Sunday, December 17, 2017 1:57:44 PM
2018 Crisis in Pictures: Bitcoin—a giant bubble searching for a pin
courtesy-https://www.hardassetsalliance.com
Dear Hard Assets Alliance Member,
I don’t know whether you’re a fan or foe of bitcoin, or somewhere in the middle, but I think this image says it all:
Just mull this over for a second. I’d say it’s pretty clear that this trend cannot continue.
Granted, bitcoin seems like the perfect “get rich quick” scheme. If you had bought $100 worth of bitcoin in 2011, you’d now be sitting on a pile of money—nearly $4 million, to be precise.
However, a lot of bitcoin investors I know—I’m tempted to call them “fanatics”—aren’t selling. They’re holding on to their massive bitcoin gains in the hopes of the cryptocurrency going to $1 million.
They, and the people who are getting in now at the height of the frenzy (which is just about everyone, from college students to preschool teachers and Uber drivers), will likely go down with the sinking ship.
Recently, bitcoin has been reaching new, staggering record-highs every day: $10,000... $11,000... $13,000... $16,000. By the time you read this, these amounts almost certainly will look cheap.
In fact, as I am writing this letter, I keep refreshing my browser window to get the latest numbers. The Bloomberg chart above is the third update I pasted into this email.
This kind of reminds me of certain hyperinflation tales I read—where the currency inflated so fast that if you ordered a cup of coffee in a café, by the time the waitress served you the coffee, the price had already doubled.
The irrational exuberance shows in other ways as well. Cryptocurrency ethereum, for example, launched a kitten trading and breeding game called Crypto Kitties.
A few days ago, the most popular kitties sold for $20,000—as of this writing, they’re now fetching prices of up to $115,000. And, as I said before, by the time you read this, I wouldn’t be surprised to see them trading at half a million or more.
More and more pundits are calling cryptocurrencies a mega-bubble today. And when (not if) it bursts, the sound of the explosion will shake the foundations of the US economy.
Gold and silver, on the other hand, are treated like the red-headed stepchildren these days—which presents us with a great opportunity to load up on the hard assets that will still be left standing after bitcoin and its crypto-peers have gone the way of the dodo bird.
Here at the Hard Assets Alliance, we’re currently putting the finishing touches on a very special holiday deal to sweeten your precious metals purchase. More about this in the next few days.
To golden opportunities,
Olivier Garret
Founder and CEO
Hard Assets Alliance
courtesy-https://www.hardassetsalliance.com
Dear Hard Assets Alliance Member,
I don’t know whether you’re a fan or foe of bitcoin, or somewhere in the middle, but I think this image says it all:
Just mull this over for a second. I’d say it’s pretty clear that this trend cannot continue.
Granted, bitcoin seems like the perfect “get rich quick” scheme. If you had bought $100 worth of bitcoin in 2011, you’d now be sitting on a pile of money—nearly $4 million, to be precise.
However, a lot of bitcoin investors I know—I’m tempted to call them “fanatics”—aren’t selling. They’re holding on to their massive bitcoin gains in the hopes of the cryptocurrency going to $1 million.
They, and the people who are getting in now at the height of the frenzy (which is just about everyone, from college students to preschool teachers and Uber drivers), will likely go down with the sinking ship.
Recently, bitcoin has been reaching new, staggering record-highs every day: $10,000... $11,000... $13,000... $16,000. By the time you read this, these amounts almost certainly will look cheap.
In fact, as I am writing this letter, I keep refreshing my browser window to get the latest numbers. The Bloomberg chart above is the third update I pasted into this email.
This kind of reminds me of certain hyperinflation tales I read—where the currency inflated so fast that if you ordered a cup of coffee in a café, by the time the waitress served you the coffee, the price had already doubled.
The irrational exuberance shows in other ways as well. Cryptocurrency ethereum, for example, launched a kitten trading and breeding game called Crypto Kitties.
A few days ago, the most popular kitties sold for $20,000—as of this writing, they’re now fetching prices of up to $115,000. And, as I said before, by the time you read this, I wouldn’t be surprised to see them trading at half a million or more.
More and more pundits are calling cryptocurrencies a mega-bubble today. And when (not if) it bursts, the sound of the explosion will shake the foundations of the US economy.
Gold and silver, on the other hand, are treated like the red-headed stepchildren these days—which presents us with a great opportunity to load up on the hard assets that will still be left standing after bitcoin and its crypto-peers have gone the way of the dodo bird.
Here at the Hard Assets Alliance, we’re currently putting the finishing touches on a very special holiday deal to sweeten your precious metals purchase. More about this in the next few days.
To golden opportunities,
Olivier Garret
Founder and CEO
Hard Assets Alliance
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