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Bitcoin On The Ropes – How Bad Can It Get?

A.J. Watkinson February 23, 2014 Bitcoin No Comments
Bitcoin On The Ropes – How Bad Can It Get?

As my readers know, last year I made a very bold call for a collapse of Bitcoin pricing to $250 (see article here).   Of course I missed that exact target…

However it took just 90 days of calling for a 75% collapse of this “crypto-currency” it’s finally come to pass.

In fact, the price has fallen even further than $250!

The chart I pulled from zerohedge shows the carnage-

 

Screenshot 2014-02-23 22.36.20The latest price hit comes as Mt. Gox CEO resigns from the Bitcoin Foundation.

I found this quote on coindesk.com-

“Effective immediately, Mark Karpeles has submitted his resignation from the board of directors. We are grateful for his early and valuable contributions as a founding member in launching the Bitcoin Foundation.”

Last week I called for a possible end of Bitcoin- meaning they’ll eventually be worth the fractional pennies they once were.  I think I threw around the term “the biggest financial failure of the decade”- or something similar…

And with no-one being able to withdraw cash in exchange for Bitcoins on Mt. Gox- I’d suspect massive lawsuits, and potentially even more criminal charges, making a $0 bitcoin value far more real than not.

I must say I rarely take this much pride in a call like this- there’s no way I want novice investors getting caught in a scam like Bitcoin (which is what it is now). 

At least with most pump and dump penny stocks we cover, you can get your money out, even if it’s just 10% of what you put in!

How bad can it get?  I’d say ZERO $0 is my new target!

Keeping you one step ahead,

 

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AJ Watkinson

Summary
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Bitcoin On The Ropes – How Bad Can It Get?
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Bitcoin is under massive selling pressure as negative headlines mount. See what’s next for this crypto-currency…

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About The Author

A.J cut his teeth while working for more than 12 years on the corporate side of the financial services industry in the suburbs of New York City. In addition, A.J. has successfully traded stocks, options and currencies as an independent trader since the late 90's. Eventually A.J. moved out of the "rat race", landing in North Scottsdale, Arizona. During the past few years, he's worked as the editor of a number of high profile financial newsletters. In this role, he's run trading services for penny stocks, options, currencies, ETFs, and FOREX. While under his direction, each of these trading services had turned in positive performance... something very rare in the financial newsletter industry. In addition, he's been a regular contributor to a number of financial websites- writing under multiple pen names. A.J.'s current goal is to share his real world experiences and success (and failures) in the various financial markets to help others not only make money- but avoid losing it. It's this vision and passion that has led A.J. to launch pennystockreporting.com. Most of all, A.J. hopes to keep the little guy from getting caught up in the highly unscrupulous penny stock pump and dump scene.

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