[2018-11-28] Bitcoin is a Bubble. But It Won’t Burst For Long - Akke Svenson, Ra

[Vladdirescu87]

On Monday, November 27, Bitcoin has gone too far, touching another all-time high at $9,640. And it looks like it’s not the end.

Greed and Rush

Cryptocurrency has gained more than 870% during the year, and now the key question – whom or what can stop the process? Bitcoin’s sharp move higher only supports the speculative demand for the asset, despite the growing speculations on the nearing bubble burst.

The fear of missing out is driving the mass desire to buy cryptocurrency. Those who didn’t believe in Bitcoin at first sight are gradually changing their opinion. And those who saw their friends earning good money on the cryptorush want to jump aboard the leaving train and join the market en masse.

Consensus Omnium

The constantly popping up news confirming the cryptocurrency’s status at well-recognized marketplaces is an additional driver of people’s interest.

For example, CME Group, the largest North American derivatives marketplace, offering the widest range of futures and options products and uniting commodity exchanges of Chicago and New York, has recently announced plans to launch Bitcoin futures. It is practically the acknowledgement of crypto assets potential by behemoths of the market.

Besides, there are interesting data on crypto assets global expansion. Bitcoin is already an official means of payment in Japan. Moreover, the number of companies accepting cryptocurrency as payment has grown by 12% during the period from August to October!

https://coinidol.com/bitcoin-is-bubble/

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[Taki]

Bitcoin can be seen as a bubble only with the "help" of those people who are trying to earn money on it's uncontrolled nature and people who still do not about botcoin that much. I faced with some of sites who suggest to become millionaire with bitcoin, but you need to join a friend and pay some fee to participate. I know it is a simple scam, but there are people who joined. So, while you use bitcoin without any mediators you will never loose.

[sindikat]

For me bitcoin is not a bubble. It is a whole ideology that has a financial interest. If you just say that people stopped trusting the government. By using bitcoin they can build a new more equitable economy. No matter how much it will cost bitcoin. It is important that every person could use bitcoin to have a decent salary. Let bitcoin is worth $ 1,000, but people in any country will make 2,5 - 3 bitcoin in a month.

[J. Cooper]

The fear of missing out is driving the mass desire to buy cryptocurrency. Those who didn’t believe in Bitcoin at first sight are gradually changing their opinion. And those who saw their friends earning good money on the cryptorush want to jump aboard the leaving train and join the market en masse.

I have conflicting opinions on whether we've approached a stadium we can can bubble-worthy. Price wise I don't think we've hit the top yet but the timespan in which we've accomplished these price points is completely outrageous. I also start to recognize bubble characteristics all around me, earlier today when I was in the gym I heard two guys talking about bitcoin. Yesterday bitcoin was mentioned on my local radio when it hit $10,000. But I think the people who start to invest and feel the FOMO are just opportunists trying to make a quick buck.

[richardsNY]

Everyone is entitled to their opinion, and someone considering current market to be a bubble isn't different. I actually understand that people at this point consider this market to be a bubble, and especially those who don't understand what exactly gives Bitcoin its value. It's impossible to ignore that people go nuts on Bitcoin right now, resulting in blind panic buying in the hope that this market increases further. Once people wake up and see how this extreme short term growth isn't sustainable, this market will tank badly, that's for sure. From there it's just waiting for that moment -- it might happen this week, or somewhere in the next year.

[buwaytress]

The fear of missing out is driving the mass desire to buy cryptocurrency. Those who didn’t believe in Bitcoin at first sight are gradually changing their opinion. And those who saw their friends earning good money on the cryptorush want to jump aboard the leaving train and join the market en masse.

Yeah, for the first time, I'm actually agreeing that there are a lot of people entering the market on grounds of FOMO. Just seeing some of the questions on Quora and even Instagram now - previously scant on crypto questions, everyone is asking where to buy it, or should I buy it now. So yeah, people have woken up and the coffee's not just strong, it's being splashed into their faces.

I have conflicting opinions on whether we've approached a stadium we can can bubble-worthy. Price wise I don't think we've hit the top yet but the timespan in which we've accomplished these price points is completely outrageous. I also start to recognize bubble characteristics all around me, earlier today when I was in the gym I heard two guys talking about bitcoin. Yesterday bitcoin was mentioned on my local radio when it hit $10,000. But I think the people who start to invest and feel the FOMO are just opportunists trying to make a quick buck.

Also agree. I  think it's hard to ignore the symptoms at this price levels. Yes, percentage wise, Bitcoin is just following its trend, but we're talking about a lot of money here. I'm not saying I've moved over to the "Bitcoin is a bubble" camp at all, but I do think this is plain overheating, with a burst not equalling an end-all situation.

Feeling the breeze and enjoying it, but well strapped in for the bend ahead.

[Rahar02]

For example, CME Group, the largest North American derivatives marketplace, offering the widest range of futures and options products and uniting commodity exchanges of Chicago and New York, has recently announced plans to launch Bitcoin futures. It is practically the acknowledgement of crypto assets potential by behemoths of the market.

Besides, there are interesting data on crypto assets global expansion. Bitcoin is already an official means of payment in Japan. Moreover, the number of companies accepting cryptocurrency as payment has grown by 12% during the period from August to October!

Bitcoin as a bubble still unclear due to the price keep increasing instead of pop and crash.
Millions of dollars have been invested in bitcoin market, more adopters join in and growing number of companies accepting bitcoin as legal payment, especially in Japan. I'm sure that bitcoin price increase significantly in the last few days due to CME group will launch bitcoin futures, big investors are coming and early adopters don't want to miss the opportunity to add more coins to their wallet. In fact, there is no loss if people invest in bitcoin as long as they can wait for a long-term instead of panic sell after bitcoin get corrected within days.

[Marucya]

Bitcoin, of course, has all the signs of a classic bubble: because it has a great demand from people who want to have a good income from the growth of its price, it really grows rapidly in price, which generates a further demand for it. That is, demand leads to an increase in prices, and price growth generates further demand and so on in a circle. There is an ordinary artificial pumping of bitcoins, and this is a normal bubble. Facts are stubborn and they say that bitkoyn is being pumped into the price at the expense of the rush demand for it.

[BigTeeths]

People can really never ignore the historic moment that bitcoin's value is $10 and just keep increasing everyday. Those that are skeptic with bitcoin before are now buying and I'm just waiting for international news tv like CNN to focus on tackling bitcoin to make the price go further.

[honeyb0y]

It is a bubble that no one would let to burst. Imagine how many people already invested in bitcoin would those people let bitcoin burst. They already invested a lot on it and they don't want to lose all those investments. And there are people who are just waiting for the price to crash and will eventually invest on it. As long as the block chain technology remains uncompromised then it will not burst.

[J. Cooper]

I have conflicting opinions on whether we've approached a stadium we can can bubble-worthy. Price wise I don't think we've hit the top yet but the timespan in which we've accomplished these price points is completely outrageous. I also start to recognize bubble characteristics all around me, earlier today when I was in the gym I heard two guys talking about bitcoin. Yesterday bitcoin was mentioned on my local radio when it hit $10,000. But I think the people who start to invest and feel the FOMO are just opportunists trying to make a quick buck.

Also agree. I  think it's hard to ignore the symptoms at this price levels. Yes, percentage wise, Bitcoin is just following its trend, but we're talking about a lot of money here. I'm not saying I've moved over to the "Bitcoin is a bubble" camp at all, but I do think this is plain overheating, with a burst not equalling an end-all situation.

Feeling the breeze and enjoying it, but well strapped in for the bend ahead.

I like your thinking. When we hit $11,000 we all knew it had to come down sooner or later and it did. When I'm writing this we've gone down about 20% an seem to be consolidating around the $9000 mark. So I feel like we've called down the bitcoin bull short term. If we will go lower is to be determined the next couple of weeks.

[Guardian.P]

I do not support such ideologists about the bubble and why the bubble? It seems to me that this money is a long bloated puzir. In addition, he began to slowly but surely lower the air