Bitcoin (BTC) took a brutal hit Friday, plunging to a low of $60,074 before rebounding – a staggering drop of over 50% from its peak of $126,210 last October. This meltdown erased trillions in market value and shook investor confidence in the cryptocurrency’s resilience.
Yet, die-hard bulls like Strategy’s (MSTR) Michael Saylor remain unshaken, insisting a $1 million price tag is “inevitable” due to Bitcoin’s scarcity and role as a hedge against global economic woes. Do these optimists possess unique market foresight, or are they clinging to delusion amid unquestioned faith in digital gold?
This post originally appeared at Money Morning.