The size and scale of this initial rally we’ve seen in Bitcoin stepping away from yesterday versus other stock market rallies. Is what put it that in perspective, I mean in stock market terms this is off literally off the charts.
We-we ran a chart where we compared what we’ve seen in the last year of a Bitcoin that was excluding yesterday’s a glorious move and the top year of the Nasdaq bubble. You can barely even see it’s like a horizontal line for the Nasdaq bubble.
You’re talking about more than 800 percent versus 100 percent so in terms of stock market, there’s just no example of any stock market of any breadth doing anything remotely.
If you begin to look into commodities which are more like what people perceive Bitcoin this sir as being they don’t have a yield or you know their value is to some extent to the value in there in the eye of the perceiver then again it’s still pretty much off the charts a gold or silver.
Apart from when you bring in tulip bulbs which are done a lot of analysis on which are also commodities of a kind, yes if you look at the tulip mania in Holland in the 1600s there were a number of things that were very similar to dips.
Were new to Europe at the time there were such things as tulip derivatives you could get certificates for taking control of JUnit, they changed the regulations there was a constriction and supply and yes you saw the final a few months of the tulip craze.
You did see a rise that was even greater than what we’ve seen in the last year or so in Bitcoin I have to say there were a couple of phases earlier in Bitcoin development when it was a much smaller amount of money at stake.
With me more or fewer deeds match tulips but that’s the one example you can come up with them any significant and of course we know how that the tulip bulb right ended which was with a catastrophic fall of gold now if we try and work out some of the possible reasons that could justify this huge run-up in Bitcoin.