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RE: Geopolitical Turmoil good news for Bitcoin?
Hey @jrcornel, in my opinion, geopolitical unrest is a major driver, but only one of the many reasons due to which bitcoin has soared to the highest it has.
1- Changing outlook of people towards crypto currencies as a whole.
2- Acceptance of bitcoin at major relailers and merchants, across the globe.
3- A wave of hype and anticipation for bitcoin to reach $5000 mark in the short term.
4- Segwit uncertainties out of the picture.
In times of uncertainty, money looks for safety. Traditionally that has been metals but more so now, people are viewing crypto as a store of value and as a safe haven.
Indeed @grizgal. Totally second your take on the crypto being a store of value. But this value is also very subjective and demand/hype driven. Don't you feel so?
I mean these new crypto firms raising hundreds of millions of dollars in their ICOs, with no proof of concept. My mind boggles to comprehend. Cryptocurrently that solves some of the real world issues are the once which are in true sense the gold mine of value, or as you said a "safe heaven". Let me know what do you think of this? Peace..!!
I completely agree. There are around 981 different t coins now, most of which add no value and solve no real world problems. ICOs (as you mention) are raising billions with a bear a loose concept. I think people have seen prices go up and are scared of missing out, so but anything.
When the market turns there is going to be a blood bath but when the dust settles, those remaining will be a part of the future!
Well said @grizgal..
Lets not get to cocky, Im sure the S&P is doing its best.
I think the latest growth is related to the points you mentoined. It’s really interesting because I think we cannot just overtake the exact same rules from “normal” markets to crypto... There aren’t any geographic borders any more and therefore I don’t think that it will behave the same as a stock market in traditional way - very interesting times! Well written article also:)