Bitcoin Crashes But Cryptocurrency Memes Soar Amid #CryptoCrash

May 11th, 2022 - 10:38 AM EDT by Aidan Walker

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A meme illustrating how many feel about the Bitcoin crash, in which a man throws a water bucket at a raging fire, and a Tweet describing the situation.

The value of Bitcoin dipped dramatically this morning following a report from the U.S. government that showed inflation increased at a rate of 8.3 percent in April — but the Bitcoin memes soared as #CryptoCrash and other hashtags trended on social media.


Cryptocurrency is a risky and volatile asset, so when the economy feels unstable (as it currently does) banks and firms tend to sell off their Bitcoin and move into safer investments. The normal money markets have also had a rocky couple of months.


The 8.3 percent inflation rate number is calculated by calculating the current price of a basket of items often bought by consumers and comparing that price to the price from a year ago. The price of that basket in April was 8.3 percent higher than the prices of April last year. The 8.3 percent rate is a small improvement from March’s rate, which was 8.5 percent. Analysts seem, in general, to attribute that slight decrease to a decrease in gas prices.


The very-online community of Bitcoin aficionados, miners, took to the memes for commiseration and ranting.


Many encouraged others to “buy the dip” and hold on to the Bitcoin in hopes of making a profit later.


Others lamented the fickle cryptocurrency market, grieving the sudden loss of their cash.


Bitcoin quickly recovered from the dip this morning, but overall, the cryptocurrency (like many assets) seems to be on a downward trend, approaching its lowest value since 2020.



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