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, bitcoinásurpassedáit’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.

btc-surge

 

This is not normal. THIS IS NOT NORMAL YOU IDIOTS.

Here’s the recentábubbleáoverlaid over the lastábubble.

btc-overlay

 

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 alláwobblyáand fell over.

Let’s look at theávolatilityáover the past hour as bitcoin reaches it’s unsustainable peak and tumbles down.

btc-volatile

 

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!