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The Bitcoin bubble is bursting
The Bitcoin price is heading south again.
I last wrote about Bitcoin in the Daily Reckoningexactly four months ago. Since then the price has almost halved.
Sure, there's been – and continues to be - plenty of volatility as the news flow varies.
But is it really all over for the so-called king crypto?
Let's start with a short story…
The Emperor's new clothes
You may well know the tale about the Emperor's new clothes.
If you don't, though, here's a potted version…
The Emperor loved clothes. One day, two strangers arrived at his palace.
"We can make you the most beautiful clothes in the world", they said.
"Then do it," ordered the Emperor. But weeks later, nothing had appeared.
"Where are my new clothes?" demanded the Emperor!
"They're here, Your Majesty," said the first stranger. "Aren't they wonderful?"
The Emperor was confused - he couldn't see anything!
"These clothes are so special and magic that only the smartest people can see them", said stranger No.2. "They're too fine to be seen by stupid and ignorant people".
"Of course", said the Emperor quickly (not wanting to seem stupid or ignorant). "They're great and I'm sure everyone'll love them. Can I try them on?"
"Please do. As you can see, they're not quite finished", said the strangers.
"But if pay us more money, we'll have them ready for the big parade."
So the Emperor promised to pay the strangers anything they wanted to get the garments ready. Meanwhile, all the Emperor's friends told him that "your new clothes are magnificent, Your Majesty!"
"My friends can see my new clothes but I can't", thought the Emperor. "I'll have to pretend I can see them so that nobody thinks I'm stupid. No-one can know the truth!" When it was time for the big parade, the Emperor put on his new garments and joined in. The crowds, also wanting to look smart (and not seem stupid or ignorant), all said: "What a great outfit!" and "Isn't he wonderfully dressed!"
The Emperor was very pleased that everyone was admiring his new clothes.
But then a small voice in the crowd yelled: "The Emperor's got nothing on!"
A hushed silence fell over the parade. Then everyone started laughing. "The little boy's right", they said. "The Emperor isn't wearing any clothes!"
"I must return to the palace and put something on to cover my embarrassment!" said the Emperor to himself. "I should never have trusted those strangers who only wanted to flatter me and take my money!"
Over to Bitcoin.
I'll leave you to substitute it for the Emperor's new clothes in the above story.
My point is very simple.
I believe that Bitcoin is an illusion. It's not worth anything. It's a bubble, full stop.