Bitcoin at 8K. What's next?
So the BTC reached the 8k USD mark that was aiming for some time now. All weekend we saw very small price fluctuations and basically nothing happened. All this while some alts, NEO for example, had tremendous increases based on news. Or more specifically, news about some news - which is a bit weird and not sure if will end up well.
But from here, things get a bit complicated. We're used to BTC major rises, but the context is sensitive. The futures market poses some interesting questions. Some say the impact will be on shorting the price. Others say this is 100% positive news.
I believe the real question is where is the price going for the next week or two and if it will hit 10k mark in that time frame. A bit over optimistic I think. On the medium to long run, I have no doubt the price is going up. But be sharp and look for a deep. It should come no doubt.
The Wall St money is coming in, but without scaling this is temporary. In the long run 1 MB or 8 MB blocks is not nearly large enough for anything other than use as a SOV. Lightning Network, Schnorr signatures when they come online will be a big help...
!originalworks
The @OriginalWorks bot has determined this post by @energox to be original material and upvoted(1.5%) it!
To call @OriginalWorks, simply reply to any post with @originalworks or !originalworks in your message!
I tend to agree with you. It needs a way to scale. Otherwise it will slowly become a bigger problem and can't be good on the long run.