What Happened to Bit Coin?
The Wild Insane Roller Coaster of Bit Coin Price
Source: Coindesk.com
A lot has happened since 2009. A digital currency reached a value of 20,000.00 per coin!
The Real Value of Bit Coin
To make a fair assessment of bit coin price I have placed red lines indicating more reasonable gains in accordance with the technology and real use case. The near vertical climb represents a class of speculators that didn't fully appreciate the technology, or even remotely care about it. While the surge in price did wonders for the recognition of bit coin, it's price got ahead of it's real progress.
There Are No Free Lunches
I'm reminded of gold's climb in price to near 2,000.00. The price was manipulated by big money investors and an increased interest after the 2008 economic crisis. But, it got way ahead of itself in relation to the U.S. dollars rate of inflation and the steady interest in gold that the public has held for a long time. The price eventually settled to about 1200.00. What happened with bit coin is exactly what any asset does when it gets ahead of it's real value. It takes a big correction in price.
Where Are We Now with Bit Coin?
I think we have found a more reasonable price at 6,000.00 per bit coin reflecting an increased recognition by the public at bit coin's actual goal of becoming a low cost, secure, fast way of sending money anywhere in the world. We have to consider how many vendors accept bit coin, how many bit coin atms are out there, how easy is it to use bit coin, and what is the status of regulation. Notice the recent spike in price on the graphic marked by a green circle. I believe the potential approval of an etf by the SEC drove the price up. A successful approval would represent progress in regulation, and thus would warrant an increase in value. My personal opinion is that the ETF will eventually pass and this makes bit coin an attractive investment now and a great long term investment.
Your thoughts and comments are always appreciated!
i think if you stop looking at it as an investment and an actual currency that you use every single day...good things can happen
ie- more adoption
that’s what will drive the price more than anything. people actually using, accepting and spending the stuff.
Posted using Partiko iOS
For sure the more use we get the better, but it also feels good to be there early and hlod
As long as we're playing in such a small pond, price is almost irrelevant because it's easily manipulated by not even so big players. Goal = increase market cap + introduce market makers where possible.
Thanks for replying Gadrian, some nice insight here ^
If more people accept and use it will go up.
Very direct and down to earth point, we can encourage its use :)
BTC is going through a consolidation period which is quite healthy in the long run. I am confident BTC will start its move upward in the coming months.
I agree and especially with etf approval
i think btc will be antique
I believe that the bearish cycle is coming to an end in the following period.
Cheers! ✌
I think so as well, etf approval or the period right before decision should give us a little bump up
You got a 5.68% upvote from @oceanwhale With 35+ Bonus Upvotes courtesy of @marcuswahl! Delegate us Steem Power & get 100%daily rewards Payout! 20 SP, 50, 75, 100, 150, 200, 300, 500,1000 or Fill in any amount of SP Earn 1.25 SBD Per 1000 SP | Discord server
100k next year !
I think it’s possible
i feel it just will be around 10k - 13k...because too many coin is coming out some more coin got other useful like smart contract.
I feel it will reach this level in six months or sooner
To listen to the audio version of this article click on the play image.
Brought to you by @tts. If you find it useful please consider upvoting this reply.
You got a 3.72% upvote from @postpromoter courtesy of @marcuswahl!
Want to promote your posts too? Check out the Steem Bot Tracker website for more info. If you would like to support the development of @postpromoter and the bot tracker please vote for @yabapmatt for witness!
Bitcoin teachology problem, don't think it will be grow up anymore