That hissing sound is Bitcoin deflating
Take a look at this article from today’s New York Times. It tells us too much you don’t want to know about Bitcoin. It’s down about 35 percent from its peak of–what, just a week or two ago? To reiterate, this is not how a store of value works. Bitcoin isn’t even unique; there are far too many crypto-currencies out there. The fact that you can trade BTC on exchanges and even buy options on them is ominous. Recall Michael Lewis’ fine book and the movie that came from it, “The Big Short.” The big winners will be the options traders who bet short on the commodity ahead of the crash. Happy Holidays–I’m talking to you Donald.