Loading ...Bitcoin Next bubble??
Bitcoin buyers are only fooling themselves — again
“Speculators buy bitcoins because they think they will sell their bitcoins a short while later for an even higher price. This is the Greater Fool Theory — buy at a foolish price and sell to an even bigger fool for a profit. During the Tulip Bulb Bubble, for example, bulbs that might have fetched $20 (in today’s dollars) in the summer of 1636 were bought by fools for $160 in January of 1637 and $2,000 a few weeks later. The prices of exotic bulbs topped $75,000.” ……
“Bitcoin is a modern-day nitvender, in that the price of bitcoin is no more related to economic fundamentals than was the price of the South Sea nitvender stock. Bitcoin prices are supported by nothing more than the faith that greater fools will pay higher prices. ”
https://www.marketwatch.com/story/bitcoin-buyers-are-only-fooling-themselves-again-2019-07-15
Dangermouse will no doubt rebut
🙂
Bitcoin is being marketed as a digital store of value. It is has the first mover network effect. Only 21 million can ever be produced. No one person, corporation or sovereign power can ever take it over due to its nature. It behooves everyone to put at least 1% of their portfolio in Bitcoin. I’ll go further to say everyone should have at least 1. If bitcoin grows to the market cap of gold it would be about $400k. Why not take a chance?