Bitcoin More Than Doubles 2015 Lows As Chinese Ignore Easing Capital Controls

[raiders72001]

zerohedge.com / by Tyler Durden on 11/02/2015 12:21Bitcoin is up 123% from its January lows and over 50% higher than its early-September (post-Bitcoin XT anxiety) lows when we first warned about the virtual currency’s relationship with possible China outflows. Despite promises of easing capital controls (and the chaos in the Yuan market over the last few days), it appears the Chinese are not waiting for the other shoe to drop and as offshore Yuan tumbled, so Bitcoin surged above $340 this morning (rallying all the way back to unchanged YoY).
After sending Yuan soaring – on an apparent easing of capital controls – Bitcoin (and Yuan) are now ignoring official statements are back to rotating away from the Chinese currency. And as we recently concluded, the last week or two suggests, perhaps more importantly, that China easing (and outflows implict from further devaluation) now appears to go straight to Bitcoin.
As Overstock’s Chairman noted previously: gold is great, but tough to transport; thus, forcing Chinese into Bitcoin as we previously explained:

http://www.brotherjohnf.com/bitcoin-...ital-controls/

[Unwritten Law]

BTC is the way to go. Jumped in two weeks ago and it's been great to me so far.

[raiders72001]

BTC is the way to go. Jumped in two weeks ago and it's been great to me so far.

nice timing.

[Unwritten Law]

How much do you think BTC will be valued by the end of the year? Think it may be gradually going up of course with minor dips from here on out. My buddy thinks at least 600.

[Optional]

I'm not sure I was really ever expecting another big rally.

Any chance we might see $1000+ again?

[Git Lo]

almost $400 nice

[Ted Sheckler]

Up to 410

[HappyHounds]

Personally, I'd be careful putting too much money into BitCoin. Only put in what you are willing to lose completely. It's been amazing to me so far--- not only for ease of having a gambling bankroll handy (no more **/or ** and trying to get enough money for a sizeable bet) --but also because I invested a nice five-figure sum when it was at around $235.

The problem is, it's only worth what we are making it worth. So, it's set to crash very fast when the sell-off comes. Just now when it hit $420, within 15 minutes it was trading back at $375.

It's very volatile, so expect to lose money.

I wouldn't expect to see $1000 but I was also hoping for $300-350 by Christmas, so honestly no-one knows.

[raiders72001]

It is tough to predict. A lot seems to affect it. There was a scare awhile ago with Bitcoin XT. Recently there was a EU VAT ruling. The Chinese are investing a lot in bitcoins right now and sign ups at the exchanges have increased dramatically.

[raiders72001]

$430

[thordin86]

It is tough to predict.

Its actually impossible to predict, like everything in the financial markets.

[Unwritten Law]

The "experts" are saying the potential is very high. I read somewhere one expert predicted that it could go as high as 25k per BTC. Wishful thinking for the BTC lovers, but with only 21 million capped, who knows what their value may be years down the line. I want to hold them as long as possible and try to add as much as I can while its still below 500.

[jjgold]

unreal although most of price change was last 2-3 weeks or so

for most part is what about even all year

[HappyHounds]

I bailed at $475... Do I get back in or has the bubble burst?

[winz]

took a payout from a book for 20k thru bitcoin a few weeks ago and converted it to cash at $268...

[HappyHounds]

took a payout from a book for 20k thru bitcoin a few weeks ago and converted it to cash at $268...

What's the problem? You didn't lose anything. You can gamble your 20k in other ways and be more successful in my opinion. Personally, the swings are too much for me to invest too much money in BitCoin. I mean even when I invested 10,000, my balance could fluctuate 2-3,000 every day. That's pretty insane to me. If you don't get in at the right time, you could potentially lose a lot of money.

I really like BitCoin but I don't think it is a viable investment. You have no way to predict swings or to do research on a company (like a stock or bond). Looking at the past charts, you can see the volatility and it's abundantly clear if you get it at the wrong time, you can go broke very fast.

There is the possibility still that the price of bitcoin could surge to $600-1000 and you could time it right. But, from what I've seen every surge is followed by a large sell-off and the price usually goes back below the surge quickly. The only time it really appeared to trade with minimal volatility for a couple months was around the $200-250 range.

[HappyHounds]

Apparently the rise was due to a Chinese MMM pyramid scheme which only accepted Bitcoin as payment. Price has been steadily dropping and dropping as the sell off continues as the government also auctioned off a ton of Bitcoin

[Unwritten Law]

I read about the GOV seizing millions worth of BTCs and auctioning them off. I agree, the swings are crazy when you have a decent amount invested.