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2conservative t1_je7ijvm wrote

Reply to comment by mytendies in Thoughts on why Big Tech has been rallying and if it’s sustainable? by vwxyzabcdef

Well, that may be but that wasn't really the point. I was just pointing out that in addition to Big Tech, people ran to Crypto and Gold. The last two actually make more sense to me since they would be the natural beneficiaries of a failing financial system putting the USD at risk (I'm not saying this is happening - only that a lot of folks are worried it might). The Big Tech injection I think was just a response to a volatile and declining market. Lastly, just like a piece of paper with numbers written on it, Crypto is only as valuable as people think it is. That can be said about almost anything. Art, NFTs, collectibles - anything that provides little function but is valuable for no other reason than because people think it is.

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mytendies t1_je7mwb3 wrote

Rational. All I would say is that the dollar has the us military backing it and that is why collectively market participants believe in its value.

I 100 percent agree people pulled bank deposits and sold banking shares… and bought “other currencies” like gold and crypto

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OkGrade1686 t1_jeabcnb wrote

If I had money to waste, I would set minimum crypto baseline, buy into it, wait for people to tuck their money into crypto for "safety", and give them some really nice hot potatoes

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