The mighty bitcoin is a big green monster — sucking up fiat dollars faster and faster than anyone could have imagined. Well today was the day it went mainstream. The first ever bitcoin futures contracts have been offered, so now people can get exposure to bitcoin without actually “holding” it, and the interest is great.
I’d bet there will be many etf’s coming on line in 2018, and crypto hedge-funds that track a basket of crypto currencies will be all the rage — mark my words!
Check this out. It’s just a screen cap from Zh but i’d urge you to read the entire article. The two points i wanted to make were 1. That they have already had to “Halt” it twice because of wild surges, and 2. That many contracts are trading above bitcoin “spot price!”
Wtf? bitcoin is a honey badger that can’t be stopped! Imposing regultions on it will be like putting up “no honey badger” signs — honey badger don’t care! — he’s hungry!!!
Also, and this is scary, the exchange will allow for shorting, so there is going to be many butthurt institutional investors that are sure they are smarter than the crowd — ooooh look the fibonacci numbers or whatever the fuck!!!? Grab some popcorn and hodl! It is going to get wild. The genie is finally out of the bottle and it’s not going back!
Further, and with regards to “spot price,” isn’t it hilarious that people are paying above spot price for the paper that is securing the investment, which itself is nothing at all... Oh ho ho, my sides!!!
Now don’t get me wrong, i’m not saying bitcoin is worthless — quite to the contrary in fact. I’m just stunned that people are paying well above spot price of bitcoin, to purchase “paper” and to participate in more regulatory hogwash. Once again i find my stacker sensiblities revolting against this and i am calmed by the idea that i have the real deal sitting safe and snug in offline cold-storage.
Finally, check out this price chart (think it’s from a different Zh article) it shows how long it has taken bitcoin to reach each new $1,000 level.
No one is bigger than the trend. And the trend for now is looking solidly up. However, we could see some really big swings in the near future so be watchful and vigilant of price charts, and try to buy the dips, if there are any...
One thing is for sure, with the cryptos on this HUGE rip, the metals have been left in the dust bleeding... but as we all know: when there’s blood in the streets that’s the time to buy, even when the blood is your own.
Keep on stacking and macking friends!!!
Cheers! from @thedamus