BTC is down 53% from ATH. NFLX is down almost 75%. PTON is down over 91%. You'd actually be better off investing in BTC than in many tech darlings. I don't own any crypto, but I don't think it's fair to single out crypto in the middle of a broad tech downturn.
Yeah. The difference is you don't have people claiming the SPY or Netflix will triple each year for the next ten years. People have literally commented that about BTC and other crypto. The thought process people have regarding crypto is entirely different. It's a completely different beast. Closer to something like GME, but at least with GME GameStop was able to sell stock and pay off their debts...
Cathie Wood has said she expects ARKK to get 50% annual returns[0] despite being down 57% YTD and over 30% since she made the statement (more than BTC). Pointing to what "others" have said as some type of broad argument about an underlying security doesn't make sense. There are charlatans everywhere.
Tangentially related, I think it's interesting that people used to cite VOO pretty often, and IVV sometimes, but now I almost exclusively see SPY as an analog for the S&P 500.
I wonder how much of it's high volume is just that it has the letters "s" and "p" in it?
