I think the concept is great, no Govt or central bank control or manipulation of fiat currencies and exchange rates for individual country import or export competition. But with something that is backed by nothing it seems strange. When it hit $1200 past the price of gold, I was amused. Then took note. It’s gone way above that obviously this past year now at $8600. Last I checked. Those that owned it for several years might be smart to sell some and speculate only with their gains. Its popular and plenty of people are buying into the trend. Just because something is popular, does not confirm its great, it simply means peer verification of “we are all in this together”. There are people still buying Google and Amazon stock now at their heights too. If you have extra money, and are the type of person who gambles or likes to play blackjack in Vegas, great, its for you. If not, don’t. Some people don’t remember when gold shot up many years ago, then came back down and sat at $300-350 for years. Some people don’t remember the rise and fall of the .Dot craze, the only ones that do with fond memories cashed out beforehand. The dutch Tulip craze was mentioned in the article too, Google that.
The concept of the blockchain is really interesting for other applications. Rather than look at overnight millionaires who sold during the peak of dotcom, look at the old money.
Does anyone know if Value investors like Warren Buffet are buying any bitcoin?
