When the general public starts doing something like this that’s typically indicative of a market top, but nobody really knows where Bitcoin is heading next.
Bitcoin has gone completely insane. The general public has taken notice of the price action and are now doing things like taking out mortgages to buy Bitcoin. This type of thing is usually indicative of a market topping out.
Bitcoin is in the “mania” phase, with some people even borrowing money to get in on the action, securities regulator Joseph Borg told CNBC on Monday.
“We’ve seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines,” said Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection. Borg is also director of the Alabama Securities Commission.
“This is not something a guy who’s making $100,000 a year, who’s got a mortgage and two kids in college ought to be invested in.”
Bitcoin has been soaring all year, starting out at $1,000 and rocketing above $19,000 on the Coinbase exchange last week. The price on Coinbase, which accounts for a third of bitcoin trading value, is often at a premium over other exchanges.
Of course, Bitcoin could still go higher but we could also see a major correction considering how fast it has gone up. Nobody really knows where this thing is going because there hasn’t been anything like it before.
You certainly don’t want to have everything you own in something like Bitcoin. It is extremely volatile, but it certainly doesn’t hurt to have a solid position in Bitcoin or other cryptocurrencies.
This whole cryptocurrency thing has put a big smile on my face though. A few years ago many of us were forced into the cryptocurrency space because Jews shut us down from using normal payment processors. I’ve been banned from PayPal, GoFundMe, Patreon etc.. As a result of that, we’ve had to deal in Bitcoin for the past few years.
Thanks to the Jews shutting us down they’ve helped make many of us much wealthier than we were before. While it hasn’t made me filthy rich or anything, it’s given me much more flexibility with my life. So much so that I’ve been able to focus much more on my hate speech and shit posting activities over the past few months.