Bitcoin Parabolic

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.

Bitcoin Surges

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…

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