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Crypto crash: Twitter's answer to buy bitcoin 'dips' whose price goes 'dipping'

While writing about what the crypto crash means for investors, columnist Lionel Laurent said that bitcoin’s 50 per cent slide in six months highlights its flaws in times of stress.

May 12, 2022 / 02:46 PM IST
 Michael Saylor, whose firm MicroStrategy is one of the largest holders of bitcoin, posted a photoshopped meme of himself working at McDonald’s.

Michael Saylor, whose firm MicroStrategy is one of the largest holders of bitcoin, posted a photoshopped meme of himself working at McDonald’s.


As the global crypto market plummets, almost every top 10 crypto currency prices have come down  in the last 24 hours, and as with every crash, Twitter dealt with it in its own way -- with memes.



Among notable figures, columnist for The Spectator Ross Clark declared "Crypto is dead." Michael Saylor, whose firm MicroStrategy is one of the largest holders of bitcoin, posted a photoshopped meme of himself working at McDonald’s.

Saylor had later tweeted, "The bitcoin price is set by those with more money and less knowledge than you. In time, they will get the knowledge and you will get the money.

The a symbol of hubris during the dotcom boom who has since gone full Bitcoin, Saylor described the cryptocurrency as: “A swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster and stronger behind a wall of encrypted energy.”

Meanwhile, writing about what the crypto crash means for investors, columnist Lionel Laurent said that bitcoin’s 50 per cent slide in six months highlights its flaws in times of stress. "It’s an energy suck at a time when power prices are surging and offers no dividend against a backdrop of rising interest rates; it’s also attracting increased regulatory scrutiny," he said.



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Moneycontrol News
first published: May 12, 2022 02:43 pm
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