James Kunstler's cynical forecast includes BTC
"Bitcoin and other cryptos have a superficial appeal as a wealth safe haven
supposedly out-of-reach of avaricious governments — if you don’t consider
everything else that’s wrong with it. (Yesterday, Dec 31, Australia’s biggest
banks froze the accounts of Bitcoin investors.) I think the safe haven idea
will prove fallacious. Governments are already finding ways to interfere, using
taxation schemes and shutting down exchanges. Bitcoin’s other claims on
“moneyness” look bogus as well. It’s too unstable to be a medium of exchange,
and too difficult to even access when need to sell, and you certainly can’t
price anything in it as it shoots up and crashes every day. Bitcoin went way up
because people — or maybe just algorithms — saw it going way up, so they
hitched a ride. The rush to the exits will be brutal. Its final resting place
will be zero, but perhaps not without a trip or two to nosebleed levels in
2018, especially as other markets wobble in the first half of the year. Bitcoin
$50-K wouldn’t surprise me. But I’m not among the buyers. Enjoy the show...:
In full http://kunstler.com/clusterfuck-nation/forecast-2018-go-wrong/
