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As Expected: Cryptocurrencies Evaporate

It’s been a tough year for cryptocurrencies. From its frothy peak price of $19,205 in mid-December 2017, the price of one Bitcoin has collapsed over 65% to about $6,560. Other variants haven’t been so lucky: according to several websites that track them, as many as 800 to 1,000 cryptocurrencies have become effectively worth zero.

In our December 2017 issue of The Turnaround Letter, we shared with subscribers our views on the surge in investor enthusiasm: “…much of the cryptocurrency frenzy reminds us of the internet bubble of 18 years ago.”

As for the fate of most cryptocurrencies, it seems they have followed the path of similar fads. Our prognosis of “Just as most dot-coms were wiped out, we believe most cryptocurrencies will eventually become worthless” appears to be playing out.

A recent Bloomberg article (“>Bitcoin Bloodbath Nears Dot-Com Levels as Many Tokens Go To Zero”) describes the current situation well.

Our December article on Bitcoin was a step-out for us as we focus almost exclusively on individual, out of favor stocks with real value and solid turnaround potential. The cryptocurrency bubble caught our eye as something exactly the opposite.

Disclosure: I/we have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

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As Expected: Cryptocurrencies Evaporate
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