Bitcoin Gets Close to $5,000
It&#x27;s 100% bubble.<p>It could go up to $6,000, $50,000, or even $1M. It&#x27;s not localized like tulips, and it&#x27;s connected to the internet, so the universe of people available to fuel the speculation is enormous. That the Chinese are highly speculative is what&#x27;s mainly driving the current price.<p>It has no intrinsic value. It&#x27;s like gold in that it&#x27;s not a productive asset. It doesn&#x27;t yield anything like stocks or bonds. The only thing a bitcoin holder can hope for is that someone will buy their coins in the future at a higher price.<p>The interesting part is watching human nature unfold. People who hold bitcoin mistakenly believing they&#x27;re investors because the price action is reinforcing that belief. They&#x27;re 100% speculators by definition. It&#x27;s OK to speculate. It&#x27;s neither illegal or immoral, but you should know when you&#x27;re speculating and when you&#x27;re investing.<p>You can&#x27;t make this stuff up. Look at the people coming out of the woodwork: The Winklevoss Twins, Dan Bilzerian, professional wrestlers, and such. All the community leaders are either fighting with each other or in jail.