Song of the Day 2/6: Nazareth, “Too Bad Too Sad”
“Everything Trump touches dies” is becoming nearly as immutable as the law of gravity. Bitcoin, the favorite pretend currency of money launderers and drug traffickers, experienced a sudden crash the past few days. Now, just like the now-discontinued penny, a bitcoin now costs more to produce than it’s worth.
According to data from analytics firm CryptoQuant, the current spot price languishes significantly under the estimated $70,000 to $80,000 required to produce a single bitcoin, creating immediate financial pressure for mining operations. This development, reported first by Decrypt, signals a potential inflection point for the industry’s infrastructure and economic security.
If you’ve ever had to listen to a crypto-loving libertarian wax avaricious about it, I’m sure you’re overcome with grief. Couldn’t happen to a greedier bunch of guys. They’re probably lined up to “buy the dip,” not realizing that there’s a fine line connecting the dip with the dipshits.
Richard Farr, chief market strategist and partner at Pivotus Partners, has set a price target of zero for the cryptocurrency.
“Our BTC price target is 0.0. That’s not just for shock factor. It’s where the math takes us,” the strategist said, noting that Bitcoin has failed to function as a dollar hedge and instead operates as “a speculative instrument correlated to the Nasdaq.”
According to Farr, the cryptocurrency faces insurmountable obstacles in gaining institutional adoption or serving as a legitimate medium of exchange.
“No serious central bank will ever own something where Michael Saylor controls the float,” he said on X, referring to the MicroStrategy executive who has accumulated massive bitcoin holdings.
The strategist also criticized Bitcoin’s environmental impact, stating that miners “are bleeding cash” while the network remains “horribly inefficient as a transaction processor and wastes tremendous amounts of energy.”
Farr’s assessment aligns with warnings from Michael Burry, the investor known for predicting the 2008 financial crisis, who cautioned that falling Bitcoin prices could trigger a self-reinforcing “death spiral.”
Burry noted that Bitcoin, down more than 40% from its October peak, is now “exposed as a completely speculative asset” that does not qualify as a debasement hedge like gold or silver. “Sickening scenarios have now come within reach,” he wrote in a Substack post.
Nazareth summed up the response felt by everyone who doesn’t own any way back in 1973, on the Scottish band’s third LP, “Razamanaz.”
