Just five days after diving 30%, Bitcoin is back near $8,000, no worse for wear after a truly harrowing plunge erased some $35 billion in market cap as “investors” abandoned ship in favor of bitcoin cash.
But true to form, it’s bounced back – and “big league.” Have a look:
There you go – no problem. What’s a 30% declines among friends, right?
“My sense is that today’s rally is driven by a resurgence in interest and viability for the SegWit2x hard fork,” Spencer Bogart, head of research at Blockchain Capital, told Bloomberg on Friday, adding that “despite the fact that it was called off, there is still some group of people that will follow through with the intended fork.”
Whatever, Spencer. Meanwhile, Thomas Peterffy has joined the ranks of those who believe the upcoming launch of Bitcoin futures needs to be very carefully orchestrated lest the move should end up imperiling the entire U.S. economy. As we detailed on Thursday, Peterffy penned an open letter to Christopher Giancarlo essentially warning the CFTC chairman to quarantine anything to do with cryptocurrencies. Here’s an excerpt from the letter for those who missed it:
…if the Chicago Mercantile Exchange or any other clearing organization clears a cryptocurrency together with other products, then a large cryptocurrency price move that destabilizes members that clear cryptocurrencies will destabilize the clearing organization itself and its ability to satisfy its fundamental obligation to pay the winners and collect from the losers on the other products in the same clearing pool.
Also on Thursday, Katsunori Sago, CIO of Japan Post Bank, said Bitcoin should be trading at around $100 – so just “slightly” below where it is now.
Sago called the Bitcoin craze “far worse” than the dot-com bubble. He did say that blockchain may indeed be the future, but quickly added that’s “years away, possibly more than a decade — so there’s no need to buy bitcoin now.” Your best bet, he concluded, “is to stay away from it.”
But not everyone agrees with Sago. For instance, take world-renowned finance gurus “Forever In Your Mind”, who stopped by “Cheddar” on Thursday to regale whoever watches “Cheddar” with their thoughts on the crypto universe. To wit:
— Cheddar (@cheddar) November 16, 2017
Right. You’ve got to love how that conversation begins with “I know a lot about Bitcoin” and yet by the end of it, it is abundantly clear that literally none of those five people know anything at all about Bitcoin.
But who you gonna believe, right? Old fogies like Dimon and Peterffy or these guys?…