Read Millionaire Fastlane
- Jan 8, 2014
But that isn't what a bubble is. Clearly Homes/Real Estate have value, so do internet companies, and so do tulips. A bubble is when the price of something is way higher than the actual value and eventually the market corrects itself with a dramatic drop in price.
I don't believe bitcoins are worth more than 1 grand let alone 7.. I also believe most people buying are only in it to make a quick buck. This happens in a lot of bubbles. This has also artificially raised prices dramatically while more and more people hop on the bandwagon. Once all of the 'get rich quick' buyers have bought and want to cash out there will be nobody to sell too. This will cause a dramatic crash in price as everyone panics to sell.
If I were you I'd take advantage of this bubble and sell high while people are still buying. Sell all of your bitcoins now because this is too good to be true in my opinion.
But I could be wrong.
Crypto will go through bubbles and crashes again and again, you'll be right temporarily, and then for the next run there will be the next group of critics, until eventually Bitcoin is over $1,000,000 and its mostly owned by the government who uses it to back their USD infinite supply shitcoin that they made you trade in your Bitcoin for after making it illegal to own, assuming China doesn't buy it all up first. "Gold confiscation" ring a bell?
Zoom into the price history of Bitcoin and you'll see a lot of this:
At the end of the day, the only chart that matters is this:
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