ART CASHIN: We Are Witnessing The Tulip Bubble In Real-Time

art cashin

The price of Bitcoin, the bizarre digital currency, has been skyrocketing.  And everyone’s calling it a bubble.

But it’s not like most other bubbles.

Here’s Art Cashin:

Trading Tulips In Real Time – It is rare that we get to see a bubble-like phenomenon trade tick for tick in real time.  Usually it’s kind of regional aggregate pricing like real estate reports.  But, all that may be changing – before our very eyes – quite literally.  The bubble du jour may be something called a “bitcoin”.

Business Insider’s Joe Weisenthal made this same point earlier today.

“You can go here and watch Bitcoin trade tick-by-tick, which is not something you could ever do with these other unconventional micro-bubbles.”

Everyone’s trying to figure out what’s going on with Bitcoin.

Without explicitly arguing for causation, Cashin points to a correlation.

The bidding for Bitcoins has turned a bit more aggressive since the Cyprus “bailin” and the seizure of a portion of bank deposits.  The Bitcoin recently traded at an amazing $100 (it had been $50 just two weeks ago).

We have yet to see Bitcoin make a major down move.

“Last night trading turned a bit whacky and the Bitcoin spiked above 145 before plunging in a few trades back to $126,” wrote Cashin.  “Just what the world needs – a “safe” currency.”

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