People just make believe bitcoin is whenever they get on the profitable side of a pump and dump.
Gold pumped from $400 to $1900, now down to $1255
Silver pumped from $16 to $50, now down to $16.50
Metals a reliable store of value, you say?
Not a valid argument and I already posted why. The ESF can only naked short metals down to cost of production to try and contain them. The second they go after bitcoin with naked shorts, they can literally destroy it because there's no real price floor. The fact that the ESF has not yet attempted to destroy bitcoin means one of two things: 1) either bitcoin is a govt sanctioned scam, or 2) they just haven't gotten around to destroying it yet:
4) Cryptocurrency doesn't function as a store of value because it's price floor is recursive based on it's own demand (in PoW). This means it's a complete house of cards in terms of so called value storage.
In commodities like silver, the ESF practices Keynesianism in the commodity markets and naked shorts them down to cost of production to try and keep their market caps as low as possible and prevent them from competing with the dollar. Why? Because nobody would submit to slavery via debt based scam currency at all unless you force them into it.
They can't short metals lower than cost of production because it would create scarcity and be counterintuitive to their goals. However, they can short bitcoin below cost of production because there is no real price floor, only a temporary, synthetic one. This in turn causes the miners to be forced to turn off (like KNC) and the synthetic floor crashes even more until the thing implodes to nothingness.
Another reason why craptocurrency is horrible and not a sound form of money. Metals like silver can be manipulated by shorts to contain their market cap, but bitcoin can actually be destroyed by them due to having no real floor.