Do you think Bitcoin will rise further or that the coin will crash eventually
I’m a bitcoin skeptic and I think that the bubble bursts apart at some point in time. People who have bought a pizza with bitcoin in the past are now crying over the all-time high values of the cryptocurrency coin right now.
Bitcoin is a form of a digital currency. They aren’t printed like dollars or euros but they are produced by people or by businesses running computers using software that solves mathematical problems. For an explanation of bitcoin please follow this link:
It is a manipulated market and bitcoin is the most obvious bubble ever. The most people expect that bitcoin will be lower than $10 000 at the end of the year. However, some people still think that bitcoin will rise and that the coin will end above $25 000. This bitcoin bubble even exceeds the tulip mania from the seventeenth century.
In addition, the transaction costs of bitcoin are also no fun. I made a transaction myself to convert my bitcoin back in Euros and I needed to pay €26.57 transaction costs. If you invest in bitcoin and other cryptocurrencies, you are basically investing in air with transaction costs that are much too high (for bitcoin).
The Bespoke Investment Group makes clear that the pricetrend of bitcoin is much more aggressive than previous stock exchanges around the Internet and real estate companies. These hypes have led to the dotcom crash and the American housing market crash. Big banks and the investment firms have also stayed away from the bitcoin craze.
Here follows a graphic from Koen Hoefgeest which shows us that eventually the bitcoin WILL crash after a couple of going ups and downs.
Have a nice day fellows,
Follow and upvote me please :)
Kind regards Ilona