Bitcoin’s collapse comes almost two months after it hit a record high of $19,511, and netizens are extremely concerned about the series of major setbacks that the virtual currency has recently faced. Many users have been panicking since they’ve seen the possible crash picking up speed, with experts saying the bitcoin bubble is showing signs of bursting.
Friend: Did you see #Bitcoin today? Sorry bro.— Ben (@coinreserve) 6 февраля 2018 г.
Me: I buy dips like this bro.
Friend: This looks more like a crash…I think it's done.
Me: I buy crashes like this bro.
As expected Bitcoin now crashes below $6000. Now the $5K handle is reached. And the US Congressional Hearing on Crypto-Scams is still a day away. HODL nuts will hold their melting Bitcoins all the way down to ZERO while scammers and whales dump and run…— Nouriel Roubini (@Nouriel) 6 февраля 2018 г.
While others tried to quell the social media storm, reassuring people that bitcoin still remains a good investment:
If you're freaking out about the stock market or the crypto crash you're doing it wrong— Will Chamberlain (@willchamberlain) 5 февраля 2018 г.
Bitcoin is no worse an investment today than yesterday, same with stocks. Investing is a game played over years, not days.
The majority sees a crash, the few see an opportunity. #bitcoin— Armin van Bitcoin ⚡ (@ArminVanBitcoin) 5 февраля 2018 г.
It appears that Ari Paul, co-founder of BlockTower Capital, actually predicted bitcoin’s decline below $6k in January:
I wrote this with BTC near its highs; I wasn’t picking an exact level for the low. $6k isn’t magic. Was an indication of the extreme volatility I expected in both directions. https://t.co/LawcsAt9Ku— Ari Paul (@AriDavidPaul) 5 февраля 2018 г.
5/ Bitcoin will trade at both $6,000 and $60,000 at some point in 2018.— Ari Paul (@AriDavidPaul) 14 января 2018 г.
Bitcoin which has surged more than 700%, reaching highs of $20,000, was introduced in 2009 as an independent alternative to government-backed currencies. Cryptocurrency allows people to pay for services and goods online using virtual coins.