The following article was originally published by Michael Snyder at The Economic Collapse Blog. His articles are spot on and his relentless research gives us a glimpse of what clearly may happen in the days ahead. I challenge you to read his article below carefully and then consider exactly what he is saying. Then turn to your Bible and consider how Bible Prophecy is a warning to the clear and present danger America and the rest of the world is facing right now. The days ahead will present many problems and heartaches for the people of earth; if you have not prepared in your heart, mind and soul in Jesus Christ as your Lord and Savior, then in your troubles you may not find any comfort. (Used by permission)
Cryptocurrency Chaos: Bitcoin, Litecoin and Ethereum All Keep Surging To New Record Highs With No End In Sight
By Michael Snyder, on Dec 12, 2017
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…
One month later, the price of bitcoin has exploded even higher, and so it is time to refresh where in the global bubble race bitcoin now stands, and also whether it has finally surpassed “Tulips.”
Conveniently, overnight the former Bridgewater analysts Howard Wang and Robert Wu who make up Convoy, released the answer in the form of an updated version of their asset bubble chart. In the new commentary, Wang writes that the Bitcoin prices have again more than doubled since the last update, and “its price has now gone up over 17 times this year, 64 times over the last three years and superseded that of the Dutch Tulip’s climb over the same time frame.”
Can Bitcoin defy financial gravity and continue to climb higher in price?
We shall see.
Meanwhile, the fifth largest cryptocurrency, Litecoin, has more than doubled in price since Sunday afternoon. And overall, the price of Litecoin has been rising much, much faster than Bitcoin so far this year…
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Fear God and Flee from Evil!
-BPWatcher, Internet Preacher and Bible Prophecy Watchman
Pray for the peace of Jerusalem – Psa 122:6 (KJV)