Bitcoin, the much heralded miracle investment crashed overnight by 50%. Only days before, the financial elite were singing its praises and dancing in the streets.
The primary cause being China’s Baidu is following the PBOC in rejecting the Bitcoin as payment. Dropping from $1155 to $576 and back to $800 again.
Last week we read many commentaries suggesting that the Bitcoin was going to replace gold. Using common sense, we knew to reject these statements as pure nonsense.
When speculators and investors disregard reason and jump on the get rich quick train, the unthinkable usually happens.
Is Bitcoin here to stay? If central bankers can control it, possibly . If not, no.
Gold Goliath is not your typical gold dealer.