Bitcoin: The Emperor Has No Clothes

With the seeming ability to mint millionaires overnight, bitcoin (BTC-USD) and the broader cryptocurrency industry enjoyed a remarkable coming of age in 2021, soaring to record valuations. However, faced with extraordinary economic pressures, even virtual currencies cannot indefinitely withstand the heat. Although I own a small position in BTC, I am currently bearish. In a journey that has come full circle during the weekend preceding the Juneteenth holiday, bitcoin was agonizingly treading water at the $20,000 level. However, as the clock ticked midnight on June 18, BTC slipped below this critical psychological barrier.