Grab your popcorn, bitcoin approaches $50 in the middle of a runaway expanding bubble and when it pops it’s going to get ugly.
EDIT: It’s crashing now, watch it live here.
If you haven’t heard, bitcoin surpassed it’s previous high of $32 and is very rapidly approaching $50. There really isn’t any reason for the rally over the past week or so besides Kim Dotcom saying he wants a bitcoin credit card for his illegal file sharing service and some dude from the Pirate Bay saying he expects Bitcoins to reach $100,000.
Look at this crazy graph that’s totally normal and sane for a stable currency.
This is not normal. THIS IS NOT NORMAL YOU IDIOTS.
Here’s the recent bubble overlaid over the last bubble.
We’re a few days away from a repeat of the last crash, and it’s gonna be just as bad this time.
Remember when you were a kid, playing with Lego? And you tried to build a giant Lego tower, but you didn’t build a base for it, just stacked Lego on top of Lego until it was all wobbly and fell over.
Let’s look at the volatility over the past hour as bitcoin reaches it’s unsustainable peak and tumbles down.
Wild spikes of a dollar or more, this is the currency of the future folks.
So grab your popcorn folks, it’s about to get REAL good!