Buzz
Bitcoin's value has dropped by approximately 37% from its peak on Dec. 18. Surprised? It seems many experts had anticipated this shift.
Almost all experts had been warning of a correction after the significant surge in cryptocurrency prices recently (Bitcoin nearly hit $20,000, and Litecoin saw a 5,800% increase from the beginning of the year to Dec. 12).
The silver lining is that the enthusiastic Bitcoin Reddit community is handling it well—or at least, as well as can be expected. When I checked, over 30,000 people were engaged in the thread, with many encouraging others to hodl (hold), while some were humorously reflecting on their impulsive buys at the peak.
Here’s a glimpse of what one might encounter today in the subreddit.
*Everything's okay meme*
In reality, this is exactly what we expected to happen.
Silver Lining
This will separate the true believers from the opportunists.
Acceptance
This person made their purchase at a really bad time.
Wives, shaking my head
What’s more painful than Bitcoin dropping by a third? Having your wife find out you own any! Lol!
Comedy
Some individuals are taking it with humor (though I assume they didn’t buy in at $19,500).
Conventional investment wisdom suggests not making any hasty decisions (like selling at a loss) during a market slump, so the advice isn’t necessarily flawed. However, if you view Bitcoin and other cryptocurrencies as a scam, it’s unsettling to watch thousands of people patiently waiting for the bubble to burst, thinking they’re outwitting everyone else.
