“It was just a short time ago that our little son seemed like an infant. Look at the pictures of him: just mere change on the floor; miniscule satoshi’s to be sure.” Ha ha! That’s what Mr. & Mrs. Bitcoin would be saying today as they looked upon the value of their currency-like son.
The wee-lad of a few cents per coin has grown into a redwood tree! It’s now a hulking mass of “money” all over the place. Last night the price of Bitcoin traded north of $14,000 on one of the most popular crypto-exchanges; however, just a few hours ago it already traded $15,000!
Will it pause before it makes another 100% gain? Or will it just make like a central bank-rigged stock exchange and close slowly but surely higher day after day? Hmmm, one wonders!?
From ZeroHedge we read the following:
One of the regions in the world with the most active Bitcoin community is South Korea where so many Koreans have embraced bitcoin that the prime minister recently warned that cryptocurrencies might corrupt the nation’s youth.
As Bloomberg reports, while neighboring Japan hosts more transactions by some measures, Korea punches far above its weight: In the 24-hour period through Wednesday evening in Seoul, about 21 percent of the world’s bitcoin trades on fee-charging venues involved the Korean won, according to Coinmarketcap.com. The country accounts for about 1.9 percent of the world economy.
As Korean policy makers grow increasingly worried that the mania has gone too far, the nation could become a focus for bitcoin traders around the world. Korea’s top financial watchdog, which briefly roiled cryptocurrency markets with its ban on initial coin offerings in September, said this week that it has “grave concerns” about overheated speculation and has formed a task force with other government bodies to increase supervision.
While it’s unclear what measures will emerge from Korea’s cryptocurrency task force, the government seems intent on acting. The tax authority is considering a levy on cryptocurrency trading gains, Yonhap News reported on Tuesday, while Prime Minister Lee Nak-yon warned last month that cryptocurrencies could become gateways to pyramid schemes and other illicit activity if left unchecked.
Like so many S&P500, Dow, and Nasdaq investors; Bitcoin buyers wonder if there will be a CONTINUATION of the current “Santa Claus” (never-ending) rally? An answer calls out from the mist that says, “Why not? If you just believe and click those ruby shoes together, you can go back to Kansas a mega-winner. So yes Scarecrow, it can go up forever!”
I would buy it too, but I’d rather buy a pull-back. Funny thing is – that never seems to happen in Bitcoin (and centrally-planned equities).