Newsflash: INFLATION IS HIGH.* Surprise! Reaction: SELL THE DEFLATIONARY CURRENCY, TO BUY THE INFLATIONARY CURRENCY!
Makes sense. To the average “Bitcoin investor” nowadays.
This is the least problem with letting people think of Bitcoin as sort of like a stock.
* Assuredly much higher than the heavily manipulated CPI numbers show. What kind of an idiot believes the CPI numbers? The kind who reacts to high dollar inflation by spending more money (BTC) to buy dollars.
Selling
BTC for
$ seems so irrational right now, that in my tinfoil mode I tend to think "someone" manipulates the price down, so that Bitcoin doesn't appear as the goto place in this inflationary environment..
...or maybe that "someone" wants to get in as cheap as possible
Stupidity vs. malice. Mass-stupidity, versus malice of market manipulators
who may not want Bitcoin to compete with the dollar.
Both seem not unlikely. Why not both?
Perspective: Frustrating experience trying to explain to “wow, look at the headlines! so I wanna buy Bitcoin now” nocoiners what Bitcoin is—and what it isn’t.
> No, it’s not a stock. It’s not anything like a stock. Do you know anything about forex trading?
< But I see in the news that every time the stock market goes up, Bitcoin goes up—every time the stock market goes down, Bitcoin goes down. It’s an investment just like a stock.
> [head explodes]