For the record I own zero bitcoin or any cryptocurrency at all. I really could care less what bitcoin or any cryptocurrency does. I am a financial advisor, and found this interesting. I just received an email from a client, woman in her 50s, with very little financial knowledge to say the least, asking me if she can invest in bitcoin through my firm. Also, my wife just tells me that her friend posts on Facebook that her young son asks her if he can use her identity to buy bitcoin as he isn’t old enough. Makes me wonder if a top is near... guess time will tell.
Yeah, I guess kids would be all over this, because it is synonymous with virtual currency (i.e. video games). I was on the phone with my broker today and asked how many calls they have been getting about BTC. He said "thousands per week." A telling sign.
" Bitcoin tops $16,000, and its $271B market value passes Home Depot's" BHP Billiton with a market cap of $96.6 billion Goldman Sachs with a market cap of $92.9 billion Morgan Stanley with a market cap of $89.1 billion Netflix with a market cap of $84.5 billion. the story sounds familiar!
And those odds only increase as the price continues to climb. A friend told me he knows some guy who maxed out his credit cards buying bitcoin.
Unless I’m not thinking about this the right way, I see the biggest problem being how is there not a 100% chance that the US gov, any developed nations Gov., will step in to regulate this because of illegal activities like drug trafficking, money laundering, etc.? Drug cartels have to be loving this. Terrorist groups as well. How would the US gov just not do anything?
The IRS started doing something. https://techcrunch.com/2017/11/29/coinbase-internal-revenue-service-taxation/ I think that's a part of why Bitcoin has risen so fast recently...people don't want to take profits and pay taxes. That and that there's no practical way to short it until the futures arrive which I think might be tomorrow or soon.
gee, that never stopped a stock from taking a steaming crap when the time was right are these people of a different breed of human?