Between mid-December and early February, bitcoin lost more than half its value, dropping from a high of nearly twenty thousand dollars to just below seven thousand. Depending on whom you asked, it was either a catastrophe—a portent of things to come—or a rare opportunity. Anthony Pompliano, a venture capitalist who is prone to posting bullish, cryptocurrency-related aphorisms on Twitter (“Bitcoin is the ultimate test of someone’s imagination”), reassured his eighty-three thousand followers that it was almost certainly the latter. “This may be the first real ‘crypto recession,’ ” he wrote. “Those that stick around will be rewarded immensely.” More….