[2013-10-20] Bitcoin Breaks 1000 CNY, Rally Continues

[LiteCoinGuy]

Bitcoin Breaks 1000 CNY, Rally Continues

The Bitcoin price has been shooting up quickly in the last few weeks, a movement that has surprised many especially since most predicted that the Bitcoin price would fall below $100 or even $50 following the demise of Silk Road.

http://bitcoinmagazine.com/7615/bitcoin-breaks-1000-cny-rally-continues/

[p2pbucks]

it's just the beginning 

[imrer]

I wonder how high we're going... What do you think?

[LiteCoinGuy]

no one knows. its a big worldwide experiment. be prepared for drama and chaos, like gavin said 

[TraderTimm]

My guess is we get another hyperbolic rally, possibly ending in the quadruple digits - before slamming back down and settling in the 250 - 300 range.

Going by the prior multiples we've experienced in other exponential scenarios.

[LiteCoinGuy]

Bitcoin price soars to highest level since April bubble

China

“I think the price increase has definitely to do with the increase in trading volumes in China,” said Bobby Lee, CEO of BTC China.

He went on to say his company has witnessed record trading volumes over the past two weeks as people living in China really start to embrace digital currency.

“More and more people in China are buying (and trading) bitcoins, so it is natural that prices would go up as a result,” Lee added.

Mark Murphy, executive vice president of communications at SecondMarket, which facilitates investment in Bitcoin Investment Trust, said he’s not sure whether the price will continue to fluctuate, but is convinced that the adoption rate of bitcoin will continue to increase. “This could result in higher demand and a higher price,” he concluded.

http://www.coindesk.com/bitcoin-price-soars-highest-level-since-april-bubble/

[BTCLuke]

The price of bitcoin is where it is at thanks specifically to bitcoin being the world's first International currency. This week proves it, as we've seen surges in BTC-CYN as the BTC topped 1000 Yuan each, and then shortly afterwards in Russia BTC hit 5000 Rubles each. Next up? USD at $200.

Which currency has a psychological number after that? The Euro at 150? How about the Rupee or the Argentinian peso?

We're going to keep benefiting from these global psychological bumps like no other currency will. Enjoy the ride, boys and girls!

[NewLiberty]

China can blow a pretty big bubble.  They have no way to invest outside the country, are pretty much limited to property and a few financial services.  Property is already way overbought and funds the regional provincial governments.  There are some 60 million speculative bought and unoccupied houses in China.
http://www.cbsnews.com/video/watch/?id=50142079n
Business districts and skyscrapers...


If even a little of the air in that bubble moves into Bitcoin, it is going to be something pretty amazing ahead.

We have seen nothing like this.

[viboracecata]

Congrats

[Le Happy Merchant]

it's just the beginning 

Scary and exciting.