A really bad asset to own in a recession. Its totally speculative and backed by nothing, it has no real use/value per se. Even gold's value is derived by the wo

A really bad asset to own in a recession. Its totally speculative and backed by nothing, it has no real use/value per se. Even gold's value is derived by the work taken to extract and mine it - it has uses in computing, jewelry etc. Bitcoin is just bits of data floating through the air. And don't even get me started on NFTs! During a recession people will withdraw their crypto and sell leading it to drop in value(more out in the wild) as they need money. I wonder if all of the tech layoffs this/last week triggered a huge sell volume(tech employees trying to cash out risky assets). The timing does seem suspicious.