The cryptocurrency revolution is the biggest story in the financial world right now. In recent days I have spent a lot of time writing about Bitcoin, but the truth is that all of the major cryptocurrencies have been on an unprecedented run lately. In fact, some of them have been rising much faster in price than Bitcoin has. So even though Bitcoin is now worth almost 18 times as much as it was at the beginning of 2017, that actually pales in comparison to how fast Litecoin has been rising. Of course not all of these cryptocurrencies will eventually succeed. There are about 1000 different cryptocurrencies in existence at the moment, and most of them will inevitably fail. But for now virtually every cryptocurrency is soaring, and the total market cap for all cryptocurrencies combined is rapidly approaching half a trillion dollars.
Let’s start our discussion with Bitcoin. As I write this, a single Bitcoin is worth $17696.99, and that is absolutely astounding considering that the price was sitting at just about $1,000 as 2017 began.
We have seen the price of Bitcoin double over and over again, and this last cycle only took 22 days. At this point Bitcoin is so hot that people are actually mortgaging their homes in order to get money to invest…
Securities regulator Joseph Borg says he has seen people doing everything from running up credit card debt to mortgaging their homes to pour money into the cryptocurrency.
It’s easy, from one angle, to see why. Bitcoin started out the year being worth $1,000. On Nov. 20, Bitcoin set a new record by passing the $8,000 mark. As of mid-morning Tuesday, it was worth over $17,000. Very few investments double their value in just 22 days.
Of course Bitcoin and other cryptocurrencies don’t actually have any intrinsic value at all. They only have value because people think that they have value, and right now we are witnessing one of the wildest “financial manias” in recorded history.
In fact, Bitcoin mania has now actually surpassed the infamous Dutch Tulip bubble of 1636 and 1637 according to one analyst…
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