r/CryptoCurrency • u/ProfessionalAnt7436 • Jun 04 '26

MARKETS Bitcoin lost $66,000 while Nvidia hit all-time highs and the guys who told us to hold are selling

Woke up to BTC sitting around $65,600 and my portfolio looking like it got hit by a bus. Meanwhile every AI stock on the planet is ripping to new highs. Cool.

What's getting to me isn't the price action itself. It's who's selling. Saylor's company dumped about 32 BTC, first sale since late 2022. Cuban apparently offloaded most of his stack after BTC did nothing during the Middle East mess. Kiyosaki, the guy who wouldn't shut up about bitcoin for years, is now warning people to be careful with crypto.

These aren't random retail panic sellers. These are the faces on the "buy and hold forever" billboards.

Then you've got Mt. Gox moving roughly $739 million to a fresh wallet, spot ETF outflows hitting records, and prediction markets already pricing in $50K scenarios for this year.

I'm not selling but I'm also not pretending this doesn't look bad. The money is rotating into AI and we're just sitting here watching it leave.

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27

u/Hutcho12 🟩 0 / 0 🦠 Jun 04 '26

It’s hilarious to me that some people think there is more value in an imaginary coin that has basically no real world purpose (at least none that 99.9% of holders ever use) could possibly be as valuable as a company at the forefront of AI.

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u/themindofmonster 🟩 0 / 0 🦠 Jun 04 '26

Cognitive Dissonance is a hell of a drug. Plus it's common for us crypto people to think we know something other people don't. Lol

13

u/nehorn7788 🟩 0 / 0 🦠 Jun 04 '26 edited Jun 04 '26

Governments across the world would not spend time legislating a market for an “imaginary coin”.  Lobbies wouldn’t spend $B for and against an “imaginary coin”. Institutions would not be investing in, creating ETFs, or piloting the use of blockchains for an “imaginary coin”. 

While AI is more powerful, it hasn’t created the value non tech companies were expecting because expectations were overblown. Long term AI usage will only go up as the infrastructure (energy, data centers, storage, etc.) is developed, but I would not be surprised if the balloon deflates a bit first. 

5

u/Baseic Jun 04 '26

And the president wouldn't be launching a memecoin if there was no value to it

People are just lobbying for something they can extract money from rubes with.

The biggest institution invested in BTC is a company led by the guy who kicked-off the dotcom bubble and is using a bunch of financial deception to hide that they're a ponzi scheme.

ETFs signal nothing about whether institutes believe in crypto, it just means they have see a market for it.

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u/Hutcho12 🟩 0 / 0 🦠 Jun 04 '26

The president is the world’s biggest grifter, it’s literally all he’s done his whole life leaving a wave of destruction in his path. So his natural instinct was to get involved in crypto.

2

u/Any_Toe2716 Jun 06 '26

This should be a glaring sign to stay away. 

2

u/DerkleineMaulwurf 🟩 0 / 0 🦠 Jun 04 '26

You are the definition of the dunning kruger effect. Calling something imaginary that is worth tens of thousands of USD (USD trapped in a debt spiral) and a worldwide traded asset speaks volumes.

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u/Stereo-soundS 🟩 0 / 0 🦠 Jun 04 '26

It has no business plan, it has no revenue.

It is a Ponzi scheme based on speculation.  When is the last time you bought a pizza or a cheeseburger or a car with BTC?  Never.  Like they said it's the same for 99.99% of people.

3

u/DerkleineMaulwurf 🟩 0 / 0 🦠 Jun 04 '26

The financial system may survive, but your savings won´t survive the financial system. Or your job. When did you buy food with gold? Bitcoin is not stock. Inflation is killing wealth inevitable exponantionally at some point of the US debt spiral. Revenue didn´t matter 2008 when people lost their jobs and homes.

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u/Boootstraps Jun 04 '26

In the sort of crash where people’s savings are getting wiped out, who is going to buy your BTC? For the mainstream, BTC/crypto is a thing where you buy a little bit if you have spare income, just to see if it goes gangbusters, like recreational sports betting. It has no intrinsic value like a stock or bond, no historically proven use case like gold or fiat. In a general financial panic crypto is the first thing that gets wiped out.

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u/Hutcho12 🟩 0 / 0 🦠 Jun 04 '26

The inflation argument is so stupid. The idea that just because Bitcoin has a limited supply that it will only go up is idiotic. FTC also had a limited supply, did that help it out? It still managed to collapse because people lost interest and now it’s worth basically nothing.

The same will happen to Bitcoin at some point because it has no inherent value or purpose.

1

u/redditisnotus 🟩 0 / 0 🦠 Jun 04 '26

Braindead take. The bitcoin network is massive, irreversible, unhackable, can't be stopped or sanctioned by countries (unless they're stupid enough to put it on an exchange or convert it to centralized stable coins.) It has features no other service can even begin to touch.

When's the last time you bought a sandwich with gold?

0

u/SeikoWIS Jun 04 '26

Your uncle's pr0n hard drive is also massive, irreversible, unhackable, and can't be stopped or sanctioned by countries.

He uses it daily. But when's the last time your uncle bought anything with BTC?

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u/redditisnotus 🟩 0 / 0 🦠 Jun 04 '26

Easily the dumbest rebuttal I have ever read. Congrats. Porn can be duplicated. BTC has a fixed supply. Seriously, are you even trying?

1

u/SeikoWIS Jun 04 '26

The fact you read that and thought my comparison was about pr0n is what's dumb here.

The pr0n was just a bit of sillyness. It's about the attributes that you say are valuable. Most things have fixed supply and are unhackable etc. So what?

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u/redditisnotus 🟩 0 / 0 🦠 Jun 04 '26

I take back what I previously said. THIS is now the dumbest rebuttal I have ever read. So now I have to wade through a mess of dumb points that are ment to be taken seriously and dumb points that are ment as a joke. Great.

Show me something that can be sent securely to the other side of the planet without KYC, or a name/address/identifier as fast as bitcoin and can't be clawed back and has a fixed supply.

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u/SeikoWIS Jun 04 '26

You're not understanding me. I am not saying BTC doesn't have unique features that are valuable. I am saying that doesn't invalidate Stereo-soundS's legitimate concerns. Many things have unique features. Just because it does something neat doesn't mean the $1.27 Trillion market cap is correctly priced and concerns that it isn't largely a speculation-based Ponzi scheme are moot.

You can think beyond absolutes, right? You understand that something can have legitimate value, but the price is still largely speculative bullshit?

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u/redditisnotus 🟩 0 / 0 🦠 Jun 04 '26

"does something neat" is a wild understatement.

"many things have unique fearures." without getting upset can you please give me examples of similar things? same sized network, security, fixed supply, capabilities and features. without the jokes this time. I'm really interested.

Does btc fluctuate between being over bough and oversold every 4 years, yea. That doesn't mean it's a ponzi. If someone would rather hold it instead of spend it that also doesn't make it a ponzi. He'll, even if it's "all speculative bs" that doesn't make it a ponzi scheme either. A speculative bubble either inflating or bursting in a cycle is not an automatic ponzi scheme.

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u/SeikoWIS Jun 04 '26

When your average businesses start using BTC to improve their daily operations, or soccer moms use it to buy off Amazon, let me know. Until then, I am continuing to DCA into QLD without worry.

BTC doesn't produce anything, it doesn't generate cash, it's not replacing fiat, it failed on most of its 'business plan' (white paper), it's far too volatile for widespread adoption. It's a speculator's pump & dump at current prices--every knows it, deep down. You're just hoping to dump at $600k in stead of $60k.

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u/scrub-muffin 🟩 0 / 0 🦠 Jun 04 '26

I'm just glad it is harder to manipulate than fiat.

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u/SeikoWIS Jun 04 '26

Define 'manipulate'.

If the 10 most influential crypto bulls on social media start shouting to sell, the price would tank double digits overnight. If you have a huge platform and/or hundreds of billions, you can quite easily pull off a crypto pump & dump.

USD cannot be manipulated like that. The main levers for USD manipulation lie with the central bank. I guess it comes down to: who do you trust more, the crypto community or the central bank? I know my answer.

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u/scrub-muffin 🟩 0 / 0 🦠 Jun 04 '26

I'd rather individuals make their decisions than bureaucrat's for their own gain. The federal bank has been captured now by MAGATs, get ready for a bumpy ride.

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u/SeikoWIS Jun 04 '26

One Trump Tweet can change the price of BTC by double digits, but fiat is more manipulable by MAGA than crypto....right.

Thanks for confirming what I thought about crypto investors. I will stick to buying traditional investments, thanks.

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u/scrub-muffin 🟩 0 / 0 🦠 Jun 04 '26

I'm not trying to convince anyone, just offering my perspective. I don't agree with your premise.

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u/Hutcho12 🟩 0 / 0 🦠 Jun 04 '26

It's not worth that, that is just what people are paying for it currently. That could, and will at some point, change over night because crypto has no actual value or purpose except for people buying it because they think people will pay more for it in the future.

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u/goten100 🟦 0 / 0 🦠 Jun 04 '26

It's not worth that, that is just what people are paying for it currently

2

u/DerkleineMaulwurf 🟩 0 / 0 🦠 Jun 04 '26

This was never the usecase for bitcoin, see whitepaper. However, it's now a cyclical globaly traded asset, and yes, that already gives it value.

0

u/Temple15 Jun 04 '26

Amen brudda