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

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

  1. 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. Pingback: Why trading/owning Crypto currencies is for idiots | Musings by Ravo

  3. 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

    • *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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