Bitcoin Explodes -- And Some Still Have Doubts
Bitcoin put in a massive bullish reversal over the past two days and that screams to me real problems beginning to develop in European and U.S. markets. Folks simply don't stash $100 billion in something this risky and this volatile on a speculative lark.
The crypto market looks poised to make another huge run up in price over the next couple of months as political issues in the West really begin to sink into the minds of investors.
From my latest article at Seeking Alpha
Lost in yesterday’s ECB policy statement was the admission by President Mario Draghi that quantitative easing would continue unabated as the war with deflation hasn’t been won yet. The market clearly didn’t believe him as the euro surged to its highest daily close in more than two years.
But, it was likely heightened political risk that pushed the dollar down. And that is what sparked the explosive move in not only Bitcoin but Gold, Silver and the euro (FXE).
It is this move counter to the wishes of the central bank that is what we have to watch out for. Because if there is a crisis coming in sovereign debt, which I believe there is, then it begins with the market overwhelming the jaw-boning of the central banks.
Yesterday was a clear example of this. All summer the Fed has been trying to warn that it wants a stronger dollar and a weaker stock market. And it can’t get either.
https://seekingalpha.com/article/4089510-still-doubts-bitcoin
For Steemian Eyes Only
I'm simply amazed at the lack of quality reporting on Seeking Alpha on Bitcoin and cryptos in general. You would think at this point that this amount of attention would spill over into a site as popular as that. But, it hasn't. I wanted to make the case publicly for Bitcoin and the other cryptos as not just a safe-haven asset but also a digital canary in the fiat currency coal mine.
I'll probably get ripped apart for it. I don't care, I've been ripped up by these folks before.
I am also wondering when crypto currencies will be acknowledged by the public ...
I have a sense that bitcoin will lead the other cryptos higher now that they've reached consensus on segwit2. Coming to consensus has taken some fear out of the market. There was serious concern that trading was going to be affected on August 1st, and that is now yesterday's news.
Yes, agreed on that. I touched on it in the article's opening, but wanted to make the clearer point that there was capital flight issues to contend with and that's what's really driving this move up.
It's the rising tide effect. I agree that once they get past this whole block size issue growth will continue. Maybe not as bullish as some people are predicting. But I see reasonable growth as inevitable. The entire financial community is on board with this technology, whether they admit it or not.
Funny that you put up this comment, while I was writing an article on the financial community onboarding to blockchain technology and the ultimate goal of a cashless society. I believe crypto will rise a great deal as banks, businesses and governments get in the game. Whole national currencies on the blockchain. Tremendous room for growth.
I'll go check it out now. The article interests me and I concur.
If/when Crypto currencies have a market cap around $1Trillion or something like that, will the value stabilize? Currently the fluxuations in value are too much for a currency.
With the probable coming collapse of fiat/debt based currency, what do you think we will use to replace it? I'm sure that the powers would like to just create another debt based system.
Non-debt based issuance of currency is one of the things that we need for the replacement currency. What other things should we have to make a better currency?
The man's trying to keep you down man! https://steemit.com/bitcoin/@hotsauceislethal/bitcoin-price-forecast-7-21-17 Check out my BTC price forecasts :-D
What I find interesting is that, while I admittedly don't watch much news, I didn't hear anyone saying "crypto is dead, the bubble is bursting, etc" over the last month as prices of almost every coin fell.
Methinks
is a pretty good description.
I did, looking around the comment threads at places like S/A and Zerohedge. They are still stuck in the 'but what about electricity!" To which I reply, 90% of all dollars are digital. Fuck off.
I don't remember who it was, (Jim Rickards maybe?) but someone brought up the fact 9-12 months ago how little physical, hold in your hand cash actually exists. That explains all of the "cashless society" talk, it's like burning your "mansion" down before the insurance company realizes it was made out of cardboard & paper mache.
If "electricity" goes away, all that whale oil I have stashed away is gonna make me a bazillionaire.
I'm not hodling my breath.