The mainstream press is heralding the imminent unravelling of the Bitcoin bubble. Since mid-July, just prior to the schism, or Bitcoin fork, a number of other powerhouse cryptocurrencies have risen at a faster rate with less fanfare, notably, Ethereum and Litecoin. I suspect that a bust in the Bitcoin bubble would undermine the entire cryptoverse by causing a crisis of confidence.
A point that was made, again in the mainstream media, and by none other than Bitcoin nonvert, Jim Rickards, is that Bitcoin's value is entirely subjective - since Bitcoin doesn't really do anything. It's a currency - and a store of value. If it's a valid, legitimate store of value, with its current value measure primarily against the US dollar, then either Bitcoin is in a bubble, or the dollar is in a terminal decline.
Because I have invested into the cryptocurrency markets, I don't want to see a universal unravelling of value in this market. Viewing it rationally, my instincts are to invest in those cryptos that have application, functionality and demonstrated uptake. For instance, I like Neo, even if all the instructions are in Chinese, because it's a share, not a currency. And I see tremendous potential in the issuing of dividend-attracting shares in the form of blockchain recorded transactions. It's kind of fantastic. You call them coins - I call them shares :)
But Bitcoin - it's not like I can take it to the markets.....
All accompanying cryptocurrency images were selected at random.