Don’t be a fool.
Well, Bitcoin is now down something like 9% from highs hit just a few days ago, underscoring just how volatile things are in the land of make-believe space tokens.
“An understanding of the physical nature of Bitcoin allows us to revisit our previous analysis of the physical characteristics of precious metals, comparing and contrasting them with cryptocurrencies.”
“Dear Jamie. Last week you said a few things about Bitcoin” …
“The dot com bubble had the internet. A constant theme of bubbles is the ability of speculators to shout that dreaded cry “this time it’s different.” Logical arguments against the bubble can then be disregarded as speculators declare that the doubters simply do not understand that the world has changed.”
It’s Friday the 13th…
“For context, Bitcoin’s collapse in value in early September was worse than the collapse in the value of the German mark at the start of the Weimar hyperinflation.”
There’s always tomorrow…
Well unless cross-asset volatility picks up in a hurry, it looks like the irony for JPMorgan is that they might want to consider following Goldman over to the crypto “dark side”…
“My best guess is that in the long run, the technology will thrive, but that the price of bitcoin will collapse.”
“A whole bunch of people are going to lose a lot of money.”
“…to all the Bitcoin fans and crypto-crazies out there, I’ve got good news: I’m siding with you on this one.”
“Still thinking about #Bitcoin.”
“In response to client interest in digital currencies we are exploring how best to serve them in this space.”
“Right now these crypto things are kind of a novelty. People think they’re kind of neat. But the bigger they get, the more governments are going to close them down.”