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Bitcoin Prices Surge Past $5,000 Three Weeks After Passing $4,000 (fortune.com)
Less than three weeks after surging past $4,000, Bitcoin reached $5,000 on Asian exchanges Friday. An anonymous reader quotes Fortune: The idea of Bitcoin breaking the symbolic milestone of $5,000 would have been unthinkable to most people at the start 2017, when the price topped $1,000 for the first time. If you're keeping track, the digital currency is up 500% this year, and nearly 2200% since mid-2015, when it was in the doldrums at around $220. There appears to be no single reason for the recent run-up. Instead, it can likely be explained by the same factors driving this year's cryptocurrency bull run: Publicity-driven speculation; New financial products creating unprecedented liquidity; Trading surges in Asian markets; Institutional investors treating digital currency as a permanent new asset class.
"Magical Internet Money Hits $5k" writes Bitcoin News, adding "so far in 2017 bitcoin has outperformed all government issued tender and a vast majority of stocks and commodities."
While the head of the Bitcoin Foundation has urged people to invest "no more than they can afford," Bitcoin now has a market capitalization of $82.6 billion.
"Magical Internet Money Hits $5k" writes Bitcoin News, adding "so far in 2017 bitcoin has outperformed all government issued tender and a vast majority of stocks and commodities."
While the head of the Bitcoin Foundation has urged people to invest "no more than they can afford," Bitcoin now has a market capitalization of $82.6 billion.
Nasdaq hits 5000, everyone started piling in, and then came the big crash. This is no different because many bought stock in companies that are gone or worthless. It's a sham.
It's basically one big ponzi scheme, let's wait and see who's left holding the bag. Can always jump in you think the game will be played a while longer, but when it ends, it will end quickly.
The belief that there is always someone out there willing to pay more and bug it off you.
Currently, it's Bitcoin, Tesla, and Amazon flying to new highs for no reason.
They are getting rich by cashing out while others put their money in. Bitcoin is like a stock with no inherent value, but which is pumped in a pump and dump scheme. The only difference is that the people buying into it KNOW that the stock is a pump and dump, but are hoping to get off before everybody else stops piling in. Because it has no inherent value with which to compare it to, nobody can say that it is "overpriced", unlike a pump and dump stock however, so keeps going up. People will say "all currency has value simply because people trust it has value" but most currency is used to actually buy and trade for goods and services. Bitcoin, while it has SOME value for goods and services, is generally traded against other currencies. You get rich because the price of bitcoin goes up, vs. currency, you don't get rich just because you have Bitcoin.
That said, I expect that it will continue to go up, as people pile on the hype train, but at some point, the train will have a last stop, and everybody left on it at that time will realize that the last stop is just a cliff. Consider this--what happens if someone realizes there is some inherent flaw in the bitcoin blockchain system, and can corrupt it? How much value would be left?
Does anybody know how to short bitcoin?
Buy dollars.
"His name was James Damore."