What’s going on?
Bitcoin and other major cryptocurrencies, including Ethereum, Litecoin and Ripple, are crashing hard in market value. “The wheels are coming off the bitcoin bandwagon,” one analyst told Business Insider.
The market comprising all major cryptocurrencies dropped from around $500 billion to about $375 billion in just one day.
Bitcoin has been declining in value for the past monthand remains a volatile investment. Experts have been debating for a while whether digital currencies and their rising value are the future or just another bubble. Bitcoin peaked at a $19,783 value on Dec. 17.
Cryptocurrencies make central banks nervous because they can’t be manipulated, which is why governments worldwide are making moves to regulate digital currency. Bitcoin may be failing now, but don’t count out digital currency for the future.
“It’s not just currency,” Glenn said on today’s show. “The governments of the world will try and fight it, but I believe and hope that they will fail.”
EDITOR'S NOTE: This article provided courtesy of TheBlaze.
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This is a rush transcript and may contain errors.
GLENN: So is this the beginning of the great crypto crash of 2018? I wouldn’t say it was the beginning. I’m hoping that this is the end. I said over the holiday, I believe that crypto currency, bitcoin in particular would crash to about 8,000, and then it would regain its sea legs and it would start to stand up again. I would said that it would crash because of government interference and governmental scaremongering. And the governments around the world would realize, uh-oh, I’m no longer in charge, we’ve got to do something. In the end, I believe the government of the central banks around the world lose.
But let’s talk about this for a second. The high value crypto currency’s double-digit percentage losses in the last 24 hours. Bitcoin has lost $2,000 since yesterday. That’s a total market value of $120 billion.
If you were one of the crazy people that took a loan out to buy this tulip, you’re regretting it today.
So what’s going on? Future traders are beginning to get worried about Asia launching a massive regulatory crackdown. And it’s starting in Asia. But governments all over the world are looking to not only just regulate, but possibly even launch their own state crypto currency.
Can I ask you a question? Why has the United States not come out and said, we’re going to launch our own cryptocurrency? The dollar is now going to be the US bit dollar.
And use the same technology. And the full faith and credit. Now, I know that that takes a lot of things out of the — the cryptocurrency world that we like. But I’m just trying to think like them for a second. Are we this stupid? The answer is, no. We’re that old and out of touch.
South Korea and Russia have been the two recent countries to mention plans now to regulate cryptocurrency.
We knew it was coming. The question now is whether cryptos like bitcoin will be able to endure the bloodbath and recover.
As Chancellor Palpatine said to Anakin, all those who gain power are afraid to lose it. It’s not just losing the power, but the fear of who or what will replace the power, at the fed and central banks.
Look at — look at what cryptocurrency provides. It cannot be hacked. You’ll never wake up and find that somebody stole your identity and emptied your bank account. It’s the ultimate reason governments hate it. Cryptos are not subject to a central bank, so they cannot be manipulated.
Those are the reasons that cryptocurrency, ultimately, I believe, will not only survive, but rebound with a vengeance. The block chain technology, the powers crypto is going to revolutionize is pretty staggering. It’s not just currency. The governments of the world will try and fight it.
But I believe — I hope that they will fail.
I think they will because we’re standing in the doorway of a technological revolution. I want you to hear that. A technological revolution.
It’s nothing short of that. The next ten years are going to be a very bumpy ride for people who have ridden this system for a long time, up at the top. It’s also going to be very bumpy for the rest of us. And bitcoin is only a small part of it. The transition period that we’re going through will be painful. But it’s, actually, very exciting if you look at what’s on the horizon.
If we’re careful, true freedom — freedom beyond anything our founders could ever have managed is on the horizon. Because everything is about to change.