Bitcoin's current price is $5758 and it's market capitalization is over $95 Billion.
One month ago, the CEO of JP Morgan, Jamie Dimon, called Bitcoin a "Fraud" and equated it to the Dutch Tulip bulb bubble of 1637, when tulip bulbs prices rose 20 fold in one month after 3 years of steady increases, then crashed almost overnight. After Dimon's comments and an announcement by the Chinese Government that they would close all domestic Bitcoin exchanges, Bitcoin's price dropped significantly. A few days after his comments, the price of Bitcoin had fallen to just under $3000.
Since then news has been released that JP Morgan purchased as much as 3 million Euro, or about 3.5 Million dollars, worth of exchange traded notes (XBT shares) that track the price of Bitcoin. The purchase of the XBT shares occurred on September 15th, the day Bitcoin's price dipped below $3000 and just 3 days after the JP Morgan CEO bashed Bitcoin.
Now there is speculation that China may reverse it's ban on domestic Bitcoin exchanges. This and other positive news has rejuvenated interest in Bitcoin, and pushed it's price to record highs.
Where will Bitcoin go from here? If the world's governments and finacial leaders would stop trying to kill Bitcoin, we will see continued growth. All this points to one truth, the only "Fraud" in all this may be Dimon.
Until next time...
the future is laughing at us!
Can you blame them?
Good news all over again .
Seems like BTC is gonna make change to many ;)
The BTC future is gonna rock all the stages ;)
I hoping and hodling. Let's see if we do get to the moon.
I don't think it's quite as bad as a tulip mania. But I do believe this is a new-era "Dot com bubble". If you research the dot com bubble you can see the nearly identical similarities.
During the dot com bubble, Amazon, then just an online bookstore, rose from $1.50 to $85 (split adjusted). After the bubble popped, Amazon dropped to under $6. In the late 90s Amazon was every bit as "bubbly" as any other dot com company. Now it's worth over $1000! Is Bitcoin another Amazon or is it just another Flooz?
Very well put. We all wish we had bought Amazon shares at $1.50
I know I wish I had. Heck I would be happy if I had got in after the bubble at $6.
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Big drop today, hopefully gathering support to push to new highs.
Let's hope it moves higher now.
future of bitcoin is always bright
Let's all hope so!
@gregory-f,
This is the best shot that BTC did to the people who called this is a fraud :D I can imagine how JD feels it now :D Great review friend!
Cheers~
Thank you!
Daimon might have bought in after spreading the FUD. I have some bitcoin left to sell. I thought 4500 was the top. I was wrong. I thought 5100 was the top. I was wrong again. Now. I wonder where the floor is.
Daily Learn some new from your post. Love to read it.
Thank you!
haha perfect indeed !!
thanks for searing.
Pull back time