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The sizable year-end move in bitcoin is giving some investors in the space a flashback to the big run-up seen in 2017. Bitcoin prices surged to $17,000 by mid December 2017, only to plunge to $3,100 or so a year later as speculators were crushed under the weight of their own greed and a raft of unfriendly news.
But industry pros say this time is different because of newfound institutional demand for bitcoin. The buying, pros think, only supports the view of bitcoin as a credible alternative to fiat currencies.
https://finance.yahoo.com/news/are-bitcoin-prices-headed-to-500000-191349207.html
Comment:
We never see a bid or ask. Is it thinly traded like Futures contracts and penny stocks? Or is it actually a BIG cap like big enough for big pig ETF and Gov’t demand? Lets face it. The gov’t has created ETFs and Futures contracts that drag income or demand away from physical gold. Do they have a phone number? Customer Service?
So it stands to reason Bitcoin is just another computer thing to gamble on. And who’s the biggest best pal or gov’t partner called “institutional demand” and “institutional seller”? Who plays the futures market? Goldman Sachs? JP Morgan? So its likely THEY are bidding up the bit coin with Instant Dollar Mix. LOL
I’m actually optimistic for the US Citizen future after we go thru briar patch. We are seeing signs that the ruling class is failing, because their fake system is worn out. With all their bashing of Gold its still above $1800/oz.
Who cares if the lemmings and suckers all buy bitcoin and gold goes up slower? And if the big winners sell bitcoin on the highs (increased money supply) and they’ll have a lot more monopoly money to plow into Gold. And it all backfires on the banks?