The Bitcoin mania has engulfed the investment world over the past three to four years, but it wasn't until recently that it began capturing the minds of the general public. And that alone, is a pretty good indication that it was all a giant bubble waiting to pop.
I had been following Bitcoin for a number of years now and I am the first to admit that I never had the courage to buy it when I first began following it back when it was US $300 per BTC. My caution has still remained, even after a very good trader friend of mine urged me to jump on the Bitcoin freight train with him when it was still just trading under US $2000. Even at that time I thought he had balls of steel going long the cryptocurrency.
And so I sat on the sidelines watching BTC explode to a high of almost US $20,000 per BTC. But now, I feel justified seeing it move down back below the US $10,000 per BTC mark. I had likened the Cryptocurrency craze to the bubble in uranium stocks back in mid 2000. And as with all bubbles, they never end up pretty for those investors who were late to the party.
So why do I think the Cryptocurrency bubble is over? It's quite simple, really...