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Katchum
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Albert Sung is the author of Correlation Economics, monitoring breaking economic news on a day to day basis. He started investing in 2008 because of the economic crisis and holds a masters degree in chemical engineering. Previously, he worked several years as a process engineer at Ashland, a... More
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Correlation Economics
  • Bitcoin Crashes 1 comment
    Feb 7, 2014 2:42 AM

    As predicted many times ago, bitcoin is a bubble. Finally, people are starting to realize this. Mt. Gox has now temporarily suspended withdrawals of money from their exchange. Everyone is now rushing to get their money selling their bitcoins. But the funny thing is, this will take more than a month to do so and it will also take 4 weeks to validate your bank account. So in total you won't have your money for probably several months and now they suspend your withdrawal.

    Do you really think people want to put their money in a virtual currency, knowing that their exchange could crash/go bankrupt at any time and their money disappear in a second?

    Needless to say, the bubble has popped and that is visible in the following graph and it's going to get worse.

    Peter Schiff was right... bitcoin is a bubble. You won't have these problems with gold, I can tell you that.

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