Are We In A Bitcoin Bubble?
Hey guys, it's the voice of the blockchain here, Satoshi's big cousin, cryptography's finest, Champagne Crypto, thanks for tuning in.
Today I want talk about a question I get frequently, are we in a Bitcoin Bubble? Tell the friends, family, and the rest on the animals on the farm folks:
Satoshi's big cousin's says, "NO we are not in a Bitcoin bubble". Bubbles pop when they can no longer expand. Do you think crypto currencies can no longer expand?"
Here are some reasons why there's no bubble:
In a recent article a Bitcoinist reports "Famous investor and ex-hedge fund manager, Michael Novogratz, predicts that the crypto currency market will be worth $5 trillion in 5 years". That's almost fifty time the current martket cap size!
http://bitcoinist.com/a-5-trillion-cryptocurrency-empire/
In another article on Business Insider " Jeremy Lieu the first investor in Snapchat thinks Bitcoin could hit $500,000 by 2030"
http://www.businessinsider.com/bitcoin-price-could-be-500000-by-2030-first-snapchat-investor-says-2017-3
International Electronic Money Transfers
Data from the World bank shows Remittance transfers, or electronic money transfers to foreign countries, have almost doubled over the past 15 years and while we can't always depend on the past to determine future behavior we certainly have no evidence suggesting the market will behave otherwise.
Global Uncertainty
Look out for the fake news out there guys. The media likes to spread fear uncertainty and doubt. This could lead to less confidence in global currencies only strengthening crypto.
Jeremy Lieu believes geo political uncertainty will increase the value of Bitcoin. "We believe Bitcoin awareness, high liquidity, ease of transport and continued market outperformance as geopolitical risks mount, will make Bitcoin a strong contender for investment at a consumer and investor level," he's says.
Mobile Penetration
The Business Insider article linked above explains there's only a 63% global smartphone penetration and that the total number of smartphone users is expected to soar by 1 billion by 2020. Bitcoin's user network grew from 120,000 users in 2013 to 6.5 million users in 2017. More users could account to more transactions. By 2030 Bitcoin supply will be about 20 million, only increasing the demand. Mr. Lieu believes this is all reasonable and Bitcoin will reach $500,000 by 2030.
Let's be clear here
How many people do you know who are familiar with Bitcoin, Ethereum, Litecoin, or STEEM? Do you believe that amount has the potential to grow and increase the demand for crypto?
Put up those wind shutters. Get out those life vests!. It's going to be a stormy summer.!
What do you think? Are we in a Bitcoin bubble? Leave a comment below.
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hey man you always brighten my day!! Bubble my ass :)
It has dropped a lot 2 times after initial rise, and is coming back again, US dollar is the real bubble
It's not a traditional bubble yet. It's growing rapidly and eventually there will be a pop. But as with all bubble bursts, they come back to become bigger and badder than ever before. Look at the stock market during the dotcom boom, bust, and today.
With that said, along the way we'll have plenty of volatility like in recent weeks. And it may take some time to see a real burst of the bubble because this space is really about being inclusive to the entire world. It isn't limited to a single geographic location. That means this thing can expand and expand and expand with trillions of dollars.
The moment it bursts is really when there is no more money being put in. All the buyers have bought, and only sellers remain. I'm hoping that is a long long ways away.
We're all very early to this game... crypto is only 8 years old, and it's only JUST begun to explode this past year. It'll be a fun ride. Good post! Upvoted!
Maybe Champagne, but I don't think we are in a Litecoin bubble, I am still hoarding and collecting the lites..Through all the turmoil, the lites still stand out!
Hello, CryptoCreole here, ChampagneCrypto's third cousin twice removed, I follow you on YouTube. Trying this Steemit, you always so krunk!
Shout out to you @cryptocreole! Thanks for tuning in. keep BOOMIN over there!
Ahhhe, don't panic guys as this is only one of those 'anti-corrections' we'll get to live to see another 2,500 lol maybe let's make it 5,000 shall we hahaha! :-p
If there is a bubble I think it is still too early for it to be anywhere close to popping. The percentage of people that know or access crypto-currencies is still in the single digits. There is still quite a bit of potential for growth.
The potential growth factor is still in the 1,000s.
considering manipulation of markets and so forth it may be described as a bubble for the aim to make people run away from it just so a "rockefeller" type of guy snatch it for himself...i think it is a roller coaster ..if u can hold tight and sometimes close your eyes too ..you are going to make it... :))