The culprit behind the big dump of Bitcoin: NVIDIA.

Not only cryptocurrencies, Black Friday directly caused a collapse in the global financial market - of course, this also includes the big A.
And there is only one trigger:
Nvidia is being questioned for playing "AI Ponzi."
The 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 major core doubts:
① Income inflation: Intercompany transactions inflate revenue
Skeptics believe that:
• 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, with each company recording it as "income".
• NVIDIA revenue 57 billion, but accounts receivable 33.4 billion, accounting for 58%
• OpenAI lost 5.6 billion this year and hasn't paid in cash yet, part of which is still borrowed from Nvidia.
In a nutshell: it looks lively, but there is actually no cash.
② Inventory accumulation: saying demand is exploding, but sales are sluggish.
NVIDIA claims that demand is booming,
But there are $19.8 billion worth of chips lying in the warehouse, increasing by 32% in three months.
self-contradictory.
③ Poor profit quality: high profits, but little cash in hand
Profit 19.3 billion, cash flow only 14.5 billion.
Cash conversion rate 75%, lower than peers 95%.
Explanation——
The profit margin is high, and the risk of bad debts is accumulating.
If it's true, the consequences are very terrifying.
• The fair valuation is only 1/3 of the current value.
• If the stock price is halved, the global AI and technology sectors will experience a systemic fall.
• 200 trillion USD assets synchronized fluctuations
🔥 Key point: Why did cryptocurrencies also experience a big dump?
Because —
A large number of AI startups around the world are using Bitcoin as collateral for financing (26.8 billion USD) and their business heavily relies on Nvidia.
If Nvidia falls another 40%:
• A large number of AI startups will face a big dump.
• Banks are forced to sell collateral BTC
• Bitcoin falling to 50,000 USD is not alarmist.
Summarize in one sentence
Nvidia faces "AI Ponzi" doubts → Global tech asset panic → Crypto market experiences a significant short-term correction. $BTC