Speculator right now having an unrealistic view of the market.
If you buy bitcoin at $590, how much further do you think it will go up?
No one knows. My guess: another order of magnitude.
Unrealistic view of the market? I'm sure there are worst times to buy than at the onset of rapidly increasing merchant adoption, acceptance from U.S., British, and European regulators, and most importantly before the launch of the first ETF's and investment funds.
Or maybe it's a bad idea to invest in an asset that most laymen view as complex and difficult to obtain and secure shortly before easily accessible investment vehicles are made available to the masses.
