The family has gone home, the leftovers have been eaten, and Bitcoin is now pushing $10,000.
Bitcoin’s cosmic gains flow on, with prices looking like they could pass the psychological milestone today.
As I write this, Bitcoin hit $9,9731.51 — this just a week after topping $8,000. It’s on fire.
BTC has appreciated by 8.24% in the last 24 hours and is up more than 800% on a year-to-date basis.
It traded $5.4 billion worth of coin yesterday, and it’s being reported that 100,000 new Coinbase accounts were added over Thanksgiving weekend.
What fun!
Back in May of 2016, I recommended Bitcoin in my newsletter Bubble and Bust Report. At the time I quoted Andreas Antonopoulos from the Bitcoin & the Blockchain Summit:
You put an open, decentralized ecosystem: open source, open standards, open networking and the intelligence and innovation pushed all the way to the edge — put that against a closed system, controlled by a central provider, whose permission you need in order to innovate and who will only innovate at the exclusion and competition of all of the other companies — and we will crush them.
Free markets tend to win out if the nanny state stays out of the way. The jury is still out on whether cryptos are going to crush the centralized monetary system. After all, half the world is a middleman, and they don’t like being cut out. But it sure is interesting to watch.
As I said, I first recommended Bitcoin at $449 and Ethereum at $96 — 2,060% and 404% gains, respectively.
I wouldn’t buy today, but I will continue to hold. There will be a winner with blockchain, just as there were winners in the aftermath of the dot-com bubble. Amazon was a winner, but it lost 95% of its value by 2002. Not many bought Amazon at the lows. The time to buy was in 2002–2003, not in November of 1999.
Rebranding as Bitcoin
Another sign of a looming top is when companies start rebranding themselves to latch onto the market hype. It happened before with nanotech and dot-coms. You take a Vancouver shell company, ditch the biotech or gold name, and reinvent yourself as a blockchain company.
This is what Blockchain Inc., formerly known as BiOptix, has done, and the share price was rewarded.
Another one, 360 Blockchain, formerly known as 360 Capital Financial, went up 300% after jumping on the crypto bandwagon.
And, of course, there are plenty of people to say this time is different. Of course it’s different. The internet was different as well. It changed the world. Along the way, it made fortunes, destroyed them, and made them again.
Maybe Bitcoin $10,000 will be the breakthrough that sends it to $40,000. Or maybe that will mark the top forever. I don’t know; neither do you or anyone else. But I do know to let your winners ride.
All the best,
Christian DeHaemer
Check us out on YouTube!Christian is the founder of Bull and Bust Report and an editor at Energy and Capital. For more on Christian, see his editor’s page.
