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And while we have no idea what’s driving this price up, down, or sideways each day, we certainly can speculate:

Is it the (now) 13 million active accounts on Coinbase driving demand? Charles Schwab only has 10 million. 

Is it Japan putting its finger on the crypto-trigger? 60% of Bitcoin is now traded in yen.

Is it hedge fund manager Mike Novogratz predicting the currency would hit $10,000 last month? He and his $500 million new crypto fund might agree.

For now, we’ll just strap in and enjoy the ride.

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There was a time in Holland where the currency was tulip bulbs, and ONE tulip bulb cost as much as a fine house.

From INVESTOPEDIA:

" When: 1634-1637

Where: Holland

How Much: This number is difficult to calculate, but, we can tell you that at the peak of the market, a person could trade a single tulip for an entire estate, and, at the bottom, one tulip was the price of a common onion. (Related: How To Avoid Emotional Investing)

A Happy Accident, a Speculative Bubble

In 1593 tulips were brought from Turkey and introduced to the Dutch. The novelty of the new flower made it widely sought after and therefore fairly pricey. After a time, the tulips contracted a non-fatal virus known as mosaic, which didn't kill the tulip population but altered them causing "flames" of color to appear upon the petals. The color patterns came in a wide variety, increasing the rarity of an already unique flower. Thus, tulips, which were already selling at a premium, began to rise in price according to how their virus alterations were valued, or desired. Everyone began to deal in bulbs, essentially speculating on the tulip market, which was believed to have no limits. 

The true bulb buyers (the garden centers of the past) began to fill up inventories for the growing season, depleting the supply further and increasing scarcity and demand. Soon, prices were rising so fast and high that people were trading their land, life savings, and anything else they could liquidate to get more tulip bulbs. Many Dutch persisted in believing they would sell their hoard to hapless and unenlightened foreigners, thereby reaping enormous profits. Somehow, the originally overpriced tulips enjoyed a twenty-fold increase in value - in one month!

The Risk of Putting Your Life Savings in Flowers

Needless to say, the prices were not an accurate reflection of the value of a tulip bulb. As it happens in many speculative bubbles, some prudent people decided to sell and crystallize their profits. A domino effect of progressively lower and lower prices took place as everyone tried to sell while not many were buying. The price began to dive, causing people to panic and sell regardless of losses.

Dealers refused to honor contracts and people began to realize they traded their homes for a piece of greenery; panic and pandemonium were prevalent throughout the land. The government attempted to step in and halt the crash by offering to honor contracts at 10% of the face value, but then the market plunged even lower, making such restitution impossible. No one emerged unscathed from the crash. Even the people who had locked in their profit by getting out early suffered under the following depression.

The effects of the tulip craze left the Dutch very hesitant about speculative investments for quite some time. Investors now can know that it is better to stop and smell the flowers than to stake your future upon one. "

end quote

We have a Brother here in the Charlotte area that invested in Bitcoin, and lost it all ... and I mean EVERYTHING ... his cars, his home, his business, his "Eldership", his family, and even his sanity.  Last I heard he was destitute and institutionalized, but still alive.


 

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Not all Bitcoin success stories come from some tween in his parents’ basement who “could just tell this technology had potential.”

In fact, there are two who stand out above all else. The Winklevoss twins.

Rejected from Zuckerberg's inner circle with a payday of $65 million, Tyler and Cam threw $11 million on the crypto in 2013. And as of a few days ago, they are now worth over $1 billion. That’s right, Tyler and Cam are the world’s first Bitcoin billionaires.

But their foray into Bitcoin goes past any blind bets. The Winklevii were so hopped up on the tech’s potential, they founded their own trading exchange, Gemini, and were the major advocates behind Bitcoin ETFs and futures contracts. 

You know...those futures contracts that are being listed by the country’s largest derivatives exchanges (CBOE and CME) in the next two weeks?

Impressive, yes. But for the Winklevii, they’re still $68 billion away from catching Zuck.

http://morningbrew.cmail20.com/t/j-l-odkurdd-yhyuhjkhdk-dr/

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Food for thought: If you're wondering whether we're in a crypto bubble, consider LongFin—a small fintech startup that changed its description to a "crypto company" and watched its stock soar 2,600% in a week.

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