Bitcoin Bubble: Is Bitcoin Going To $1 Million Or Is it Going To Zero?

[Tony Koretz]

Bitcoin Bubble: Is Bitcoin Going To $1 Million Or Is it Going To Zero?

The price of Bitcoin continues to rise at an exponential rate, and the financial world is in a complete state of shock. Just yesterday, I marveled that the price of Bitcoin had surged past the $13,000 mark for the first time ever, but then on Thursday it actually was selling for more than $19,000 at one point. As I write this, Bitcoin is sitting at $16,877.42, but a few hours from now it could be a couple of thousand dollars higher or lower than that. Those that got in early on “the Bitcoin revolution” have made extraordinary amounts of money, and many believe that this is just the beginning.

Read More at http://themostimportantnews.com/archives/bitcoin-bubble-is-bitcoin-going-to-1-million-or-is-it-going-to-zero

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[Tony Koretz]

Bitcoin Mania Parabolic

Adam Hamilton
Archives
Dec 08, 2017

Bitcoin’s meteoric skyrocketing this year has been astonishing, captivating traders across the globe. This once-obscure cryptocurrency has exploded into the world’s hottest market. With fortunes being won on paper, everyone is talking about bitcoin. But with its price shooting parabolic, unfortunately this wild ride has all the hallmarks of a classic popular speculative mania. And those all end badly, totally collapsing.

In the annals of financial-market history, the word “mania” is never used lightly. These are very-rare events where some market blasts higher so radically that it captures the popular imagination. The dictionary definitions of mania include “an excessively intense enthusiasm, interest, or desire” and “a pathological state characterized by euphoric mood, excessive activity or talkativeness, and impaired judgment”.

The seminal book on popular speculative manias is Charles Mackay’s “Extraordinary Popular Delusions and the Madness of Crowds”, first published way back in 1841. Manias are certainly nothing new, they have been periodically erupting for many centuries if not millennia. Mackay’s incredible work is one of the few must-read books for every investor. I’ve read it several times in my life, starting back in college.

Mackay’s title is brilliant, perfectly summing up manias. They are truly extraordinary popular delusions, illustrating the madness of crowds. Objectively, this year’s extreme bitcoin action definitely fits that bill. I say this as a lifelong student of the markets. Like the objects of lust in past popular manias, bitcoin and its underlying blockchain technology have real potential to change the world. But that doesn’t justify its price.

As a techie, I started getting interested in bitcoin about 5 years ago, well after its birth in January 2009. It was intriguing as the world’s first decentralized digital currency, an Information Age end run around the established government fiat-money systems relentlessly being inflated away by central banks. Bitcoin’s never-unmasked creator going by Satoshi Nakamoto was a marketing genius, wrapping bitcoin in gold terminology.

The “coin” suffix implied bitcoin is money, rather than a virtual fiction with artificial scarcity. And it used a novel distributed-ledger technology called blockchain.

Read more at http://www.321gold.com/editorials/hamilton/hamilton120817.html

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[Rene’]

I follow the advice of Catherine Austin Fitts and Lynette Zang, who both believe that purchasing gold/silver and hard assets is the best bet to preserve wealth. I personally believe “they” are baiting us with Bitcoin and want to condition us to accept crypto currency as part of the NWO.

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