Tuesday, January 01, 2019

Told ya! - bitcoin: bubble

Way back in April 2017, I made an unapologetic prediction that the burgeoning bitcoin market, which was just getting going then, was a bubble, which would burst as bubbles always do, leaving a lot of vociferous supporters with egg on their face.
After that time, bitcoin's value seemed to go from strength to strength, all on the basis of precisely nothing, before starting to take a serious tumble in 2018. Currently, bitcoin is trading at $3,680, down from a high of $19,783 just over a year ago. Other major cryptocurrencies have taken a hit of around 90% over the last year: Litecoin down from $366 to $30, Etherium down from $1,400 to $130, etc.
Amazingly, some cryptocurrency aficionados are still predicting great things for bitcoin, with one musing, just today, that bitcoin may reach $50,000 in 2019! What? Me, I'll stick to my original analysis: cryptocurrencies are a bubble, do not touch them with a proverbial bargepole.

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