Bitcoin – increased demand has driven price up

November 10, 2017 (Windy Hill Beach, South Carolina) — A little less than a year ago, after personally mining over a million cryptocurrency coins, I saw the potential of having an appreciating asset, and decided it was time to acquire some Bitcoin, too. I had no idea that Bitcoin would appreciate so much so fast, however. I saw an article in a South African newspaper today quoting someone advising folks to acquire Bitcoin, and then to sell half every time Bitcoin’s price doubles. I’ve used a similar strategy, although I’ve dallied a bit longer than doublings to sell.

The article has much else of interest, including a survey of 1,600 folks where 80% of those who have already acquired some cryptocurrency plan to acquire more. This rings true to me. The newspaper restricts its website access to subscribers, but my subscription to PressDisplay allows me to provide access to some 10,000 articles, and this is one I’m happy to include:

Bulls shrug off bitcoin bubble
Lisa Steyn
Mail & Guardian
Nov 10 2017

In March 2014 United States tycoon and master investor Warren Buffett dismissed bitcoin as a mirage. At that time one bitcoin, a virtual currency, was bobbing around $600. This week, it is valued at near $7 500, after a bull run of note — growing more...

This blog post was written by Steve Schulin. Mr. Schulin is Director of Admissions at Cryptocurrency.Academy. He is currently mining a coin named ProCurrency. “I use a 7-year-old laptop to do the mining, and it’s as simple as can be”, he says. “I started accumulating ProCurrency (because its business plan may quickly make it the most used cryptocurrency in the world) before learning about the mining opportunity. The mining is done via the free ProCurrency wallet.”

One thought on “Bitcoin – increased demand has driven price up

  1. Nov 18, 2017 note: “Katsunori Sago, chief investment officer of Japan Post Bank said yesterday that bitcoin was in a bubble and its fair value should be around $100, far below the current price of almost $8,000, Reuters reported. Sago said the bitcoin craze was worse than the dot-com bubble in the late 1990s. His view echoes that of JP Morgan CEO Jamie Dimon who described bitcoin as ‘a fraud’ at a financial forum in New York in September.”

    Source: Richard Wachman (special to Arab News), “Some cryptocurrencies are worryingly overvalued — but analysts put money on the potential of the underlying technology”, Arab News, Nov 18, 2017, p. 10

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