Last night I changed my mind on Bitcoins and decided to sell. It WILL be a currency and gather momentum in 2014 (still bullish on the inevitability), but at this point my kids can have back their US dollars and buy some more Google and Nike with the proceeds.
There are those saying charts don’t matter and the price action is different. They say I don’t understand Bitcoins. I agree. This is just my opinion based on price and velocity. I made a big mistake in $TSLA earlier this year selling at $60 on it’s way to $190 (Today it’s back around $125). I am used to my kids and even limited partners telling me I am wrong. So far in just 12 hours I am wrong to the tune of $80 on my Bitcoin sell.
I have never seen an asset do this in my 40 years of investing. It’s rather exciting. It stretches the imagination as to what’s possible in the markets in a mobile and social world. It is also going to create a lot more FOMO (fear of missing out) and I am not sure that’s such a great thing for young investors to see.
Nov. 18 at 12:13 PM