Glad I folded at $630.
The 3-month and 6-month Bitcoin charts look ugly. The 12-month chart looks like a classic roller coaster (that is not a technical charting term AFAIK).
In speculative trading terms, I look at Bitcoin as a commodity (same as the IRS view) and I think that the speculative part of Bitcoin as a commodity is unrelated to Bitcoin as a currency (where all the matters is transaction volume) or the Blockchain part of bitcoin as a payment network (where all that matters is the quality of systems built on top of platforms such as Ethereum).
When I first looked at Bitcoin as an asset class for Wall Street, I came away with the conclusion that it was a lot like investing in seed stage tech ventures. You can paint a plausible scenario for a 10x or higher appreciation. You can paint an equally plausible scenario for losing everything or losing…
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