Bitcoin has gotten some serious mainstream media attention recently. CNBC has given Bitcoin an entire week of attention, the Wall Street Journal keeps featuring Bitcoin on the front page and in OpEds, and almost every other site is starting to cover Bitcoin too because guess what - that's where the eyeballs are!
Unfortunately, I've noticed some scary side effects from this phenomenon. Most notably, people I would NEVER expect to have any idea what Bitcoin is have started asking my opinion on it. And the reality is, most of them want to know if they should be investing or not - many of these same people haven't invested a dime in their lives!
We're seeing more celebrities mention it, more sellouts like myself attempt to take advantage of the hype and even more outrageous price predictions. We really are partying like it's 1999. But my question to you all is it really like 1999?
I still think we got some steam left in this bubble - a few months at least. I suspect this because I know many people are waiting on the sidelines for a dip. I wonder if it'll pop before an ETF is approved now, while previously my thought was that it'd be roughly 2019 before it popped. I originally thought that if an ETF is approved in 2018, about a year following its approval, we'd see the majority of capital for Bitcoin dry up. At that point, a dip can turn into a correction into a bear market.
However, Bitcoin accelerated way beyond my (and anyone else's) expectations. As such, the probability of the bubble popping next year has greatly accelerated along with it. The timeline for the bubble popping may have just been shortened with all the activity and buzz we've seen lately. On the flip side, it's still mostly a 'buzz' word - not truly mainstream. Most people are just watching it, meaning there is still plenty of capital to attract. What do you think the timeline will be?
And for those still thinking it's not a bubble, even /r/Bitcoin had a pinned thread saying to invest responsibly at $10k saying it's likely a bubble! Coinbase recently did some CYA to protect themselves from lawsuits too. And expect more companies to do that in the near future as well.
Let me know your thoughts in the comments below.