Talk of the crypto-town is Bitcoin (available on Coinbase)’s massive fall from grace. It seemed to be holding steady at around $6,300/$6,400 for most of October, but now it’s holding on for dear life. Mid-November saw the coin drop unprecedentedly. It began crashing and continues to today.

At the time of writing, Bitcoin (available on Coinbase) is priced at $4,2oo per coin and down a further 4% on the day.

What Happened?

Some will blame Bitcoin (available on Coinbase) Cash’s hard fork for creating an industry scare. Some will blame talk of regulatory scrutiny for rattling investors.

But others will say, “I told you so” that Bitcoin (available on Coinbase)’s crash was an inevitable eventuality and neither of the above possibilities could ever be a real reason for its fall.

Has Warren Buffett Been Right All Along?

One such skeptic is Warren Buffett, who never bit the cryptocurrency line. He has continually spoken out against digital assets, maintaining “almost with certainty, that they will come to a bad ending.”

Many people have lauded his type for his ‘outdated’ thinking; the world’s wealthiest investor who made his fortune playing the stock market was always going to dismiss cryptocurrency. Of course he was.

Speculation

But weren’t his concerns even partly founded? Bitcoin (available on Coinbase) price has been decided by market speculation. It’s that simple really. And, for some, ‘speculation,’ means a mixed bag of exaggerations, lies, ideologies, and empty promises.

It was this speculation that drove the market mania of last year. It was in 2017 that Bitcoin (available on Coinbase) surged to the heights of almost $20,000 USD per coin. But like everything in this world, hype is usually met with an inevitable fall from grace.