Kind of like how crypto was started as a reaction to broken financial institutions and is now being marketed as a get rich quick scheme.
Sometimes we become what we set out or destroy.
Sometimes we become what we set out or destroy.
I am seeing bus stop ads here in Sydney with a tagline from a BTC exchange saying something like "If you're seeing bitcoin on a billboard, it's time to buy".
Now I'm hardly an astute investor but I thought the usual rule is that if your cabbie starts talking about it, it's time to get out of the market.
I think crypto has plenty of run left. It’s still a pain to buy. When your dentist is loading up his 401k with Bitcoin ETFs, that’s going to be the peak.
>If your cabbie understands BTC you might have a point. We aren't even close to there yet
The point is that the cabbie likely doesn't understand BTC. When an asset class becomes so popular that people who have no idea how it works are putting money into it and loudly campaigning for others to do the same that is a sign that you are in a bubble.
It doesn't necessarily mean that the bubble is about to pop. Some bubbles can last decades. See real estate in a variety of locations around the world as an example. However lot of dumb money (people who don't understand what they're buying) flowing into a thing because of fomo can be a predictor that prices are unsustainable.
It absolutely isn't a sign a of a bubble. There aren't many people that understand what they are investing in be it currency or Google. The success of the investment has nothing to do with the cabbies understanding. Taking his advice does.
My stripper friends first started asking me if they should buy cryptocurrencies in 2017. Had you bought btc at the $17k it was priced then, you'd have more than tripled your money in the following four years.
https://www.youtube.com/watch?v=sztf4hcGrB4&ab_channel=WestL...
It is said that the people are revolting!
You said it. They stink on ice!