Bitcoin price over $1000 again

Bitcoin – After the recent dramatic fall to under $800, albeit briefly, as a result of Chinese government changes to prevent speculation and capital flight, the price of Bitcoin is now back over $1,000.

 

 

Bitcoin – After the recent dramatic fall to under $800, (albeit briefly),as a result of Chinese government changes to prevent speculation and capital flight, the price of Bitcoin is now back over $1,000.

 

This shows the strength of confidence in a virtual currency, which I personally consider to be as much a Ponzi scheme as national currencies, I.E. Bitcoin is not backed up by anything tangible, like gold.

 

Gold too has been rising, mainly because of the FED seemingly backing off the predicted rate increases previously predicted, but doubted by some, myself included.

 

It would appear that in the eyes of some investors at least, Bitcoin may be being viewed as an alternative “safe” asset to gold.

 

It will be interesting to monitor the fluctuations in the two to see if there is any correlation over the longer term.