Crypto Crash

The title of this post is not a prediction; it’s a statement. This CNBC article was very interesting to me. Here are the bullet points at the beginning of the article:

  • The entire crypto market has lost roughly 65 percent of its value as of Thursday but some coins have fared worse than others.
  • CNBC compiled a list of what a $1,000 at the peak of the crypto hype would have yielded in some of the most popular cryptocurrencies.
  • XRP has been the worst bet, down 92 percent since its high in January.

The “main” cryptocurrency, Bitcoin, is down 65 percent compared to its peak. If you had purchased $1,000 of Bitcoin at its peak, your “investment” would be worth $350 as of yesterday.

Could these “currencies” see a resurgence in value in the future? Of course, but that doesn’t mean they have intrinsic value and that doesn’t mean they won’t have another bust (or implosion) later.

I have a graduate degree in Economics, I held FINRA licenses for five years and I have had success in investing with the family portfolio. The interest in cryptocurrency is a mystery to me. It’s like a group of people have decided to unilaterally change the rules without any basis.

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A picture of a peaceful sunrise for, hopefully, a peaceful day. I took this during one of my many early morning excursions to get breakfast at my local Dunkin Donuts.

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I just can’t get this car out of my head:

Used 2007 Saturn Sky in Media, PA - 492829535 - 2

From autotrader.com a picture of a 2007 Saturn Sky Red Line, which means it has the turbocharged 2.0-liter (122 cubic inches, have to keep Bill Stephens happy; I wonder what the odds are that he will ever read this blog?) 4-cylinder engine that produced 260 HP. My brain is so messed up with all of the cars that I would like to own. I mean just yesterday I visited a “local” Corvette restomod shop for an hour and was graciously shown the entire place. This establishment has been in business for 30 years and they will do everything a customer wants from A to Z including finding a donor car. So why am I thinking about a Saturn Sky Red Line? I guess that’s the definition of OCD.

Anyway, the seller (a dealer) is asking about $11,500 for the Red Line. These cars were produced in such small quantities (only about 34,000 in total and that’s all Skys and not just the Red Line) that I believe value is difficult to ascertain. No, I am not going to buy a Saturn Sky, but it sure sounds good.

What cars do you think about? Once again, I am asking for comments and/or constructive criticism. I am too old to do all of the work. 🙂

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