Bitcoin lost a tremendous amount of value recently. I'm very thankful I didn't get involved with Bitcoin. I guess I prefer real cash. Bitcoin bubble burst? Currency suffers dramatic correction
Good question, but in my opinion, no, it is like any other financial commodity, corrections happen on a regular basis, just as we saw yesterday with collapse of gold and stock market, markets get overheated, and that is exactly what we saw with bitcoin. I am still way up over what I paid, and I look long term, so I picked up more while the price is low. Buy low, sell high, same advice in all investments. Good luck to all,
But is bitcoin really a true financial commodity? Does it have any tangible value like gold or like the value/capital of the company backing a stock?
Supply and demand rule, so although not a commodity in the same sense as gold or silver, as example, it still falls into the same category as I see it, but not being backed by anything other than faith is a bit more risky. We saw the wild swings, but we also saw gold and silver get hammered over last few months, and stock market is about to take another hit as I see it, so investors are looking for other investments like Bitcoin, so time will tell. The real reason Bitcoin even exists is because more people are learning that the almighty dollars strength is doomed due to huge deficits which will never be eliminated, so the dollar is doomed in many peoples eyes, as are the Euros which drive smart investors out of currency markets. Good luck to all,
Bitcoin is simply another, albeit privately operated, fiat currency. It has no intrinsic value at all so it is subject to wild swings as it becomes universally loved or universally hated.
I just looked and the 30 day range of trading goes from $50 to $260....craziness. Lots of people losing their shirts or pocketing big bucks.
