It's a bubble folks - now this is just plain stupid. From CNBC:
People are taking out mortgages to buy bitcoin, says securities regulator
Bitcoin is in the "mania" phase, with some people even borrowing money to get in on the action, securities regulator Joseph Borg told CNBC on Monday.
"We've seen mortgages being taken out to buy bitcoin. … People do credit cards, equity lines," said Borg, president of the North American Securities Administrators Association, a voluntary organization devoted to investor protection. Borg is also director of the Alabama Securities Commission.
And from Tyler Durden at Zero Hedge:
It's Official: Bitcoin Surpasses "Tulip Mania", Is Now The Biggest Bubble In World History
One month ago, a chart from Convoy Investments went viral for showing that among all of the world's most famous asset bubbles, bitcoin was only lagging the infamous 17th century "Tulip Mania."
One month later, the price of bitcoin has exploded even higher, and so it is time to refresh where in the global bubble race bitcoin now stands, and also whether it has finally surpassed "Tulips."
Conveniently, overnight the former Bridgewater analysts Howard Wang and Robert Wu who make up Convoy, released the answer in the form of an updated version of their asset bubble chart. In the new commentary, Wang writes that the Bitcoin prices have again more than doubled since the last update, and "its price has now gone up over 17 times this year, 64 times over the last three years and superseded that of the Dutch Tulip’s climb over the same time frame."
That's right: as of this moment it is official that bitcoin is now the biggest bubble in history, having surpassed the Tulip Mania of 1634-1637.
It will crash - we do not know when but it will crash. T and I have been talking about investments and financial strategy for our future - Bitcoin is nowhere near the picture.
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