Bitcoin sinks after Treasury Secretary Bessent says US government can't tell banks to bail out crypto

[flashman13]

6. Crypto is simply canned air. It has no intrinsic value. All it will take is for one large holder to sell off a

significant amount of coins all at once. That will cause the next two holders to sell while the price is still high. Next thing you know there is a mass stampede for the door. In very short order prices collapse and it all becomes worthless. That would probably be okay, but because of lax regulation, it is possible to collateralize real world loans with bitcoin. If bitcoin goes south, all those loans go south too. It's effectively what happened in 1929 all over again.