- Henry Blodgett, Business Insider, 6/2/10 “ If you've never heard of a "Cram Down", you are about to get a first hand lesson on the receiving end of the biggest one in history … This is because the dollar price of Bitcoin is directly proportional to the amount of electricity that can profitably be used to mine it. Unfortunately for the environmentalists, the Bitcoin price – as every bull knows – entered the parabolic phase in 2017. This Bloomberg chart calculates the number of days for each $1,000 rise in price. Video: Robert Prechter with Aaron Task & Henry Blodgett -- Feb. 25, 2010---From Tech Ticker. In February 2009, Robert Prechter of Elliott Wave International predicted a market rally that would be "sharp and scary for anyone who is short.". In recent months, Prechter returned to more familiar territory, declaring here in November the market was in a "topping area." In two years Amazon was decimated and traded from around $113 (December 1999) to $5.00 (October 2001) - before turning around and running to over $1,000 (similar to a $100,000 target on Bitcoin). All it took was a Powerpoint presentation, some computer programming expertise and a “research” report, courtesy of Mary Meeker, Henry Blodgett et al. The environmental downside we’re referring to in Bitcoin is, of course, is energy.
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