TL;DR

Bitcoin’s recent supposed surge to $121,000 is a classic pump-and-dump scheme, mirroring historical financial collapses like Enron and the 2008 crisis. Countless individuals are left with worthless assets after falling for promises of quick riches.

Story

Another day, another crypto craze. This time, Bitcoin hit a supposed $121,000 high. Sounds juicy, right? Wrong. It’s the same old story, repackaged for a new generation of suckers. This isn’t organic growth; it’s a bubble fueled by hype, fear of missing out (FOMO), and a cocktail of wishful thinking and outright lies.

This whole thing is built like a house of cards—a classic pump-and-dump scheme, but on a digital scale. Early adopters and whales (‣ Whale: Someone who owns a massive amount of cryptocurrency) manipulate the market, driving up the price artificially. The price isn’t based on real value, it’s fueled by speculation and social media buzz—remember, you are literally seeing memes about how to “pump it up.” Once the whales cash out, the price crashes. Anyone left holding the bag is left with worthless assets. It’s not unlike the dot-com bubble of the late ’90s or the 2008 financial crisis—excessive speculation and unrealistic valuations leading to a painful crash. The same greed, the same lies, just a different digital disguise.

Remember Enron? They cooked their books, created artificial value, and everyone believed them. This time, it’s happening online but the mechanisms are the same: hype creating fake value. Now imagine a guy, John, who sunk his life savings into Bitcoin at $100,000. He bought into the lies of “$200k here we go!” He’s not alone. Countless individuals who believed in the promises of quick riches are now staring at their decimated retirement funds and bank accounts. There will be suicides and ruined lives. It’s already happened in previous bubbles.

The lessons here are brutal and timeless. Remember this: if something sounds too good to be true, it probably is. Don’t trust hype. Do your research (‣ DYOR: Do Your Own Research. It means fact-checking claims yourself.) critically evaluate information. Never invest money you can’t afford to lose. If something feels like a gamble, it’s not an investment. This isn’t financial advice—this is a survival guide in a market that actively preys on people’s greed and naiveté.

The bottom line? This Bitcoin “high” is a grim reminder of how easily human greed can be exploited in financial markets, digital or otherwise. We have seen this movie before, and the ending is never happy. It’s just a matter of when, not if, the next one comes around. Get ready to see this cycle repeat, only with a new digital currency promising easy riches.

Advice

Never invest based on hype or FOMO. Always do your own research, and never invest more than you can afford to lose completely.

Source

https://www.reddit.com/r/CryptoCurrency/comments/1lzdcl0/bitcoin_price_hits_alltime_high_of_121000/