LAS VEGAS — “We often talk about baseball games as a metric for where we are, and we’re literally in the first inning,” one of the Winklevoss twins gloats. “And this game’s going to overtime.” It’s the first day of Bitcoin 2025, industry day here at the largest cryptocurrency conference in the world. This Winklevoss…
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I agree. Look at the flash crash a few weeks ago when Trump talked shit about China Friday evening and Bitcoin dropped by 10%. Bitcoin is so entangled with traditional markets that it rises and falls with them.
And honestly, I suspect Bitcoin relies so much on Tether and other dollar-backed stable coins that if the dollar crashes Tether may drag Bitcoin down with it.
Which is just a painful irony, given what Bitcoin was created to do. But the fact that Bitcoin now grovels for the patronage of the corrupt billionaires and powerful political figures who control traditional finance is so much more ironic that it doesn’t really register.
I agree. Look at the flash crash a few weeks ago when Trump talked shit about China Friday evening and Bitcoin dropped by 10%. Bitcoin is so entangled with traditional markets that it rises and falls with them.
And honestly, I suspect Bitcoin relies so much on Tether and other dollar-backed stable coins that if the dollar crashes Tether may drag Bitcoin down with it.
Which is just a painful irony, given what Bitcoin was created to do. But the fact that Bitcoin now grovels for the patronage of the corrupt billionaires and powerful political figures who control traditional finance is so much more ironic that it doesn’t really register.