Bitcoin has broken below $8,000, a drop of more than $1,500 since the start of the week.
Over the last three days, starting with bitcoin still above $9,500, I wrote in the EPJ Daily Alert:
A few weeks back an ALERT reader asked whether Bitcoin could be used as a hedge against inflation the way I am using gold, gold stocks and gold ETFs. I played down the idea based on the regulatory climate. Gold is simply a much purer inflation play than Bitcoin.
Now, I am beginning to see even greater deterioration in the technicals surrounding Bitcoin. I imagine that most ALERT readers are not holding any Bitcoin but if some of you are you may want to consider liquidating now.
After I wrote that I was challenged and had to go in for the heavy smash.
This is what one ALERT subscriber said about the smash:
#OMG. I finally got home to open my EPJ Daily Alert from both today and yesterday. Damn @WenzelEconomics , that was an excellent response on #Bitcoin.
I’m sick of “if mr. x doesn’t say buy #BTC bc x doesn’t understand it”. I’ll keep my profits dude, here’s coin.