Bitcoin dropped dramatically on Monday, as crypto markets went into a tailspin. Almost $200 billion in value was wiped away. The crash sent Bitcoin, which has soared during the pandemic, back to 2020 levels as it dropped by nearly $3,000 in price.
As investors and crypto enthusiasts continued to hold onto their coins, hoping for a rebound, people on Twitter were quick to poke fun at their misfortune.
The market crash comes on the heels of a broader stock selloff, with investors worrying about rocketing inflation rates and the U.S. Federal Reserve reportedly considering a .75% hike in interest rates. That hasn’t happened since 1994.
The crypto crash prompted many investors, who are zealous about their beliefs in bitcoin, to try to convince other users to hold despite the fall. Meanwhile, two trading platforms were forced to cut jobs due to the market.
“No, Bitcoin is not crashing,” tweeted Lana Miles, Creative Director for Bitcoin Magazine as the currency tumble started yesterday. “Yes, I’m doing fine. Great actually. No, I’m not worried. Yes, I heard about Luna. No, I can’t tell you more about it bc I don’t care to know more. Yes, I’m still stacking. No, I don’t plan to stop.”
“The people who got the richest in the last bull run are the ones who stuck around during the last bear market,” said Lark Davis, a popular cryptocurrency investor. “Are you going to be here for the next bull run?”
But other users on Twitter, who skeptically observe the fervor with which people believe in crypto as a cure for society’s ills, were quick to kick Bitcoin users as they were suddenly subjected to the same market forces they defiantly believe crypto is inured from.
“If you see someone being sad about bitcoin today please do not mock them,” one user wrote. “They didn’t mean it when they spent months saying ‘have fun staying poor’ and actively attacking anyone who disagreed with them about crypto being the future. They are the real victims.”
“well, I lost everything. they say investing in crypto can be risky and I learned that firsthand this week,” said another. “this is definitely a setback, but I do not regret the time I spent on this project, and the incredible community isn’t going anywhere. I still believe in BernieMadoffCoin”