An observation:
Last March/April, during the media coverage, my friends and family were interested in hearing about bitcoin, but not a single one took the next step and purchased any.
But now, upon hearing about the recent run-up, three people in my network are making small purchases. They are starting to believe there's really something to it.
Last March/April, during the media coverage, my friends and family were interested in hearing about bitcoin, but not a single one took the next step and purchased any.
But now, upon hearing about the recent run-up, three people in my network are making small purchases. They are starting to believe there's really something to it.
So, its a bubble?
What would make you think that?
When people start buying in to something because the price is going up, to me.. that sounds like a bubble scenario.
I also suspect the mentality of those who were interested last time round but did not participate are not the light/wishful-thinking/ignorant hands that bought with expectation of an easy return then panicked and sold. Even from the little information we have here to make an assessment of the potential impact of these people I'd guess they're more impressed, not by the fact it went up so far last time but that it didn't crash and burn afterwards and that after a few months of relatively stable recovery, looks like it is going up again.
Personally, I am a lot more confident now than at the April rally that the serious downside risk i.e. price close to zero is dissipating by the day. Where it goes in the meantime is anyone's guess - my guess for the time being being up!