Friday, March 29, 2013

Stage Set for Surge to $100/BTC

Back when I proposed Bitcoin might hit $100 USD in 2013, I definitely did not expect it could happen within six weeks. 

The media coverage and overall interest in Bitcoin has surged to remarkable levels. BBC, CBC, FOX, Bloomberg, Forbes, CNN, you name it, they've all run Bitcoin stories in the past two weeks.

Tradehill is back, ASICs are flashed up around the world.

There have been 243,000 downloads of the Bitcoin client in the last month.

On March 28th, 4824 users were on the Bitcointalk forums simultaneously, beating the June 19th, 2011 record by over 1000 users.

Bitcoin is now seen as a real alternative to fiat, thanks to the fiasco that is Cyprus.

There's $11 million in open bids on Mt.Gox, and only $2.5 million in asks. The wait list for account verification on Mt.Gox is over 4000 users.

Weekends are notoriously bearish for Bitcoin, but huge bid walls, amounting to over 10,000 BTC above $90 are now in place. 

Is this a bubble, or the next step in a global financial revolution? You be the judge, but if I were you I wouldn't get in the way of this freight train.

6 comments:

  1. I've been a bull since $0.18, but even this is unsustainable. Simply put, it only took tens of millions of buying to get us here. But now that increased valuation has cause there to be people believing they are now wealthier of an aggregate amount in the range of "hundreds of millions" of dollars. When they see a top and want to "lock in gains", the rush to the exit begins.

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    Replies
    1. I hope they do. So I can buy more. Bitcoin is where you actually "lock in" your welth.

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    2. The price is easily sustainable. (The growth rate will obviously have to slow down at some point, at this rate we'll be at 4.5 million per coin in a year.) Repeated large sells clearly show that the demand is easily supporting this price.

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  2. Reddit /r/Bitcoin subscribers- 23,121.
    Avg registrations per day Bitcointalk: 73.5

    BTCMan (chinese community) 1795 members

    Traffic in Russia seems on the up too (334000) .ru results

    ReplyDelete
  3. How stupid do you have to be to think this could possibly not be a bubble. This graph is literally what the picture of a "bubble" looks like in an econ 101 text, where they exaggerate things to make it more obvious. Buy in May or June for $12-18.

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