Cryptocurrencies have yet again risen from the dead. Hallelujah!
I really shouldn’t be praising God for this though… this literally happens every few months almost like clockwork.
But, over the past two days since the most recent crypto-bloodbath, bitcoin and the altcoins have seen a major resurgence.
Bitcoin has risen $130 in the last 7 hours
And with Bitcoin Cash rising significantly, Bitcoin and Bitcoin Cash are yet again well above $5,000 and near all-time highs.
Other cryptos have also skyrocketed, like steem which has risen over 10% in the past two days
The total market capitalization of all cryptos has also risen roughly 16% from its lows on September 5th to just over $159 billion now.
But, as always, the momentary drop in prices was viewed as an opportunity to bash bitcoin and all the “I told ya so’s” came out of the woodwork… and have been silent again since the rebound.
One example being that of John Lohr’s, a writer for seekingalpha.com
They have been speculation vehicles that have drawn in people hypnotized by the out of this world run up in prices: $270 to $4700 in 8 months. Too good to be true. Sheep lured by the “Don’t miss out on this” psychology have bought, and bought and bought…
Every few days there is a new, but similar claim made about bitcoin. Luckily for your viewing pleasure they are all compiled on https://99bitcoins.com/bitcoinobituaries/ for you.
If this website isn’t proof that bitcoin is immortal, then we don’t know what is. It has been resurrected from the grave over 156 times!
And, I hate to keep embarrassing Peter Schill… ahem… Schiff publicly, but he actually does it all on its own. All I need to do is just point at it.
Just before the most recent massive rebound, Schiff posted this, effectively questioning if cryptocurrencies had just died.
No, this is not the beginning of the end, Peter. There is no “end”. The only possible end is if the globalist elites turn off the power and the internet worldwide. And if that happens then we hope people listened to my speech from 2013, “Bitcoin, Bullion & Bullets” and have a sufficient amount of the latter two.
Cryptocurrencies are an evolution in money and banking. They aren’t going away. People like Peter Schiff are the equivalent of buggy whip salesmen trying to talk down these new fangled, horseless carriages that Henry Ford is scamming people with.
Sure, the cryptocurrency space, in general, could very well be in a bubble. I’ve said as much in the last month and advised TDV subscribers (subscribe here to get access to all my analysis and recommendations) to lighten up and even move some profits into gold and silver. I’m actually doing that myself.
But, bitcoin is the least “bubbly” of the cryptocurrencies, in my opinion. It has had tremendous growth in demand in the last year and its price is rising commensurately.
Can the cryptocurrencies drop substantially… likely during a massive 2008 style liquidity event? Yes, absolutely. We’ve told subscribers to prepare for just that. But will they go away like the “beanie babies” that Peter Schiff says they are?
I am currently writing this from 35,000 feet on my way to Philadelphia to serenade Janet Yellen on the steps of the Federal Reserve with my love song, “Bitcoin All The Way Up.”
But in the next few days I’ll do a response to people like Chris Duane and CIA asset, Jim Rickards, who have also been working to try to stop cryptocurrencies from spreading and destroying the central banking system.
They won’t stop it. They can’t stop it. And I’ll tell you why in the next few days.
Oh, and both Peter Schiff and I will be at the Nexus conference in Aspen, Colorado from September 21-23.
And I hereby publicly challenge Peter Schiff to a debate on bitcoin.
Let’s see if he accepts the challenge.