BY CHRIS LOWE, EDITOR AT LARGE, BONNER & PARTNERS
bill bonner
Bitcoin is on fire…
After shooting up 402% over the last 12 months, the world’s most popular “cryptocurrency” is now worth $2,740.
At today’s gold price of $1,255, it now takes more than 2 ounces of gold to buy a single bitcoin – worth less than 10 cents as recently as 2009.
According to the original white paper by the pseudonymous creator of bitcoin, Satoshi Nakamoto, bitcoin is a version of “electronic cash” that “allows online payments to be sent directly from one party to another without going through a financial institution.”
The comparison with gold is apt.
Nakamoto based his electronic cash on the gold-standard money system.
Like gold, the supply of bitcoin is finite. And the steady addition of new coins into the bitcoin supply by way of energy-intensive computing processing power is comparable to gold miners expending resources to add gold to circulation.
BY CHRIS LOWE, EDITOR AT LARGE, BONNER & PARTNERS
just goes to show what a free market can do. If they were to stop manipulations of gold and silver, these would also be heading to the moon.
Thank God the Winklevoss Twins got their bitcoin ETF turned down - ETFs are a tool for manipulation.
Well that looks like a extremely stable chart!
gold and silver should follow pretty soon
I think it will too, I hope it doesn't go parabolic like bitcoin is just a nice steady uptrend thanks. Cheers
I guess this depends on how fast people will loose there confidence in government
I agree that a steady uptrend would be nice or a nice sling shot a pull back followed by a launch.
No disrespect, I totally thought I read BONER & partners. whoops.
hehe !