Bitcoin is the main artery into this world. Is it a bubble or a conduit?
Bitcoin is a conduit. One of only two methods to get money from the old world to the new world. The new world is alive and buzzing with its own economic system and the frontier is open. Bitcoin needs a big price to handle all of the money flowing into the space as they don’t take dollars.
They don’t take American express or visa or any credit card. They take bitcoin and ether. Most of the world only knows about bitcoin. So the SS Bitcoin is a mighty big ship carrying all the money to the new world.
But looks whats developing in the land of crypto that needs all that money.
Maybe it is the bitcoin whales effectively selling their overpriced bitcoin to the newbies, and then using the proceeds to buy the underpriced stuff.
Kinda like you said you were gonna do. 🙂
Its almost as if they ran the price up leading into the futures market open, and then sold, right there at the top, as the flood of money came in from the newbies into the only crypto currency that they knew about. "Gotta get me some bitcoin (whatever that is)." With a credit card, no doubt.