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Guess who just went up 85% in the past 3 weeks and broke through 3 resistance levels? Bitcoin, that's whom.
Why is Bitcoin going up you ask? Honestly, from my perspective a whole bunch of speculation and irrational exuberance. We've had many periods in the past year of good news for bitcoin, but the price hardly budged. In fact one of the jokes in the bitcoin community this past year or so was that every time there was good news the price would go down.
That said, here's some recent news:
1. ZeroCred says tightening of capital controls in China is driving people to alternative ways to take their money out of China. If this is the case, it's a minuscule amount of people doing this, because even if 1% of the elite in China moved 1% of their net-worth into bitcoin, it would be several thousands of $$ right now, not a mere $400. That said, the 2 out of 3 largest bitcoin exchanges in china currently account for 85% of all bitcoin transactions. So something is definitely going on in China.
2. An ex-Russian Con has started a Global Ponzi scheme with "MMM", which includes Russia, China and India. One of the requirements to get into the Ponzi scheme is to buy some special credits with Bitcoin. News: https://www.google.ca/#q=mmm+ponzi+scheme&tbm=nws
3. The Western financial world is awash with #blockchain news articles. Guess what? There is no actual standard blockchain protocol being used by financial institutions, bitcoin is it for now. NewS: https://www.google.ca/#q=%23blockchain&tbm=nws
4. Last week, the EU ruled that Bitcoin was a currency and not subject to VAT. That's good news for 400 million potential buyers ;-) News: https://www.google.ca/#q=Bitcoin+VAT
5. The Facebook Winklevoss twins launched their own Gemini bitcoin Exchange, giving some increased credibility to Bitcoin. News: http://www.coindesk.com/bitcoin-exch...mini-new-york/
6. Speculation
7. Speculation
8. Irrational Exuberance!
Haven't you heard? "Bitcoin to be major reserve currency by 2030!" - CNBC LOL!!!!!!! http://bit.ly/1XMROA9
Got Bitcoin? ;-)
Why is Bitcoin going up you ask? Honestly, from my perspective a whole bunch of speculation and irrational exuberance. We've had many periods in the past year of good news for bitcoin, but the price hardly budged. In fact one of the jokes in the bitcoin community this past year or so was that every time there was good news the price would go down.
That said, here's some recent news:
1. ZeroCred says tightening of capital controls in China is driving people to alternative ways to take their money out of China. If this is the case, it's a minuscule amount of people doing this, because even if 1% of the elite in China moved 1% of their net-worth into bitcoin, it would be several thousands of $$ right now, not a mere $400. That said, the 2 out of 3 largest bitcoin exchanges in china currently account for 85% of all bitcoin transactions. So something is definitely going on in China.
2. An ex-Russian Con has started a Global Ponzi scheme with "MMM", which includes Russia, China and India. One of the requirements to get into the Ponzi scheme is to buy some special credits with Bitcoin. News: https://www.google.ca/#q=mmm+ponzi+scheme&tbm=nws
3. The Western financial world is awash with #blockchain news articles. Guess what? There is no actual standard blockchain protocol being used by financial institutions, bitcoin is it for now. NewS: https://www.google.ca/#q=%23blockchain&tbm=nws
4. Last week, the EU ruled that Bitcoin was a currency and not subject to VAT. That's good news for 400 million potential buyers ;-) News: https://www.google.ca/#q=Bitcoin+VAT
5. The Facebook Winklevoss twins launched their own Gemini bitcoin Exchange, giving some increased credibility to Bitcoin. News: http://www.coindesk.com/bitcoin-exch...mini-new-york/
6. Speculation
7. Speculation
8. Irrational Exuberance!
Haven't you heard? "Bitcoin to be major reserve currency by 2030!" - CNBC LOL!!!!!!! http://bit.ly/1XMROA9
Got Bitcoin? ;-)
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