But on the other hand, since the parent comment was posted, Bitcoin price has increased 10%. And I'm pretty sure that I could sell before it drops 90%.
Yeah, so, what's the economic reason for the spike? More people use Bitcoin today? Let's cut the bullshit, please! Mere mortals do not have Bitcoin and are not interested in it - at all. All the noise is around blockchain technology and Ethereum, i.e., it's bearish toward Bitcoin. Russia and China are waging wars against it, so, why is the price climbing?
Well, let me share a secret - the demand is Chinese sneaking money out of the country. I know friends who help their buddies and charge a two-digit percentage to move their money out of mainland China. Here in Orange County, there are a lot of Chinese buying houses with cash, and it's a similar situation in the Bay Are, Vancouver, etc. Given more, and more people sneak out, the demand grows as well. The US is fine because fresh money flows into the US economy, but as we know, China realizes that even though some of the people sneaking money out are possibly close to the government.
I have and cannot have solid facts to prove this, but everything pretty much backs my theory and especially the correlation that the harder pressure China does, the higher the price goes!
But for you, it won't be a nice thing to hear one day that there's a total crackdown on this scheme and people who buy Bitcoin in advance to sell it suddenly want to get rid of it!
I have accounts with most exchanges (including one of the first - Camp BX) and I've passed thru their KYC checks and I can tell you that KYC is a joke!
