"Would you rather own 100% of Wal-Mart or every Bitcoin in existence?
As I write this article, Wal-Mart has a market cap of 287.68 billion dollars.
Wal-Mart is the king of the retail industry in America, and nobody else is even close.
Bitcoin, on the other hand, is an entirely digital creation that did not even exist until 2009.
No government or central bank in the entire world recognizes it as a legitimate currency, and there are very, very few retail establishments that are willing to accept Bitcoin as a form of payment.
And yet at this moment, Bitcoin has a market cap of 310 billion dollars..."
Read on!
1 comment:
I have a very sick feeling that the thousands of people who took money out of their retirement, mortgaged their homes, racked up their credit cards, etc. all in order to get into the seeming ride up on the bitcoin train, are in for a horrible shock when it inevitably jumps the shark on it's way down. When something that is this overvalued finally is exposed, it will not only fall, but it will fall so fast, that few will have the chance to get out of it. I predict that when it falls, it's value will end up being pretty much nothing. So sad for those who invested in it. But not really a surprise. It is made out of whole cloth, not out of a company, or a product, but only I's and O's. Much like our money in the American market, which is backed only by the faith of the country, if our country lost it's ability to inspire confidence in it's ability to back it's currency, the dollar would quickly become worthless, as it is not backed by gold or any other thing of value, much like bitcoin.
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