Bad news has been piling up for bitcoin and with nothing exciting on the horizon now the bull run euphoria hang over could start as price struggles to make new highs. Bitcoin has made a crazy bull run to around $5000 from low the $200's just a few years ago. Will buyers be able to sustain this price range?
China seems to influence price more than anything. Nobody really knows what is going on with China right now.
I for one will be keeping an eye on BTCCNY and Bitcoin China news feeds for clues.
JPMorgan CEO Jamie Dimon recently called bitcoin a 'fraud' and Mark Cuban has called Bitcoin a bubble. Goldman Sachs analysts have even said bitcoin could lose half of its value after rising.
The "fundamentals"
Bitcoin could be a mirage like Warren Buffett has said. He has compared it to money orders in the past but Bitcoin is not even a good money order system because you have pay fees to buy it and then pay fees to send it. Not only that if you were to buy it to purchase something it could lose 5 percent or more by the the time you move it and then now you don't have enough to buy whatever it was you were going to buy. People mainly still buy bitcoin hoping to get rich and this alone is scary because once price turns they will most likely rush for the exit causing a massive crash.
Has bitcoin went mainstream? Early adopter phase could be over.
I heard people that are not tech savy at all mention bitcoin as it broke $4000 from reports on cable news.
Though The ones I talked to said they had no intentions in buying any because they were warned by others to stay away.
Even if bitcoin has gone mainstream there is still not much you can do with it as a currency Also, other alternatives have been making inroads in payments while discussion about bitcoin revolves around price.
Disclaimer
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
China seems to influence price more than anything. Nobody really knows what is going on with China right now.
I for one will be keeping an eye on BTCCNY and Bitcoin China news feeds for clues.
JPMorgan CEO Jamie Dimon recently called bitcoin a 'fraud' and Mark Cuban has called Bitcoin a bubble. Goldman Sachs analysts have even said bitcoin could lose half of its value after rising.
The "fundamentals"
Bitcoin could be a mirage like Warren Buffett has said. He has compared it to money orders in the past but Bitcoin is not even a good money order system because you have pay fees to buy it and then pay fees to send it. Not only that if you were to buy it to purchase something it could lose 5 percent or more by the the time you move it and then now you don't have enough to buy whatever it was you were going to buy. People mainly still buy bitcoin hoping to get rich and this alone is scary because once price turns they will most likely rush for the exit causing a massive crash.
Has bitcoin went mainstream? Early adopter phase could be over.
I heard people that are not tech savy at all mention bitcoin as it broke $4000 from reports on cable news.
Though The ones I talked to said they had no intentions in buying any because they were warned by others to stay away.
Even if bitcoin has gone mainstream there is still not much you can do with it as a currency Also, other alternatives have been making inroads in payments while discussion about bitcoin revolves around price.
Disclaimer
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.