Bitcoin mania is in full effect, with the leading cryptocurrency nearly reaching $20,000 on at least one exchange yesterday. However, it's interesting to note that it seems there weren't any trades of significant size above $17,000 yesterday, interestingly enough Trading View is showing a "$16,666.66" official high for yesterday:
BTC/USD (4 Hour)
How spooky is that?
The man who has quickly become "the axe" on the crypto space, Mike Novogratz, offered that Bitcoin was exhibiting "all the signs of a speculative top" yesterday. That doesn't mean his longer term view has changed at all, however, shorter term he's saying things have gotten about as overheated as they can get. I can't disagree.
Another interesting thing happened yesterday. A man who is known for doing hallucinogenic drugs in Central America for 5 years and potentially murdering another man told us that the most tried and true store of value in human history was suddenly worthless....
“Gold is laughable compared to cryptocurrencies. How do you fractionalize gold? How do you ship it? It's physical so how do you safely store it. It was good for people 3,000 years ago. Today it is inherently worthless. Soon it will drop in value as crypto currencies climb.” ~ John McAfee December 7th, 2017
Things that tops are made of for $2,000 Alex?
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