RATE Group | BTC Value Will Crash 99% for the Same Reason Tumblr’s Just Did
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BTC Value Will Crash 99% for the Same Reason Tumblr’s Just Did

14 Aug BTC Value Will Crash 99% for the Same Reason Tumblr’s Just Did

Posted at 10:54h in Bitcoin News by

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Yahoo just sold Tumblr at a 99% loss. CCN’s bitcoin skeptic thinks the same thing will happen to bitcoin. Source: Shutterstock

By CCN Markets: What do Tumblr and bitcoin have in common?

Here’s a hint. How many times have we seen a gigantic cash-stuffed company buyout some social media platform for an enormous sum of money, and then have to write the whole thing off?

Many times.

The Social Media Graveyard

MySpace was bought by News Corp. for $580 million and sold for $35 million. Vine was purchased for only $30 million and is now dead. Booking Holdings (also known as The Priceline Group) purchased OpenTable for $2.6 billion and has written off most of that investment.

Today, we add Tumblr to the ranks of the social media graveyard, as Yahoo sells it for $3 million, after it purchased the property originally for $1.1 billion.

Verizon, which now owns Yahoo, issued a pretty statement about the deal, but let’s not kid ourselves. Verizon was attempting to put lipstick on a very ugly pig.

How…

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