So, today’s that kind of day where there’s a bunch of interesting stuff on bitcoin.

First, there’s this fantastic piece by Josh Brown that sums up a lot of what “investing” in bitcoin right now is like.

For the Bitcoin price to remain at $9,250 it requires approximately US$16,650,000 per day of capital inflow from new hodlers.

That’s a snippet of a quote from a commentary he has in his piece. Together with lots of examples about how some penny stocks have seen an influx of investors just by becoming associated with bitcoin, how the bitcoin mania resembles the dot-com bubble (early 2000s) as well as Thanksgiving-fuelled bitcoin conversations. There’s a lot more where that snippet came from so if I were you, I’d go read the whole thing. (full link here)

Anecdotally, I shared something about bitcoin on facebook with the caption saying how the new wave of people with some money to buy into bitcoin are probably too young to remember what the last crash looked like. A former student who’s now serving his National Service (NS) commented saying how half his bunk is already in bitcoin and that one of them is a trader of cryptocurrencies and is saying that “the price will never go down”.

Now, we just have to wait till the mainstream media* picks up stories of how 20-something-year-olds have “helped” their parents “invest” their entire life savings in bitcoin.

 

*You know it’s too late to join the party when the mainstream media puts it on their front page. In 2007, there was a story of how a university student was making tons of money and helped his family invest their life savings. Subsequently, he lost it all. Personally, I saw many others like the student in the story when I was at the university in late 2007.

 

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