As bitcoin plunges, it’s raining jokes and memes on Twitter

As bitcoin plunges, it’s raining jokes and memes on Twitter

Bitcoin had surged to a record high of $19,666 earlier this week in the lead up to exchange giant CME Group's launch of its bitcoin futures. However, it has since lost about a third of its value and Twitterati lost its calm.

Cryptocurrency bitcoin tumbled below ,000 briefly on the Bitstamp exchange on Friday. (Source: AP)

If you thought the impact of demonetisation has left people baffled, you haven’t seen the frenzy and confusion surrounding bitcoins. The cryptocurrency, which tumbled below $14,000 briefly on the Bitstamp exchange on Friday came crashing down roughly 30 per cent from its record top near $20,000 set at the start of the week. So, what’s a bitcoin worth? Lately, nobody knows for sure. After losses over the last few days, the digital currency fell as much as 14.7 per cent earlier in the Asian day and the action became so frenzied that the website Coinbase suspended trading.

Bitcoin’s success over the past few weeks brought cryptocurrencies to the forefront and has also boosted the profile of its rivals, which offer alternatives to bitcoin. And many ignored the warnings and risk assessment and invested in the virtual money. While some were still deciding on its pros and cons, it came crashing down and ever since then Netizens haven’t stopped talking about it. Some are still confused what it is.

Twitter is filled with bitcoin jokes and memes and with the fall in its value, hilarious gifs with hashtag #bitcoincrash also started flooded the micro-blogging site. Meanwhile, some were also excited about the sale. Sample these:

Experts are warning that bitcoin is a bubble about to burst, but things might get crazier before it does: A lot of people have heard of bitcoin by now, but very few people own it. “Bubbles burst when the last buyers are in,” said Brett Ewing, chief market strategist for First Franklin. “Who are the last buyers? The general public, unfortunately.”

Ewing said 40 per cent of bitcoin belongs to just 1,000 people, and hedge funds and other major investors are going to start buying it soon. But those funds may buy bitcoin and also protect themselves by placing bets that it will fall.