The crowd who recently claimed that GameStop was going to $1,000 (currently at $45.53) are now boldly calling for Bitcoin to go to $100,000.
Isn’t that special?
Please don’t misunderstand my sarcasm here.
Bitcoin has seen a meteoric rise recently blowing through the $50,000 level with endorsements from some major players.
Notice I said “endorsements” and not purchases…with the exception of Elon Musk.
And at that time, Bitcoin had recently skyrocketed from $1,047.56 to $19,148.73 in a few short months.
But we did say that cryptocurrencies were here to stay.
BTW, after breaking the milestone $19,000 barrier in 2017, Bitcoin dipped and didn’t get back above that price until November 2020.
Bitcoin to $1,000,000
Also, back then, the Court Jester of Wall Street (CNBC correspondent Jim Cramer) said “Bitcoin may hit $1 Million dollars.”
And we wrote about that as well (HERE).
In fact, if you want to read any and every article we’ve written about Bitcoin, just go to our homepage (HERE) and type Bitcoin in the search bar (Upper right-hand corner) and hit ENTER.
And you can get the same results for almost any topic we’ve written about by typing one or two words in the search bar.
Example: Facebook, Goldman Sachs, Elon Musk, Russians, etc.
Most of the articles in our archives are FREE.
But let’s get back to Bitcoin today.
What this crazy rally proves is that Bitcoin is NOT a currency.
It’s an instrument to trade like a stock or commodity.
It’s also showing signs of a “Blow-Off Top” to the upside where you hear the pundits claiming “Bitcoin to $100,000.”
And contrary to popular belief, it’s NOT a store of value.
A store of value does not fluctuate wildly.
But – like GameStop – many investors will stay married to this trade while the boyz in the 1% fleece the 99%…again.
If you’re really interested in true store of value, read GOLD, The Canary in the Financial Crisis Coal Mine is Singing Loudly.
It’s in our February edition of “…In Plain English” (HERE).
Share this with a friend.
And tell them: We’re Not Just About Finance.
They’ll thank YOU later.