For the past year bitcoin has been on a tear soaring to new highs. The question is how much of this is based on optimism rather then bitcoins intrinsic value? Bitcoin its self has no intrinsic value. Why bitcoin has no intrinsic value is something worth discussing later. Recently a lot of people has been asking me about botcoin. People who only two months ago had no idea what bitcoin is. Bitcoin has grown and become mainstream. The problem is too many people are jumping on to the bitcoin wagon all at once. The last time something like this occured was in 2014. Too many people were optimistic and buying into an illusion only for the price of bitcoin to collapse. Who knows how high bitcoin will go up. As long as optimism continues to grow on people we could see highs of $3000 or even $4000. All Im saying is be cautious as some of us has seen a high followed by a collapse in the price of bitcoin. Its no different today and who knows when the next crash is coming. Is bitcoin a great big bubble? My answer is yes.
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It's a bubble based upon what I am calling the petro-Bitcoin model. Have a look here for a more detailed explanation
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