What If I Told You Bitcoin is going to break another mark this weekend
Bitcoin is going up to break the 8k mark
Bitcoin is not gonna go away, not any time soon at least. The BitcoinCash rally was a very logical consequence, it is the better technology currently around to answer the scalability demands. Keeping the politics aside for a little, I'm not even gonna talk about SegWit2x, but the movement of capitals to a more efficient platform during the weekend and the strong message from the interests groups around it, made the Bitcoin fall and the quadruplication of the BitcoinCash value.
In that moment I asked myself if this was "the born of a better Bitcoin". The panic on the market made many alarms went off, all numbers were red but BCHs. Not everyday you see how the number one crypto asset loses more than thousand dollars in value in a blink. Then after I listened to Roger Ver talks, and saw the movement of millions of dollars from the Asian market (Ver's area of influence) to BitcoinCash, and the statements from Miners and Mining Pool's about the flip, I saw it a bit more clearly, that this was just a perfect storm made of a few particularities going in place at the same time, but this was not the end of Bitcoin.
Now what everyone has to understand is that we will have to deal with two or more versions of Bitcoin. At least for a while, until the market or other crypto-coin compete to substitute it. That is the natural state of the Bitcoin principle, it has value because everyone agrees on it due to its advantages. The day that Bitcoin or any other coin gets obsolete for scalability reasons or market relevance, we will see the market go over a transformation, that is what it's made for. At the moment everyone knows the challenges that Bitcoin faces to go bigger on the global economy, that's why we see how a better technology rises and will have to be implemented, a solution that can come from anyone if keeps coherence with the needs and demands from the community. Then we have a BitcoinCash as an answer to growth challenges and the Bitcoin "Classic" for the store of value and legitimacy purposes.
Bitcoin has to become some sort of "crypto gold standard". A value reference and means of store of value sitting up at the pinnacle of the crypto and blockchain economy, for day a day transactions we have better tools and coins, for security and anonymity others , for crowdfunding and trading others and so on. We have no authority or control on the creativity and ingenious of these entrepreneurial generation of fintech, but Bitcoin it is the original protocol, the original concept, and the only one with proven value until now. That what is meant to be in the future of our economy, a reference point to categorize and scale everything after. And about the price, the logic is to keep going up, a gold asset meant to reach hundreds of thousands of dollars by pure demand of the market. If currently the crypto economy represent about 3% of the entire planet's economy, and the price of BTC is above 7k usd, what we will see with more and more money coming into the crypto is the price of Bitcoin simply going more and more expensive, increases the demands so increases the value, that is why it is meant to use 8 decimals, this is why some call this the era of the Satoshis.
A wake up call if you like, what I got from this week on the market is that now I need to keep both coins on my portfolio, understanding what is the soon future for both of them in this blockchain revolution. I still think the value of Bitcoin should reach 10k usd by the end of the year, unless some terrible conspiracy/boicot happens (not such a crazy scenario if you think) the blockchain technology has come to stay and evolution of the crypto economy is unstoppable.
What do you think? Share your thoughts in the comment section.
Thank you for reading.
Cheers!
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The Bitcoin vs Bitcoin Cash situation has been pretty insane. As bad as Bitcoin is performing right now with the high transaction fees and all that it is almost like it doesn't matter. All these new people are poring onto platforms like Coinbase and they have serious FOMO. I think we could be in this boom for a while longer for sure.
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@albertogm imo.
Bitcoin is close to hitting a price that could see a 47 percent correction, according to one analyst, following a huge rally for the cryptocurrency that has led it to record highs.
On Thursday, bitcoin hit an all-time high of $2791.70, according to CoinDesk data, marking a 180 percent rally year-to-date.
Meanwhile, the number of long positions – those betting on bitcoin to rise – has risen 18.2 percent, while short positions – those thinking the cryptocurrency will fall – have declined 10 percent since the start of the week, showing that traders are getting more bullish on the cryptocurrency, according to data from Bitfinex.
One technical analyst, who looks at historical trading patterns to determine future price moves, told CNBC that the $2,800 could mark a level of resistance where the bitcoin pulls back. Bitcoin was as little as $9 off of that price on Thursday morning.
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