Now that North Korea has been outed as a major player in Bitcoin, the chances that the US and other governments will start cracking down on Bitcoin has increased. This is being reflected in the price.
Good luck Bitcoin "investors" lolol!!
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comments
As a long term play, which is the only play, you're at an almost certain risk of it holding zero value. Why? Because some big catastrophe will happen to it, something else will become better and the infrastructure to support one or another coin will be streamlined giving little uniqueness to any one currency.
An entity like a government has the resources necessary to destroy the faith in Bitcoin, which is what gives it value. If it really wills it, it can destroy it, and I can think of a million reasons why governments would want to disallow these currencies, so as a long term bet you're also screwed. It's very difficult to judge how long the bitcoin buzz will last, and predict how it will behave and when it will behave like it will.
500 is just as valid a price as 5000.
It's trendy right now. Do you see any kids with fidget spinners this year? Nope. The Bitcoin buzz will flatten after 2017, just like in 2015 and then it may or may not spike again.
It's pure speculation on the absurdity of people and absence of outside forces that could devalue it.