Bitcoin Bounce Continues, Shiller Says Cryptos "Could Be With Us Forever"
Content adapted from this Zerohedge.com article : Source
Bitcoin is on a nice run, up 20% in the past few days, testing the 50 DMA.
This is following a bullish projection by Tim Draper.
Now, we get Bob Schiller stating that bitcoin "bubble" could be with us forever.
Ripple up 35%.
he 90% decline, which lasted 405 days, took prices back to Oct 2013, or 1 month prior to Nov 2013 peak. From Oct '13->Nov '13, BTC gained 621% in a month. That year-long decline was a rollback of 1 month of gains.
In other words, BTC this year rolled-back prices similar to what happened in 2014/15.
We might be seeing the same bottom as 2014/2015.
And as CoinTelegraph reports, Nobel Prize laureate for economics Robert Shiller believes that while Bitcoin (BTC) might be a bubble, that doesn’t mean that it will burst and be gone forever, according to an interview on April 13 with CNBC’s Trading Nation.
"I'm interested in [B]itcoin as a sort of bubble. It doesn't mean that it will disappear, that it'll burst forever. It may be with us for a while."
According to Shiller, there is a “part” of the cryptocurrency “fad” or “bubble” that is political, as people that don’t trust their governments may be tempted to invest.
Non-adapted content found at zerohedge.com: Source
to the mooon
To the other milky way!
Its amusing that the article states ‘people who don’t trust their governments may be tempted to invest’. Bitcoin was designed by people who didn’t trust/ don’t trust their governments!!
The last few months have been pretty rough. I like having crypto assets a lot more when they appreciate 20% or more per day.
Hahaha don't we all. The world isn't all sunshine and rainbows sadly. There will be good and bad times on the way to mass adoption for crypto.
My feeling is that when the Syrian chemical attack happened, some investors piled into crypto as a sort of digital gold to hedge. They haven't yet cashed out.
I like your charts of the retraces. 🙌🏼
It ia very difficult for economics to explain the price rise of bitcoin other than call it a fad that has led to a demand supply imbalance and thus a high price. It is an evolving technology with a definite use case, both as a transactional currency on the internet and as a store of value as price rises with increased adoption.
Any economist, will always back and favour traditional money over a dencentralised currency. After all most central bankers are economists.
Bitcoin is currently a fad for less than 1% of the world population. Clearly, there are more people who trust banks and are not getting into crypto as they feel their money is more secure with a centralised counterparty.
A bubble that lasts forever, isnt really a bubble. Goes against the very definition of bubble.
Bitcoin will go to the moon. Adoption is inevitable and so are higher prices.
I am always hopeful for this.
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@zer0hedge Bitcoin is about to push towards the $9,000 mark on a confirmed breakout
Whenever BTC goes down, it will definitely bounce. That's given and I don't understand why many are still not getting that trend. It's good to be reminded of possibilities. Thanks for that @zer0hedge.