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IPFS News Link • Bitcoin

Is Crypto Finished?

• by Simon Black

As you probably remember, BITCOIN was the dominant theme of the day, whether around the dinner table or in the news headlines.

Crypto prices had soared throughout 2017, climbing from $1,000 at the beginning of the year to around $7,500 by last November's Thanksgiving holiday.

Then, over the course of that single weekend, Bitcoin jumped to nearly $10,000 as the buying frenzy heated up.

In a matter of days, crypto-broker Coinbase opened hundreds of thousands of new accounts during the 2017 Thanksgiving weekend.

Mobs of speculators were piling in, bidding the price up to new highs on a daily basis, until it cracked $20,000 a month later.

We started warning about this in early November last year, arguing that, while crypto represented great technology to improve the financial system, Bitcoin's rapid price rise was "purely speculative… not sustainable demand," and "anything that's pure speculation is eventually going to pop."

1 Comments in Response to

Comment by PureTrust
Entered on:

Everything is money. Why? Because you can trade anything that you own for anything else. Fiat is simply easy money for the people. The fiat Ponzi plays on the ignorance of the people, to make the bankers wealthy from tiny inflation "robbery" from the fiat Ponzi. Crypto hasn't gone down. Fiat has simply gone up in the eyes of the manipulators of it, and maybe the people in general. After all, fiat has been around for a long time. The people aren't going to just drop it as of tomorrow. In a land of private property like the USA is, crypto will never really be gone. The fiat Ponzi will destroy itself like all Ponzi's do. Then it will be other money: crypto, land, gold and silver, barter, etc. As long as we have modern communications, crypto will always be the most important money.

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