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Bitcoin Hysteria

I am not going to lie, I am enjoying the entertainment.  I guess I would be enjoying it more if I earned a 1,000% return in a bit over a quarter’s time, but I am still having a good time.  As President Obama would say, “let me be clear…” this is not an indication that fiat currencies are going away.  It was only in mid-march that the Bitcoin started to trade consistently above $1 million on a daily basis.  $1 Million is a piece of dust on a miniature fly, living in a world that is entirely on a single hair on the back of a dog…in today’s flooded fiat markets.  The highest daily volume was $19.5M so far, which is what Ben Bernanke lights on fire in the 1/100th of a second when his morning alarm goes off.

The only way to describe the current trajectory is exponential:

And I thought $70 was a bubble!

The most amusing thought is that the very central banks that true Bitcoin devotees hate are buying Bitcoins in order to blow it up and destroy the potential alternative market.  Hardly out of the realm of possibility given the dollars/yen/euros/pounds at their disposal.

 

 

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Continuing the Discussion

  1. One Last Gasp | peoples trust toronto linked to this post on May 15, 2013

    […] go hyperbolic indefinitely.  I got a lot of flack for doubting the ability of bitcoin to continue its rocket trajectory, but in all bubbles comes a burst.  The burst is usually more noteworthy than the […]

  2. One Last Gasp | Daddy Fix linked to this post on May 15, 2013

    […] go hyperbolic indefinitely.  I got a lot of flack for doubting the ability of bitcoin to continue its rocket trajectory, but in all bubbles comes a burst.  The burst is usually more noteworthy than the […]

  3. One Last Gasp linked to this post on May 15, 2013

    […] go hyperbolic indefinitely.  I got a lot of flack for doubting the ability of bitcoin to continue its rocket trajectory, but in all bubbles comes a burst.  The burst is usually more noteworthy than the […]

  4. One Last Gasp | Financial Fall linked to this post on May 15, 2013

    […] go hyperbolic indefinitely.  I got a lot of flack for doubting the ability of bitcoin to continue its rocket trajectory, but in all bubbles comes a burst.  The burst is usually more noteworthy than the […]



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