Its attacking support with some heat, I'd like to see a massive spring and shake or else could go lower.
hmmmm...............
Looks similar to the tulipmania chart lols, just to put it into perspective for STT if this was a speculative company:
21million BTC available.
16.5M open for trading, while the rest are escrowed.
At $5000USD per BTC thats a fully diluted market cap of $105B for this new age currency. EV of $105B (no other assets or debt).
So BTC was valued on par/above: Netflix, Paypal, Westpac, ANZ, NAB, IBM, Maccas.
Perhaps lets look at peers and competition: As a purchasing currency BTC was worth 3x more than the federal reserve.
I dont think it'll end up like tulips though there is some value in BTC but so many issues with it too.
China's doing a good thing imo for the longetivity for the currency by shutting down exchanges. Was reading some of Satoshi Nakamoto (creator of BTC) research papers, he never intended to have exchanges and it defeated the entire purpose of it being a cryptocurrency, but I'd like to read more into his research when I do get the time.
I think there does lie an revolutionary tech in all this - blockchain - computer incentive based consensus ledgers, which will make way for a whole new wave of technology startups.
