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A thought provoking piece by the FT - Unlike any other market in the world, there are no natural sellers in bitcoin. Even the miners who mint coin stockpile as much of it as possible and try to obtain as much free energy from alternative non monetary sources. Walter Zimmermann, technical analyst at ICAP, has the next technical target point at $47,400.
In short, once people start having to go without just for the planet to keep maintaining this most excessive and exuberant of luxury asset classes, the obvious absurdity of the creation will cause the bow to break. How that realisation comes about nobody can be sure of at this point. But the two most worrying paths come via an inflationary surge brought on by the hypothetical purchasing power imparted on the global system by all those freshly minted billionaires, or — more likely — via the liquidity constraints which will be imposed upon the rest of the system through having to accommodate bitcoin risk. Until then, as Zimmermann notes, there’s nothing to stop asymmetrical interest from pushing the valuations ever higher in the style of a video game that has absolutely no boundaries:
