Bitcoin has been taking a beating of late, and, on Tuesday, it got beaten like a rented mule, from $107,000 down to $99,095.
It was the first time Bitcoin had not been priced in six digits since early May. At that time it was quickly recovering from some turbulent trading that had sent the price tumbling from $105,000 in late January down as low as $75,000 during the first tariff scare in early April, so, it appears that the alternative to the fiat US dollar is subject to wild swings valuation based on political activity.
One question that really needs to be addressed by the crypto crowd concerns the ultimate utility of bitcoin and the thousands of other "alt-coins" and various vacuous specie traversing the ether. Just what is the point of an electronic currency that has, over its 16 years of existence, failed to engender mass adoption, is owned largely by "whales" and institutional money managers like BlackRock or the inscrctible MicroStrategy of Michael Saylor, or even the government of El Salvador?
Taking the example of El Salvador as a prime example of its lack of traction, the government of that Central American country had mandated bitcoin as legal tender in 2021, yet, after four years of the public eschewing its use at the retail or wholesale level, the government, with little fanfare and even less coverage in the financial media, backed away from the failed experiment in February of this year. The exceptional experience of an entire nation rejecting use of the "miracle in the void" should have served as proof enough that bitcoin, and, by inference, the entire crypto-universe of tokens, alt-coins, NFTs, and stablecoins needs to be relegated to the scrapheap of history.
Crypto has no utility.
Say it again: crypto has no utility.
It is nothing but idle speculation with excess capital amidst the biggest financial bubble in the history of mankind. The followers - cultists, really - continue to cling to debunked notions that it is anonymous, private, peer-to-peer, trustless, frictionless money. Tell that to anybody who's bought, sold, or traded any kind of crypto-currency over any of the exchanges like Coinbase or Binance. There's absolutely nothing private about it at all, transacting in crypto is a pretty large pain in the behind overall, there are fees for every transaction, and people routinely lose control of "their" crypto, via scams, missing keys, theft, and all kinds of other misanthropic misadventures.
Bitcoin and the rest of the crypto space is imploding, while at the same time the U.S. government has promoted a crypto sovereign fund and use of stablecoins as a means fo salvation from its $38 trillion debt abyss. The dealings of President Trump, his two sons, Eric and Don Jr., crypto czar David Sacks and certain Senators - particularly Senator Cynthia Lumis of Wyoming - need to be scrutinized, not by congress (many of whom back the Ponzi stablecoin scheme) or any government regulators, but by the American public, because attempting to establish crypto as legal tender or currency in America reeks of insider dealing and malfeasance.
After all, bitcoin was tested in El Salvador. What makes the U.S. government think it can make it work on a much larger scale when it was completely rejected in a trial run. Are American politicians smarter than the people of El Salvador? They probably think they are, yet they've proven to be among the most deceptive, larcenous, traitorous assemblage in the history of politics, and that includes some very, very unsavory creatures.
Senator Cynthia Lumis of Wyoming needs to be run out of town on a rail.
So too, the Trump brothers, Eric and Don Jr. and the president's crypto czar, David Sacks and while we're at it, Treasury Secretary Bessent and the president himself, for guiding America to being the "crypro capital of the world," which is simple shorthand for the biggest financial fraud since John Law's Louisiana ventures.
Blackrock's Larry Fink should be in a federal prison. As CEO of Blackrock, he's responsible for some of the worst financial deals of this or any decade. Led along by Michael Saylor, a convicted felon, the U.S. government - still shut down after 35 days, now the longest in history - has perpetrated massive malinvestment and malfeasance. Isn't it time to flush out all the fraud that encompasses the "crypto industry" and start naming names, ridding the financial industry of the grifters, thieves, and con men, including a good number of Senators and House Representatives, and getting back to sound money, like silver and gold, upon which the United States of America was founded?
To think that the U.S. government would go so far as to establish a "crypto sovereign fund", pass the GENIUS Act, enabling more corruption and burning of the nation's wealth, and have the support of both parties in enabling "stablecoins" as a means to pay down the $38 trillion in government debt, is in any way the actions of a responsible government would be tantamount to calling Bernie Madoff a "square dealer."
While the U.S. government is shut down, it's probably a good idea to keep it that way. After all, should they re-open, all they'll do is spend money they don't have on projects that are already proven failures. The people who populate the environs of the United States of America would be far better off without any government of any kind, federal, state or local, than the amalgamation of misguided takers that encompass the entirety of the government leviathan bureaucracy.
Americans need to face up to the reality that the country is at a very dangerous turning point, at the brink of failure, mostly due to the lack of discipline at the very height of government, in the Senate, House, White House and the Supreme Court. For mercy's sake, they cannot balance a budget and now they can't even keep the lights on. American people need to prepare for the worst, because, whether intentional or accidental, it matters not, the managers of the government are either completely incompetent or entirely corrupt, and probably both.
Looking ahead, it's hard to imagine the NASDAQ rebounding from Tuesday's bloodbath, but there will be a concerted effort made by the usual suspects to put a happy face on the market.
With the opening bell on Wall Street just moments away, futures are flat-lining, bitcoin has revived from $99,000 to $103,000. There's likely to be a dead cat bounce Wednesday, but, in the end, the cat is still dead, the government is still closed, and America is failing on many levels.
At the Close, Tuesday, November 4, 2025:
Dow: 47,085.24, -251.44 (-0.53%)
NASDAQ: 23,348.64, -486.09 (-2.04%)
S&P 500: 6,771.55, -80.42 (-1.17%)
NYSE Composite: 21,282.71, -133.88 (-0.63%)
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