for six days. Last week the bitcoin price was soaring because they were sending each other flowers!
One of the main factors determining price is demand. If demand is low, the price goes down and the media and dealers make money. If it’s high, the price goes up and dealers make money but the Media don’t.
Bitcoin Price Still The Same
If the price stays the same, neither media nor dealers make money and people would actually use it to buy and sell things, which would be Very Bad! News outlets would not be printing headlines like “Bitcoin Price Is Still The Same As It Was Last Time We Wrote”, would they?
The result is that we are constantly bombarded by negative news about bitcoin. On the rare occasions when it’s difficult to make it appear to be going down, we get stories about bitcoin drug deals or bunnies being tortured.
Despite all this nonsense, bitcoin has soared in value and made some very ordinary people very rich. It’s also enabled a lot of “unbanked” people to figure things out. A growing number are now unbankable, i.e. they wouldn’t let the bankers anywhere near them.
The funny thing is, the media are telling us gold has gone up a lot and bitcoin has gone down a lot. In that case, wouldn’t you think the advice would be to buy bitcoin? So ask yourself why they aren’t saying that. Perhaps they are not really in the business of giving us sound advice.