bitcoin crypto

Bitcoin Rallies Again, Is Up A Lot This Week Because People Are Still Stupid

Don't forget, it's a "disease."

Bitcoin was at it again early Friday, climbing something like $350 in the space of a couple of hours, rising above $8,100.

This comes on the heels of Thursday morning’s truly absurd ascent that saw prices spike more than $1,000 in minutes.

Bitcoin

Who knows what’s behind this, but whatever it’s worth, Fundstrat’s Tom Lee (more on Tom’s Bitcoin calls here), said three things could be behind the rally:

  • Santander’s idea for a payment application based on blockchain
  • tax-related selling being nearly at an end
  • short squeeze

Whatever, Tom. Some suspect the apparently imminent arrival of George Soros onto the scene (he’s given the approval for his family office to trade digital assets just months after calling them a bubble) might also be causing shorts to get cold feet.

In any event, Bitcoin has had a great week along with the rest of this hopeless bullshit:

Coins

Don’t forget, it’s a “disease.”

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5 comments on “Bitcoin Rallies Again, Is Up A Lot This Week Because People Are Still Stupid

  1. sun burnt says:

    just wait for the volume to drop & then short again. check volume at coinmarketcap.

    it’s most likely just whales pumping at an opportune time. china talking a devalued yuan, soros, and now it’s Sharia Law approved!

  2. […] Someday, the chickens will come home to roost with these fake currencies. Of course, most governments have debased their own currencies since the gold/silver standards for backing them were abandoned. For thousands of years, precious metals have been the means in which to exchange goods and services from one village or country to the next. You can’t carry a cow under your arm to trade it for a bunch of chickens or vegetables for your soup, and this is what created the wealth of nations and prosperity for the citizens. One of the stock market ‘Gurus’ that I follow has an interesting blog post out today on this matter. Here is a link to it: People are still stupid […]

  3. Bill Printon says:

    Idk if you posted that pingback non sequitur sun burnt, but I that has nothing to do with “shorting” cryptocurrency which is by and large not possible. With very few exceptions: futures, exchanges that allow leveraged trades. All of which carry there open substantial extra risk. But hey if you want to short some of my BTC let’s write up a smart contract on Ethereum and getter done

    • Bill Printon says:

      *Apologies for my sausage fingers mobile typing.
      **Ethereum, which could enable you to set up your shorts independently, is another completely worthless crypto that does nothing

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