Bitcoin Fever Takes Hold, South Korean P.M. Warns BTC May Corrupt Youth

Bitcoin Fever has taken hold across the world; the most hectic example appears to be in the US where FOMO players have pushed it on some exchanges as high as $19,500 (GDAX) whereas more conventional (yes, I did say that) exchanges saw $17,000. There is one problem; Price discovery, the South Korean PM sees it as much worse.

Bitcoin Halloween

Bitcoin : The best of times or the worst of times?

Keep in mind $BTC began just months ago under $4,000, days ago under $12000 and the cryptocurrency began the year below $1,000 but continues to rise despite warnings of a dangerous bubble by many. The latest rush is just weeks before the launch of Bitcoin futures on two exchanges, including the world’s largest futures exchange, CME.

Market sceptics warn Bitcoin is a tiptoe through the tulips, a bubble similar to the tulips and dotcom boom. On the other side are what have been called crypto evangelists where the rising in price is due to Bitcoin crossing into the financial mainstream.

Financial regulators themselves have a range of views on digital currencies. It is estimated around 3,600 new bitcoins are created, or mined a day. There are said to be approximately 16.5 million now in circulation from a maximum limit of 21 million.

South Korea Bitcoin

South Korea has a particularly aggressive dose of Bitcoin fever with activity way above their population as the chart shows.

South Korean Prime Minister Lee Nak-yon warned last month that cryptocurrencies could lead to a devastating disaster for society and lead to pyramid schemes and other illicit activity if left unchecked Bloomberg reported.

“If we let things continue, I feel some serious pathological phenomena could occur,” Lee  said

Whatever your take be very careful on what you do, buy or sell and understand price discovery and be aware of your counterparty risk. If you are not sure, take a walk and wait for the fever to correct itself either way.

Source: TradersCommunity. Bloomberg

One thought on “Bitcoin Fever Takes Hold, South Korean P.M. Warns BTC May Corrupt Youth”

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