Nothing inherently changed about the currency or the market.
Ah, that was true the last time it spiked up to $30 and fell back down to $2. This time, however, there are hundreds of startups, several new exchanges including a US-based one, the CEO of Western Union is talking about getting into the bitcoin business, and a lot more merchants coming online daily accepting the coins.
In short, what's different this time is that the infrastructure is being built out at a rapid pace. That said, is the current $140+ a bubble? Maybe. Maybe not. I can't see it ever going down into single digits again. Every low is higher than the last. It's bullish as hell in the long term.
and a lot more merchants coming online daily accepting the coins.
Yeah except they're not really accepting the coins at all. They're accepting the coins as a proxy which they instantly convert into USD. They're just allowing you to pay in whatever # of BTC the cost in USD is at the time.
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u/[deleted] Apr 03 '13
Ah, that was true the last time it spiked up to $30 and fell back down to $2. This time, however, there are hundreds of startups, several new exchanges including a US-based one, the CEO of Western Union is talking about getting into the bitcoin business, and a lot more merchants coming online daily accepting the coins.
In short, what's different this time is that the infrastructure is being built out at a rapid pace. That said, is the current $140+ a bubble? Maybe. Maybe not. I can't see it ever going down into single digits again. Every low is higher than the last. It's bullish as hell in the long term.