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1.Market Observations, 8.Was Sticky

3 Jan 2018 (AFR) – Is bitcoin’s price tumble a warning bell for investors?

(3 January 2018, AFR, p29, by Karen Maley)

‘Seasoned investors will find it hard to resist a smug “I told you so” if the price of bitcoin continues the swoon which has seen it tumble from its December peak of nearly $US20,000, to around $US13,150 late on Tuesday. That’s because since its creation in 2008, most investors have tended to see bitcoin as a financial market sideshow, of interest to criminals and drug dealers perhaps, but scarcely an asset that could be ranked alongside shares or bonds. But bitcoin’s stunning price rise last year – the digital currency started 2017 at less than $US1000, which meant that it notched up a gain of around 2000 per cent for the year – forced them to question their contempt for the digital currency. Even more annoyingly, bitcoin’s price surge created billionaires out of many early enthusiasts, such as Cameron and Tyler Winklevoss.’

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