Never said it was garbage but I don't understand it well enough to have any opinion According to the article they aren't doing transactions in bitcoin just experimenting on a micro basis doesn't say anyplace that they endorse or believe in it. I do find the subject interesting though.
About $100 (US) in the original "bitcoin" is worth about $80,000,000.00 (US) today. The stuff may be shady, or difficult to understand, or even an excellent way to support criminal activities, but it certainly has a "value."
Jeff Gundlach tweeted about Bitcoin yesterday and then China got a credit rating downgrade overnight. Bitcoin is now on the move: $2400 this morning. Chart looks nearly vertical lately, though.
One thing I've noticed about the markets is that less liquid markets/instruments do have a tendency to lead more liquid ones. Jeff Gundlach was implying the moves between the markets, including Bitcoin are all related. Certainly I think it's reasonable to expect that some people would have got wind of a pending China downgrade and picked up some Bitcoin.
Do you Bitcoin proponents think the Bitcoin move is telling us about something to come in more liquid markets?
I think the only question that matters in regard to Bitcoin is "is this tulip mania (irrational exuberance), or is this the beginning of a revolution in fintech?" If the latter is the correct answer, then I think the answer to your question Dougster is "yes", Bitcoin's moves tells us a lot about the other markets.
Abigail Johnson, CEO of Fidelity Investments, is a believer in cryptocurrencies. Fidelity employees can pay for their lunch, in the cafeteria of their headquarters, in Bitcoin.
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Do you Bitcoin proponents think the Bitcoin move is telling us about something to come in more liquid markets?
Abigail Johnson, CEO of Fidelity Investments, is a believer in cryptocurrencies. Fidelity employees can pay for their lunch, in the cafeteria of their headquarters, in Bitcoin.