This reminds me of the 1st bubble in 2011. People are just going crazy right now. I have seen many posts and chatroom comments of people saying that bitcoin will be going to 1 million USD in a year.
At around that time we were in the first bubble was when I learned about bitcoin. I even got the same ideas about becoming rich etc. I was smart and knew it was way overpriced so I didn't buy. It eventually went from around $30 to $2.00.
Since it is very difficult to buy bitcoins if you are just coming into the market now, I can't see how new money is supporting the price. People are probably just riding it up and holding but as soon as the price starts to fall everybody will be cashing out hard. The price could then drop from like $800 to under $400 without anyone being able to sell their coins. I have seen these kinds of drops.
At around that time we were in the first bubble was when I learned about bitcoin. I even got the same ideas about becoming rich etc. I was smart and knew it was way overpriced so I didn't buy. It eventually went from around $30 to $2.00.
Since it is very difficult to buy bitcoins if you are just coming into the market now, I can't see how new money is supporting the price. People are probably just riding it up and holding but as soon as the price starts to fall everybody will be cashing out hard. The price could then drop from like $800 to under $400 without anyone being able to sell their coins. I have seen these kinds of drops.
Did you buy at $2? I'm just trying to confirm the "I was smart" part of your post.
