I wonder where the money comes from that funds this price.
I'm very afraid that people who should know better, like pension funds, start buying this crap, in search for any return.
This game of musical chairs will come down eventually.
I'm very afraid that people who should know better, like pension funds, start buying this crap, in search for any return.
This game of musical chairs will come down eventually.
The comment I originally replied was basically saying we know it has real value because people have valued it for a decade. That isn't a convincing reason.
We've been in a massive credit bubble for well over a decade, we saw it wiggle a bit in 2008, but we're still deep in it. Just because these insane illusions are able to maintain themselves for absurdly long periods of time doesn't make them real.
What we've seen is capital desperately seeking to find a new source of value to exploit, perpetually failing to do so and getting ever more delirious in its search.
We've also seen a massive liquidity pump (aka money printer), so it isn't just credit.
Unlike stocks that have to justify valuations with financial metrics, BTC has no such obligations and remains a peg against the massive liquidity influx.
Sounds like your opinion. Not seeing much in the way of justification.
Here's to hoping you've shorted Bitcoin hard.