Tuesday, May 9, 2017

Bitcoin now over $1700


Bitcoin is now up for 16 of the last 18 days, soaring over 50% in the last month and up almost 90% in 2017 - making its the year's best performing currency.

There appears to be no specitic catalyst for today's move as the surge in Japanese interest (as we detailed here) and news that Russia is considering, like Japan just did, to allow cryptocurrencies as a legal payment method are outweighing fears over 'hard forks', SEC rejections, and Chinese crackdowns.

I am not sure what is going on with Bitcoin. Experience has taught me that this time is never different. What goes straight up eventually corrects to the downside. I have over a 100% profit in the bitcoins I bought last year. Taking some profit here would not be a bad thing in my view.

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