Bitcoin stands at $8697 and has hovered around $8550 for the last twelve hours. This has been the softest the cryptocurrency market has been since last summer. Prices are still higher than they were at Thanksgiving time last year, yet coming down from highs around $19,500 the market doesn’t feel optimistic. Broadly speaking the market has been plagued with bad news of late. Governments are cracking down on cryptocurrency ICO’s, exchanges with bad trading practices are in the news and Facebook has put a ban on all crypto ads. The billions pouring into cryptocurrencies in hopes of making a fast buck have exited. The entire cryptocurrency marketplace has fallen in lockstep with Bitcoin.
Yet, I can’t help but think what the naysayers that appear daily on Bloomberg and other financial talk shows speaking of Bitcoin going to zero and the “biggest bubble in human history,” are going to say when Bitcoin emerges from this episode in fine fiddle and goes on to bigger things. It is easy to see who understands what Bitcoin offers and who is clueless.
Bitcoin’s a bubble made of mylar, not soap.
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