The culprit of the big dump of Bitcoin: Nvidia.

Not only cryptocurrency, Black Friday directly caused a big dump in the global financial market - of course, it also includes the A-shares.
And there is only one trigger:

NVIDIA is being questioned for playing "AI Ponzi."

Core logic of the global big dump:

NVIDIA, with a market value of 31 trillion RMB, is suspected of playing a "musical chairs style AI Ponzi scheme."

Three core doubts led to a sell-off pressure:

1️⃣Inflated revenue: mutual IOUs inflate revenue.

Skeptics believe:
•Nvidia, Microsoft, OpenAI, and Oracle signed huge contracts with each other, but none of them made real payments.
•The same amount of money circulates among the giants, and each one records it as "income".
•NVIDIA revenue of 57 billion, but accounts receivable of 33.4 billion, accounting for 58%
•OpenAI reported a loss of 5.6 billion, and still hasn't settled the cash, part of which was borrowed from Nvidia.

In a nutshell: It looks lively, but there's actually no cash.

2️⃣Inventory backlog: They say demand is exploding, but sales are stagnant.

Nvidia claims that demand is booming,
But there are 19.8 billion dollars worth of chips lying in the warehouse, which has surged by 32% in three months.

self-contradictory.

3️⃣Poor profit quality: High profits but low cash on hand

Profit is 19.3 billion, cash flow is only 14.5 billion.
Cash conversion rate 75%, lower than peers 95%.

Instruction——
The profit margin is high, and the risk of bad debts is accumulating.

If it's true, the consequences are very terrifying.
•The fair value is only 1/3 of the current value.
•If stock prices are halved, the global AI and technology sectors will experience a systematic fall.
•20 trillion dollars assets synchronized oscillation

🔥 Key point: Why did cryptocurrencies also experience a big dump?

Because —
A large number of AI startups worldwide are using Bitcoin as collateral for funding (26.8 billion USD), and their business highly relies on Nvidia.

If Nvidia falls another 40%:
•A large number of AI startups will face liquidation.
•The bank was forced to sell collateral BTC
•Bitcoin falling to 50,000 USD is not alarmist.

Summarize in one sentence

NVIDIA faces "AI Ponzi" allegations → Global tech assets panic → Crypto market experiences a significant short-term correction. #比特币行情观察