Bitcoins have broken through the $100 US level ! If you want to buy one solitary bitcoin thats going to cost you a cool $100 in fiat paper toilet roll currency. Thats one hundred of those freaky looking $1 bills with all seeing eyes and pyramids emblazened on them.
Seemed inevitable to me that this level would be breached soon enough and here we are already.
On the 10 day chart above, there’s not that much to see really, just an upwards sloping line with a couple of spikes down and rebounds back up.. We hovered around about $95 for a couple of days as I thought we might, but then bam! We completely ran out of bears wanting to sell at less than a hundred and there was a sudden sprint as $100 came within sight.
But things look a little different on a 6 month chart.
Look at that exponential rise! less than 3 months ago the price was pretty flat and 1BTC was about $15.
Are you getting vertigo? Is it a bubble ? I should sell sell SELL before its too late !!! Or maybe you are feeling the greed.. Look at all my profits!!!! Those bitcoins I mined in 2010 are worth a fortune I’m not selling ever! Soon they’ll be worth $1000 each.
Hehehe sorry not meaning to freak you out! It can be pretty emotional though.
Its hard not to think this is a speculative bubble, like any good bubble though there are plenty of convincing fundamental reasons for the continuing rise. The reward for mining blocks halved from $50 to $25. The recent popularity of bitcoin gambling sites. The adoption of bitcoins by some big web companies like wordpress and megaupload. The EU and IMF theft of banker deposits in Cyprus. Continued Quantitative Easing in Western economies.
Hold on tight, things could go a fair bit higher in my opinion.
[edit. I’m still a bit new to wordpress and not sure if my followers are getting spammed every time I update a post that I’ve already published. If that is happening then I apologise and will try to avoid doing that too much]