Bitcoin is hitting nearly $20,000
Bitcoin, the world’s biggest bubble yet to blow and bankrupt millions, is now rising in value, almost hitting $20,000 per coin ($19,783) as of the end of November 2020.
In March, it went downhill to below than $4,000, where it should have stayed but no – it is showing again the signs of rising, which is thought to be quite different from its peaking in 2017. Just a few days back before this news, bitcoins very painfully reacted, sloping down for about -$3,000 in the cost on the verge of news that the US officials plan to identify all domestic bitcoin holders. Now it is rising sharply because many investors buy this coin for the goal of long-term investment risking to lose everything when its value drops to zero.
Warren Buffett, the world’s most reputable investor and billionaire, trashed bitcoin just recently, as well as he has been doing every time his opinion on this dubious investment tool was asked. “You aren’t producing anything with this. The only thing you do is buying it from one and selling to another.” Bitcoin’s mechanism of raise in value is based on people’s inflation expectations, which is the core of all bulbs in history.