The market is finally showing some weakness after a wild post-election stock market run-up, and it's taking Bitcoin with it. At least so far.
Three years ago, Bitcoin was under $400, a price I thought was too high even then. As far as I'm concerned, Bitcoin has no intrinsic value and should be worth nothing. So why does anyone think it's worth thousands (and in some cases, millions) of dollars?
It's the theory of false scarcity. There are a limited number of bitcoins in the world and the usage of blockchain technology has assigned the ownership of each coin to specific wallets owned by individuals. So to take "ownership," I have to use the universal blockchain mechanism, accepted by all as valid, to transfer a coin.
I really think bitcoin is not bubbling, you can see that after reaching the $ 20,000 mark, bitcoin prices are constantly falling and still holding above the $ 6000 mark. These are very positive signals, you can see that with just $ 200 billion, the bitcoin price is very easy to shark can pump, so I believe that this time you should only invest in short bitcoin, the market is still very hard to guess.