Content adapted from this Zerohedge.com article : Source
Bitcoin is on a nice run, up 20% in the past few days, testing the 50 DMA.
This is following a bullish projection by Tim Draper.
Now, we get Bob Schiller stating that bitcoin "bubble" could be with us forever.
Ripple up 35%.
he 90% decline, which lasted 405 days, took prices back to Oct 2013, or 1 month prior to Nov 2013 peak. From Oct '13->Nov '13, BTC gained 621% in a month. That year-long decline was a rollback of 1 month of gains.
In other words, BTC this year rolled-back prices similar to what happened in 2014/15.
We might be seeing the same bottom as 2014/2015.
And as CoinTelegraph reports, Nobel Prize laureate for economics Robert Shiller believes that while Bitcoin (BTC) might be a bubble, that doesn’t mean that it will burst and be gone forever, according to an interview on April 13 with CNBC’s Trading Nation.
"I'm interested in [B]itcoin as a sort of bubble. It doesn't mean that it will disappear, that it'll burst forever. It may be with us for a while."
According to Shiller, there is a “part” of the cryptocurrency “fad” or “bubble” that is political, as people that don’t trust their governments may be tempted to invest.
Non-adapted content found at zerohedge.com: Source
to the mooon
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To the other milky way!
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Its amusing that the article states ‘people who don’t trust their governments may be tempted to invest’. Bitcoin was designed by people who didn’t trust/ don’t trust their governments!!
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The last few months have been pretty rough. I like having crypto assets a lot more when they appreciate 20% or more per day.
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Hahaha don't we all. The world isn't all sunshine and rainbows sadly. There will be good and bad times on the way to mass adoption for crypto.
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My feeling is that when the Syrian chemical attack happened, some investors piled into crypto as a sort of digital gold to hedge. They haven't yet cashed out.
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I like your charts of the retraces. 🙌🏼
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It ia very difficult for economics to explain the price rise of bitcoin other than call it a fad that has led to a demand supply imbalance and thus a high price. It is an evolving technology with a definite use case, both as a transactional currency on the internet and as a store of value as price rises with increased adoption.
Any economist, will always back and favour traditional money over a dencentralised currency. After all most central bankers are economists.
Bitcoin is currently a fad for less than 1% of the world population. Clearly, there are more people who trust banks and are not getting into crypto as they feel their money is more secure with a centralised counterparty.
A bubble that lasts forever, isnt really a bubble. Goes against the very definition of bubble.
Bitcoin will go to the moon. Adoption is inevitable and so are higher prices.
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I am always hopeful for this.
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You got a 88.91% upvote from @postpromoter courtesy of @zer0hedge!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
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@zer0hedge Bitcoin is about to push towards the $9,000 mark on a confirmed breakout
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Whenever BTC goes down, it will definitely bounce. That's given and I don't understand why many are still not getting that trend. It's good to be reminded of possibilities. Thanks for that @zer0hedge.
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More and more people realize they can suppress the crypto world
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BTC will be around for a long time. Any attempt to impede its growth is fortuitous.
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