The price of bitcoin has risen above $12,000 for the first time.
Archives for December 5, 2017
Influential and respected Wall Streeter, Mark Fisher, has shared his thoughts on the current bull run in Bitcoin. For him, there is “no rhyme or reason” for the prices we’re seeing today and it’s the volatility that continues to attract people to the cryptocurrency space.
During CNBC’s Halftime Report on Tuesday, the CEO and Founder of the MBF Clearing Corporation claimed that interest in the world’s most popular cryptocurrency reminded him of the silver market almost forty years ago:
Bitcoin was what silver was back in the late ’70s and ’80s — for sure. No rhyme or reason.
Fisher, who authored the best-selling book The Logical Trader: Applying A Method to The Madness, is referring to the overwhelming bullishness in the silver market that culminated on what has been deemed “Silver Thursday” in March of 1980. The price tumbled shortly following the immense run up to ten year lows after most of the exuberance over the commodity was exhausted.
During the informal interview, the expert trader offered his opinion on what was drawing people, himself included, to get involved with cryptocurrencies:
“The reason people are so attracted to bitcoin is because people want something that’s actually moved dramatically, that there’s no Wall Street to it… The thing that every cab driver is talking about all day long.”
He also made comment on the CBOE Futures market which is due to begin trading at 6pm ET this Sunday. Declaring the market to be “the Wild West”, he went on to hint that there’d likely be “great volatility.” Of course, being a trader, he welcomes such dramatic markets “as long as it moves, right?”
It’s unclear at present how the launch of Bitcoin futures will affect the market in the short, medium, and long term. What is obvious is that such developments lend greater legitimacy to the entire space and could in turn prompt additional financial products to be created for Bitcoin and cryptocurrencies generally.
There’s now less than a week to go until the first of three proposed futures markets begin trading – so we’ll find out soon enough.
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