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« PetroYuan Futures Open - Over 10 BillIon Notional Trades In First Hour | Main | How China Just 'Reset' the Global Monetary System With Gold »

I told you investing in bitcoin was a bad idea

This is a post we spotted by Merryn Somerset Webb on theFT - worth a read.

The cryptocurrency boom is as obvious a speculative mania as markets have ever seen

There goes bitcoin. The world’s most popular cryptocurrency has spent much of the past week in the grip of an old-fashioned crash. Its value peaked just before Christmas at $19,434 per virtual coin. By this week, it had plunged to more like $9,000. Down more than 50 per cent in a month and many, many billions along the way. Bitcoin isn’t the only one to have flipped.

Other well-known cryptocurrencies, Ripple, Ethereum and Litecoin, are having a torrid time too. This will have come as absolutely no surprise to anyone with more than a decade of experience in any market. We have pointed out that the cryptocurrency boom has been about as obvious a speculative mania as markets have ever seen. We have noted over and over that a private crypto can’t ever be money for the simple reason that governments won’t allow it to be — this crash may have been triggered by talk of banning bitcoin trading in South Korea. We have refused to accept the idea that cryptos are somehow like gold — money that isn’t government-sponsored, but is still universally accepted as a global store of value


 gold should have an interesting week with China introducing the 'Yuan" trading as a Petro currency

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