My impressions remains the same:
Yes, there will be panics, rallies, profit taking, emotion, etc. but in the long run, Bitcoin will follow a technology adoption curve, not an asset bubble curve. In the next three years, the number of crypto currency users will soar from 30 million to a billion.
New investors are flooding into crypto-currencies. I suspect a majority of them look at crypto as an asset, not as a new technology. Thus they are sensitive to price fluctuations and panics.
History of Bitcoin Crashes
June 2011 – 68% crash
Jan 2012 – 36% crash
Aug 2012 – 51% crash
March 2013 – 33% crash
April 2013 – 61% crash
Dec 2014 – 50% crash
April 2014 – 35% crash
March 2015 – 30% crash
Jan 2017 – 30% crash
For us old timers, yesterday’s drama is nothing new:
It’s a buying opportunity. Perennial crytpo skeptic Jim Rickards disagrees:
Here’s what I think will happen, please pardon the profanity: