Bitcoin was trading at about $8,380 on Monday — less than half its highest price. That means there is only $8,380 more to go before bitcoin is fairly priced at $0.
This and all other crypto-assets are a confidence game. And people seem to be losing confidence that they are worth anything, which is understandable because they aren’t worth anything.
In a January column, this was one of the bubbles I predicted would pop in 2018. And I hope I have had a little part in making that happen.