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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.
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.
It's inherent value is that it is limited in supply AND used as a gold standard on exchanges to trade all other crypto coins against. The only way bitcoin will suffer lasting drops in price is if the entire crypto world diminishes. Until then, its use for trading is what gives it its increasing value.
Maybe in the future there will be a different standard. Some exchanges implement trading pairs against ethereum. So it may happen. But until then, bitcoin is safe.
Does anybody know how to short bitcoin?
Buy dollars.
"His name was James Damore."