Hi all,
I would like to share my thoughts concerning present run upwards of Bitcoin.
Is there any substantial reason for this jump?
If You remember year 2000 gold price at this time was under 300 USD for ounce. In 1970 (when I was born) it was around 40 USD for ounce. At peak (somewhere in year 2012) gold price was around 1900 USD for ounce. Thus comparing 1970 price with peak price we get difference near 50 times.
No look at bitcoin. Lets do not forget that presently everything is developing at higher pace than some decades ago. So lets look at bitcoin price in year 2013 - it fluctuated (sharply fluctuated) around 100 USD. Thus difference between now (peak) and 2013 price is around 70 times.
So as I think that bitcoin is actually very similar to gold - resources are limited of both and getting of each of them is quite difficult - in my opinion Bitcoin move is nearly exhausted and price might correct somewhere to 5000 USD level and remain there for some time similar to gold which also corrected from peak and presently is relatively stable.
So lets see how things will develop further...
BR,
rokasltu