As most readers know, Bitcoin is now a monstrous bubble that has the dubious distinction of exceeding in magnitude all previous bubbles in history, going right back to the Tulipomania in the 17th Century. Its recent ascent has been steeper than the north face of the Eiger and even the vertical face of Half Dome in Yosemite. As anyone with even basic knowledge of speculation knows, this means its days are numbered, and it won’t be long before a brutal crash occurs that wipes out latecomers and even dramatically slashes the profits of earlier arrivals on the scene. The only propellant this market has now is the “Greater Fool Theory”, which is where you buy simply because you believe an even bigger idiot will turn up later to buy it off you at a higher price – needless to say, this works until it doesn’t. The start of futures trading on the CBOE today is seen as a dangerous fundamental magnet that has pulled the price vertically higher over the past few weeks, sucking in naïve traders in droves, like the siren song drawing sailors to their doom. Bitcoin’s rise to the dangerous round number $20,000 level over the weekend is seen as the “Greatest Fool” arriving on the scene amid great fanfare and pageantry. Let the slaughter begin!

YOU HAVE BEEN WARNED!!

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 -- Published: Tuesday, 19 December 2017 | E-Mail  | Print  | Source: GoldSeek.com

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