HOW IS BITCOIN STILL GOING UP?
I don’t understand, the adoption of bitcoin is not increasing yet people keep buying and the price going up in an unrealistic way... bitcoin is highly over valued yet I feel no one cares, every time I say it will go down a bit it goes up more then the second I buy some more the price drops I am unlucky...
Everyone is freaking out over the Chicago Futures Market go-live on Sunday. It will probably be extremely bullish leading up to then. After Sunday? Your guess is as good as mine.
Markets decide what something is worth. Its a collective decision of many people, not what one person "feels" its worth. The supply of bitcoin is fixed at a specific rate, but demand keeps going up, which increases the price.
If people weren't willing to pay the price of bitcoin, they wouldn't. Enough people feel the price of bitcoin is at value to buy at the price others are willing to sell. Price setting is one of the major advantages of a free market.
There is still a large amount of value stored in other currencies and investments, the potential market value of crypto-currencies is in the 10s of trillions of dollars. Perhaps more. Its value definately hasn't topped out. Whether or not bitcoin has outlived its value in relation to other cryto-currencies is another debate. It seems it may be due for a correction, but the trend will continue up for some time. I would still diversify for safety.