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I mean significantly as it will always be a little volatile.
Bitcoin is the best performing investment this year.
Love it or not it is here to stay.
Many investors of the more conventional kind are sitting daily waiting for it fall back to around £4,500 before they load up.
However it can only go up further this year. (Unless Elliptic Curve math cryptography can be broken.)
I am small fry and if it falls back I am getting 3 more.
It will test new highs this week I think.
Never has such a rubbish* investment been in such demand.
AJMHO
* as advised to me by many top world bankers.
It will all end in tears
Emperors clothes
That's an odd analogy I think.
The emperor actually had no clothes.
Even Jamie Dimon acknowledges that there is a blockchain AND the bitcoin ALL OF THEM are permanently in the Blockchain.
You can actually view it 100% with a blockchain explorer.
No one could see the emperors clothes.
It'll go up because it is in demand, and it is in demand because it'll go up.
That kind of circular logic is fine when everything is rosy, and while usage of bitcoin is increasing then there's no reason to think it wouldn't continue I guess.
The worry would be what happens when usage plateaus or suddenly drops - will the whole thing come tumbling down like a tower of cards?
I watched Bitcoin plummet, in August I think it was, to below 1,400GBP from around the 2,500GBP mark. Alas, I couldn't get on board at that time for two reasons ... Coinbase would only allow me a weekly debit card limit of 350GBP (I'm allowed 2,500GBP now) and during that price drop I had about 30GBPleft to spend in my Coinbase account.
The other reason was that the Coinbase site suddenly shut down for "maintenance" purposes! It always does this whenever there's a big price drop in Bitcoin, it happens so regularly that it cannot be pure coincidence. Their (Coinbase's) customer service is absolutely appalling! If anyone's in any doubt about the shocking way they treat their customers then just Google "Coinbase Customer Service reviews.
If the cryptocurrency market were regulated then Coinbase would be shut down - it's this complete lack of faith in them that prompted me to move my Ethereum onto my Nano Leger S. I would advise anyone thinking of buying cryptocurrencies to get some form of cold storage and don't leave the keys to your coins on the exchanges.
The biggest Bitcoin exchange in the world at the time "Mt. Gox" got hacked twice and lost over $460 million of customers' Bitcoins.
https://www.wired.com/2014/03/bitcoin-exchange/
In fact, very few exchanges have escaped the hackers.
Another South Sea Bubble waiting to burst.
The demand is there.
An ETF is about to get launched. This is nothing more than gambling on the price of bitcoin.
The proof of what i think is happening is no more than a few days away by 14th November it will either be much higher than it is today 20% higher or I am completely wrong.
AJMHO
Watch this week.
Before City play again we will have the answer.
NEVER INVEST MORE THAN YOU CAN AFFORD TO LOSE.
At the moment it's simply a short-term investment for most holders of Bitcoin. A gamble that their 'stake' will increase in value over the next few months/years.
To continue to flourish, Bitcoin needs to start being taken up as a payment option by Amazon, Tesco, Microsoft, Sony etc. At that point it will be a true mainstream digital currency. Otherwise, it'll fall apart.