Maybe most of you have heard of BitCoin and just figured that
its something that is beyond your reach or just not something you
should care about. I am about 70% in that camp, but there have been
a few things that have swayed me to take another look at it.
When I listened in to a presentation on the subject, I heard
James Altucher say that adoption of this digital currency was
inevitable. After hearing that I figured I should learn a bit more
Like most things, I decided to put off that education for a
while, but then I started seeing tweets about an explosion in the
price if one BitCoin per USD. That almost woke me up.
Then I saw an idea that Conor Sen borrowed from Nemo_incognito -
which was to say that BitCoin has become a pure play on Chinese
Should've realized bitcoin was a pure play on Chinese money
laundering, rats. cc:
- Conor Sen (@conorsen)
November 9, 2013
Given what we (sort of) know about the shadow banking system in
China and its inevitable crash and wealth destruction potential in
China, it's a no brain to turn your Chinese Dollars into BitCoins
So while we have been thinking about learning where BitCoin is
or where its going, the Chinese that see the inevitable have been
bidding BitCoin up from $130 not too long ago to nearly $400.
Lest you think there aren't happy endings to this story, you
check this out
. A man buys $27 worth of BitCoins, 5,000 of them to be exact, and
a few years later its worth $800K+.
My questions are:
Are the Chinese going to slow their roll into the digital
currenecy now that we have all caught on to what is going on?
and will BitCoin do a round trip ( $800K+ head back to $27)
Or will it go to $1M like Henry "Amazon is worth 20x its price"
Blodgett said. (In all fairness, Blodgett just said it could go to
that price, not that it WILL)
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Chime in below and let us know what you think!