A little more than a month ago, Tyler and Cameron Winklevoss became the first Bitcoin billionaires. The famous lawsuiting and Olympic rowing twins owned/currently own about 120,000 coins. But with great rises comes greater falls. As the world watched the bloodbath of tumbling cryptocurrency values this past week, the Winklevoss twins faced an estimated loss of about $600 million USD in the past few days. Quite the hit to one’s/two’s personal wealth.
As of two days ago, the loss of value in Bitcoin alone was roughly 34%. To be expected, having demonstrated its volatility in the past. This latest frantic jump came with the mass panic of regulation issues and banning in South Korea. This was the first time Bitcoin has dipped below $10,000 USD since November. Several other cryptos followed suit since– in losses of double-digit percentages. Ethereum having decreased by 30% in a matter of twenty-four hours and Ripple sliding by a shocking 46%. It seems that people are offloading them as quickly as they snapped them up.
This doesn’t seem to be something that will be stopped anytime soon, with increasing pressures to regulate and effectively gut cryptos worldwide. President Vladimir Putin has recently hinted of a “crackdown” for e-currencies within Russia. Putin mentioned that more stringent regulations would be “… definitely required…” soon. China, South Korea, and Russia being a black spot — I’m no economist, but by that count, this could be rather problematic for the future of your Bitcoins, Ethereums, and Ripples.
It seems that the fall of several empires could be on the horizon. And one cannot help but feel these crumbling walls of Jericho will soon be met by a chorus of “I told you so’s”.