Over the past two weeks I have noticed something: I cannot check social media, Instagram specifically (yes I am a millennial), without seeing an ad related to the words “bitcoin” “coin” or “token.”
Now on one hand this is great. I believe cryptocurrencies and the block chain technology have a place in the future. But where were these ads all year? They weren’t around when Bitcoin broke out of a huge monthly base in March, which I wrote about here. They have only spammed by ad feed since we broke $5,000.
Here are some examples:
Trust me, there are plenty more.
I’ve noticed teenagers on the trains with CoinBase on their iPhone’s right next to Snapchat. I’ve overheard a 60 year-old woman in Grand Central say she could buy a house in a certain neighborhood if she owned some Bitcoin.
I am even now getting spam emails at work about Bitcoin guides.
What does it all mean? It can only be a positive as more and more are aware of these technologies, but at the same time it smells very bubble-esque to me.
My friend JC Parets (@allstarcharts) put out this chart of Bitcoin hitting the 685.4% Fibonacci extension of the 2013 peak to 2014 bottom. While price has gone above it, it is currently putting up a fight here over the past few days.
Either way, Bitcoin is up 600%+ this year and the bitcoin-mania is in full effect. Time will tell if we stall out here or if $10,000+ is coming. For me, my crypto holdings are now in cash. I have profited handsomely this year like many others. I am happy to re-accumulate but at the moment I am not interested in the risk/reward.