It’s hard for me to resist the Bitcoin story. A few months ago I calculated that mining Bitcoins would cost more than the electricity needed to run the mining computer (here).
Today that’s no longer the case. Look at this 5 day chart.
What should we make of this?
It’s starting to feel like 1999 – just different.
- The S&P (and most indexes ) only climb
- IPO Excitement – see TWTR
- High School Kids Trade Forex and CFD’s
- QE +++
- Housing Bubble (This time is different)
Bitcoin is what makes this all extra amusing. The press has grown tired of the story. Why? I have no idea. I guess I’ll turn on the miner tonight…