Rising Bitcoin prices have unleashed MANIA among Bitcoin advocates, causing them to convince themselves that Bitcoin can never collapse.
Podcast Transcript: “I’ve got a Bitcoin update for you. Thank you for listening. Mike Adams here, the Health Ranger. The publisher of BitRaped.com and BitcoinCrash.news as well. Now Bitcoin has surged through the equivalent of 6600 US dollars in value per Bitcoin and it continues to go up. What’s interesting about this is that the rise of the bubble has now convinced all Bitcoin cultists that they are right. Now this is the same logic that we saw in the dot-com bubble of the 1990s – which of course ended catastrophically in about 2000 roughly, with many dot-com stocks losing over ninety nine percent of their value. But during the dot-com rise, there was a mania. The mania was of course self-inflicting through circular logic, people who said that dot-com stocks were going to go up forever, were then reinforced by the fact that the stocks kept going up – apparently forever. So, they would project the future based on the recent present, which is a huge mistake for any investor to do because the futures is impossible to see and always very different from the present. There are surprises in stock markets right? There are surprises in history, in geopolitics, there are disasters in wars and collapses throughout history…” Listen to the full podcast below: