There is an old adage in the share market, when the shoeshine boy is telling you to buy; it’s time to get out. When it comes to Bitcoin, we are well and truly at this point. The price of Bitcoin has increased 30 fold in 4 years. A Bitcoin is now worth about 10 times what it was in January. Everyone is talking about Bitcoin, the shoeshine boy is telling you to buy.
The surge in price is great for people who bought into Bitcoin before the huge increase but has all the hallmarks of a bubble. It has already surpassed every investment bubble in history with the only exception being the Tulip Mania bubble in 1637 where a tulip bulb sold for as much as 10 times a skilled craftsman’s annual salary.