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Bitcoin is crashing. Here’s what
it could mean for stocks

CNBC, by Keris Lahiff

Original Article

Posted By:Pete Stone, 6/14/2018 11:58:26 AM

Bitcoin is now nearly a third of its record high of nearly $20,000 reached last December. To investors worried bitcoin´s bursting bubble could spill over into equities, one market watcher says the crisis is contained. "There are things to be concerned about in terms of the stock market here with emerging markets and other issues, but I don´t think bitcoin is going to be one of them," Matt Maley, equity strategist at Miller Tabak, told CNBC´s "Trading Nation" on Wednesday. Maley understands the fear, though. The steep rise and sharp fall in bitcoin prices is reminiscent of the 1990s dot-com

If the author is right, Bitcoin´s collapse is not likely to cause a major fall in the market. Apparently enough of the investors who had invested in this essentially worthless "currency product" have already pulled their money out of it so that there won´t be a major stock market drop like the one that happened when the dotcom bubble popped.


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Reply 1 - Posted by: snowoutlaw, 6/14/2018 12:13:30 PM     (No. 11663556)

If Bitcoin fails where will criminals and other tax cheaters go to launder their cash?

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Reply 2 - Posted by: Pete Stone, 6/14/2018 12:23:54 PM     (No. 11663566)

#1: They´ll invest their ill-gotten dough in "cattle ranches" in the Republic of Vanuatu (formerly the New Hebrides), a sovereign state that functions as a money-laundering haven. Fiji is another possibility, but Vanuatu is the big one now that the Cayman Islands have cleaned up their act.

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Reply 3 - Posted by: joew9, 6/14/2018 12:26:19 PM     (No. 11663570)

It had to go down as all the bitcoin owners are trying to take their profits. Just natural supply and demand.

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Reply 4 - Posted by: Hotrod, 6/14/2018 12:32:09 PM     (No. 11663576)

I hear that cattle futures in Arkansas have a lot of potential!

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Reply 5 - Posted by: jimincalif, 6/14/2018 12:49:36 PM     (No. 11663593)

The libertarian in me was intrigued from the get-go about a non-governmental currency, so I´ve tried to understand Bitcoin. But no matter how much I read, it is still a jumble to me. Maybe it´s a generational thing (I´m 60). Anyway, I followed the rule of not investing in something I don´t understand.

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Reply 6 - Posted by: Smart11344, 6/14/2018 12:58:55 PM     (No. 11663606)

I want my money to say "In God We Trust". As a senior citizen, I believe bitcoin is an incredible sham.

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Reply 7 - Posted by: F15 Gork, 6/14/2018 2:08:31 PM     (No. 11663698)

Seems to me that something based on not very much can’t be worth a whole lot - this scam reminds me of dealing in carbon credits.

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Reply 8 - Posted by: schnapps, 6/14/2018 3:07:27 PM     (No. 11663750)

By comparison, the money that says "In God We Trust" buys about 1/3 of what it used to buy in the 1990s.

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Reply 9 - Posted by: Rumblehog, 6/14/2018 4:28:59 PM     (No. 11663815)

Bring back the Gold standard.

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Reply 10 - Posted by: dvc, 6/14/2018 4:43:56 PM     (No. 11663822)

Bitcoin is backed by air and foolishness, most equities are backed by real brick and mortar companies shipping valued products to customers.

No legitimate comparison.

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Reply 11 - Posted by: Ribald1, 6/14/2018 5:41:16 PM     (No. 11663871)

#5if you view Bitcoin for what it is, a ledger account, not any kind of currency.
Ledger accounts are a common financial tool used by businesses, a bar tab is a credit ledger account.
All the rest, the mining etc.. is just flim flam and marketing.
Bitcoin is actually a financial instrument below script that companies used to issue in corporate towns.

The only thing new about Bitcoin is scamming people into wasting hundreds of $millions of electricity to create a few journal entries.

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Reply 12 - Posted by: clipped wings, 6/14/2018 6:14:27 PM     (No. 11663900)

I taught stockbrokers and securities principals courses for more than 20 years. Bitcoin is something that I´ve never made a concentrated effort to learn. From the "get-go," it´s seemed to me to be a method of money laundering that can (and possibly will) crash and leave millions of gullible folks holding empty bags.
The equities markets shouldn´t suffer a serious correction when Bitcoin crashes.
Watch for the prices of precious metals to rise, though. People like to know there´s *something* backing their currency, even fiat currency.
Wish I had several kilos of gold...

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Reply 13 - Posted by: franq, 6/14/2018 7:03:20 PM     (No. 11663970)

Currency product, indeed. Quite a laugh, unless you lost your shirt on it.

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Reply 14 - Posted by: arcady, 6/14/2018 11:05:25 PM     (No. 11664198)

Wall Street will sell you whatever you want. It doesn´t mean it´s good for you. Young people, millennials, techies, whatever, wanted crypto-currencies, Wall Street gave them lots of them. They´ll give them infinite amounts more if they´ll pay...lol. Welcome to Wall Street kids ;)
Oh, and regarding stocks. Bitcoin´s crash means nothing to them. But, the Fed raising interest rates does. A lot of corporations played a lot of financial games while the Obama Fed kept rates artificially low. Those financing games are getting more expensive by the day.

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Reply 15 - Posted by: Penney, 6/14/2018 11:09:31 PM     (No. 11664202)

Wasn´t it W.C. Fields who said, ´´There´s a sucker born every minute?´´

Hmmm...There seems to be an abundance of PC con artists around these lefty/lib days, eh?

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