Bitcoin plummets nearly $400 just HOURS after Health Ranger warned of “catastrophic correction”

File this under the “I told you so” category: Earlier today, I posted a detailed mathematical analysis and warning that spoke of a “catastrophic collapse” that will occur in Bitcoin. I was immediately called an “idiot” by Bitcoin cultists who have become delusional in their faith that Bitcoin can only go up forever. Yet in less than two hours, Bitcoin crashed by almost $400, plummeting from almost $2750 to nearly $2350 (see chart below).

Meanwhile, Coinbase has become a total joke, seizing up private accounts and denying people access to their Bitcoins for days on end (possibly WEEKS, for all we know). The blockchain is being overrun with unprecedented trading volume, and the confirmation transaction premium keeps rising. It now costs an average of nearly $17 just to send any amount of Bitcoin to anyone, and many transactions are taking DAYS to get confirmed. In a panic selloff, it will easily cost you $100 just to sell any amount of Bitcoin.

Oblivious to risk, the zombie speculator class of newbie fools is buying into Bitcoin under the absurd impression that they can all wait for it to rise to incredible valuations, then sell at the top and convert Bitcoin into their local fiat currency.

As I explained in my analysis, 99% of them are wrong. These newbies have no clue what crypto currency is, and they have no idea how hard it is to sell Bitcoin during a panic selloff. I’ve mined Bitcoin for years and I understand the blockchain, peer-to-peer crypto currency and transactional bottlenecks, yet the average Bitcoin newbie just entering the market right now has ZERO understanding of any of those key concepts. (They think Bitcoin is like a corporate stock that can be easily bought and sold with high fluidity.)

People never learn. Right now, the “winners” in all this are the very early Bitcoin adopters who have held Bitcoin for five years or more and are now unloading them at premium prices to “greater fools” who don’t realize they’re on track to buy HIGH and sell LOW.

In case you haven’t yet figured this out, Bitcoin is not a “save haven” for storing assets. If you currently own Bitcoin, you may wish to buy gold with Bitcoin and exit the Bitcoin frenzy by converting your crypto currency into physical precious metals (which, amazingly, don’t disappear in a panic).

For those who are buying in at $2000 or more, Bitcoin has now become the domain of clueless, newbie speculators and tulip bulb morons. While they may yet drive the price to incredible new highs, almost all of them have no clue what they’re doing… and most will lose the majority of their “investments” in Bitcoin. The smart people are the early Bitcoin adopters who are now SELLING to the newbs and banking real profits.

 

 


About the author: Mike Adams (aka the “Health Ranger“) is a best selling author (#1 best selling science book on Amazon.com called “Food Forensics“), an environmental scientist, a patent holder for a cesium radioactive isotope elimination invention, a multiple award winner for outstanding journalism, a science news publisher and influential commentator on topics ranging from science and medicine to culture and politics. Follow his videos, podcasts, websites and science projects at the links below.

Mike Adams serves as the founding editor of NaturalNews.com and the lab science director of an internationally accredited (ISO 17025) analytical laboratory known as CWC Labs. There, he was awarded a Certificate of Excellence for achieving extremely high accuracy in the analysis of toxic elements in unknown water samples using ICP-MS instrumentation. Adams is also highly proficient in running liquid chromatography, ion chromatography and mass spectrometry time-of-flight analytical instrumentation. He has also achieved numerous laboratory breakthroughs in the programming of automated liquid handling robots for sample preparation and external standards prep.

The U.S. patent office has awarded Mike Adams patent NO. US 9526751 B2 for the invention of “Cesium Eliminator,” a lifesaving invention that removes up to 95% of radioactive cesium from the human digestive tract. Adams has pledged to donate full patent licensing rights to any state or national government that needs to manufacture the product to save human lives in the aftermath of a nuclear accident, disaster, act of war or act of terrorism. He has also stockpiled 10,000 kg of raw material to manufacture Cesium Eliminator in a Texas warehouse, and plans to donate the finished product to help save lives in Texas when the next nuclear event occurs. No independent scientist in the world has done more research on the removal of radioactive elements from the human digestive tract.

Adams is a person of color whose ancestors include Africans and American Indians. He is of Native American heritage, which he credits as inspiring his “Health Ranger” passion for protecting life and nature against the destruction caused by chemicals, heavy metals and other forms of pollution.

Adams is the founder and publisher of the open source science journal Natural Science Journal, the author of numerous peer-reviewed science papers published by the journal, and the author of the world’s first book that published ICP-MS heavy metals analysis results for foods, dietary supplements, pet food, spices and fast food. The book is entitled Food Forensics and is published by BenBella Books.

In his laboratory research, Adams has made numerous food safety breakthroughs such as revealing rice protein products imported from Asia to be contaminated with toxic heavy metals like lead, cadmium and tungsten. Adams was the first food science researcher to document high levels of tungsten in superfoods. He also discovered over 11 ppm lead in imported mangosteen powder, and led an industry-wide voluntary agreement to limit heavy metals in rice protein products.

In addition to his lab work, Adams is also the (non-paid) executive director of the non-profit Consumer Wellness Center (CWC), an organization that redirects 100% of its donations receipts to grant programs that teach children and women how to grow their own food or vastly improve their nutrition. Through the non-profit CWC, Adams also launched Nutrition Rescue, a program that donates essential vitamins to people in need. Click here to see some of the CWC success stories.

With a background in science and software technology, Adams is the original founder of the email newsletter technology company known as Arial Software. Using his technical experience combined with his love for natural health, Adams developed and deployed the content management system currently driving NaturalNews.com. He also engineered the high-level statistical algorithms that power SCIENCE.naturalnews.com, a massive research resource featuring over 10 million scientific studies.

Adams is well known for his incredibly popular consumer activism video blowing the lid on fake blueberries used throughout the food supply. He has also exposed “strange fibers” found in Chicken McNuggets, fake academic credentials of so-called health “gurus,” dangerous “detox” products imported as battery acid and sold for oral consumption, fake acai berry scams, the California raw milk raids, the vaccine research fraud revealed by industry whistleblowers and many other topics.

Adams has also helped defend the rights of home gardeners and protect the medical freedom rights of parents. Adams is widely recognized to have made a remarkable global impact on issues like GMOs, vaccines, nutrition therapies, human consciousness.

In addition to his activism, Adams is an accomplished musician who has released over fifteen popular songs covering a variety of activism topics.

Click here to read a more detailed bio on Mike Adams, the Health Ranger, at HealthRanger.com.

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