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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.
...one of those things in life you'll either stand idle by and watch it like it was a show, you'll think "oh why - oh why did I not invest when it was new and cheap", and when it plummets down, you'll sigh a relief and think to yourself - oh, I'm glad I didn't do that, those fools - or you'll be a part of it, getting free money if you pump it out at the right time.
What this world is coming to - is for you and me to decide.
Nasdaq hits 5000, everyone started piling in, and then came the big crash. This is no different
Actually, this is different. A stock is inherently worth the value of future profits. Once it became clear these companies would never be significantly profitable, it was clear that the stocks were way overvalued. Bitcoins have no inherent value, so any valuation is just as "valid" as any other. People were predicting imminent collapse when Bitcoin passed the "ridiculous" value of $1.
And least I can short Amazon and Tesla.
You can also short Bitcoin. Go to Google an type in "How to short bitcoin". Several links will tell you how to do it.
Before you do that, you might want to understand why Bitcoin is going up. To understand that, try Googling "Currency controls in China".
China is running huge current account surpluses, and moving money out of the country is severely restricted, yet the value of the RMB relative to the USD has been weak. Why? Where is the money going? Think about that, and then think about whether shorting bitcoins is really such a bright idea.
Lol, you're actually using the argument that it's worthless to say it's not worth less!!!
No inherent value is not the same as valueless. Here are some other things that have little or no inherent value:
1. Gold
2. Diamonds
3. Dollars