Why would it suprise anyone who is versed in Austrian Economics that Bitcoin saw a sudden surge in value after Cypress began confiscating money from bank accounts?
When people have reason to flee the fiat currency of their area, whatever they flee into will see a surge in price. Many in the Euro-zone fled into Bitcoin.
Supply and Demand people... lots of people buying, not many selling, what happens to the price of a commodity? It goes up.
Now that the panic is subsiding a bit, the price is coming back down. Big suprise. I say this is the time to buy.
The bitcoin surge was a normal free market reaction to people suddenly changing to their product as an old relieable product suddenly tanks. It isn't like the Boom/Bust cycle of central banking where prices go up because of artificially rigged markets where people are able to borrow money for "specific" goods at far below market interest rates because the Fed is piping money to a lender. Bitcoin's surge was cause & effect/supply & demand as it was ment to be in the free market.
No one is saying put all your eggs into one basket, however Bitcoins are a new player in direct competition with the Central Banking Empire. We should be applauding it and supporting it.
Want DP delivered to your inbox daily? Subscribe here: