Why we need to hold our bitcoin :)steemCreated with Sketch.

in #bitcoin7 years ago (edited)

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Bitcoin has reached all new heights, attracting the interest of investors and non-investors alike. Many people are more interested in trying to snag a piece of this crypto-currency’s astronomical gains than really enjoy the unique attributes of an anonymous digital money. So should we hold?
Bitcoin has gone on bull runs before but nothing like this: Prices this week shot through the $3,500 mark as the mainstream media hailed digital currency as a new asset class.
One reason to hold bitcoins are a valuable asset is that only 21 million of them will ever come into the world—and most of them are already here. As those familiar with bitcoin know, the number of coins created by the mining process drops by half every few years. Right now, around 80% of all bitcoins are already mined and no new ones will appear after the year 2040. This scarcity could continue to drive up demand, especially if (as has been rumored), central banks decide to start buying them as foreign currency reserves.
Now, some people are calling for it go even higher. As Quartz reports, a Standpoint Research analyst has called a target of $5000 for bitcoin by 2018.

Zhou said bitcoin could see price gains of 200 to 300 percent year-over-year, for the next two years. And added that $3,000 to $4,500 "seems reasonable" as a price target for the year, though he hedges a bit on that range.

Harry Yeh, managing partner at Binary Financial, is more categorical now that the hard fork has passed.

"Expect a big move past $3,500 – possibly this week," he told CoinDesk. Yeh believes $4,000 "is on the horizon" for bitcoin by the end of the year.

Sources- Biticoin news:)

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It's like with any other currency. When new notes are created people tend to spend the old ones first that way they can keep the nicer new notes. Bitcoin's are more than just new fiat currency notes but a whole new revolution in money. I intend on hodling my Bitcoins until I have spend all my fiat since it's a dying currency.

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