We did it again! As of this writing Bitcoin price has breached not only the previous all time high, but the all important psychological barrier of 20,000 dollar as well. Should Bitcoin continue on the path it has been in the 10 years of its existence, and there's no reason why it wouldn't, we now enter a new period of price discovery in which the previous all time high will act as support.
source: YouTube
This post is going to be on the euphoric side, so let me start with saying that none of this is to be perceived as financial advise; don't go pouring your live-savings into Bitcoin or any other crypto currency just because of the positive projections in this post.
But I have to say that Bitcoin hasn't disappointed yet. Ever. The reason for this is not to be found primarily in the technical analyses based on its price, but in the fundamental reasons why Bitcoin is a solid investment. The most important of those reasons, of which there are many, is the fact that Bitcoin is a-political money. It's completely detached from central banks or any other centralized institution because it exists only by the grace of the decentralized miners all over the world, and anyone can mine Bitcoin, Ethereum and other crypto-currencies; I've done so myself for more than a year. Let me try and explain why it's so important for us to have a-political money.
Enter Pornhub. This adult website has recently removed most of its videos after two major payment processors, Visa and MasterCard, suspended service. They did so after a New York Times report that found the site was hosting videos of people who are underage and videos showing children being assaulted. Now, I thinks it's save to say we're all opposed to child-porn and that those individuals who peddle in it should be dealt with; that's not the problem here. The problem is the way this problem is being dealt with, and it's uniquely dealt with this way with regards to money. What if it's not money, but for example water or electricity we're talking about here? What if the water company decided that Pornhub is a bad actor and then decided to cut Pornhub off from running water? Or from electricity? Yes, Pornhub has to be dealt with, but no, not by the companies or institutions that provide Pornhub with the means to their survival. We don't deal with bad actors with existential threats that are not issued by our legal systems, and even then the threats are very rarely of the existential kind...
On a global scale, if you live in a country that's hated or despised by global financial institutions, it is possible that your country gets cut off from the international organization of central banks, the IMF and the World Bank. Since we unfortunately still live in a world in which our survival is dependent on having access to money, this is a true existential threat. Bitcoin exists completely outside the realm of legal and or political influence, and this is a direct result of its decentralized nature as well as its main feature that will make its price keep rising for some time to come. In 2021 Bitcoin's price is projected to rise above 100,000 dollar with some projections going as high as 200,000 dollar.
But in reality no one knows for sure; so I repeat the warning I issued at the start of this post to not make your investment in Bitcoin an existential gamble by pouring everything you have into it. Be cautious and invest only money you can spare. To close on an even more euphoric note though; there will never be more than 21 million Bitcoins created, and millions of those have already been permanently lost. Just going by the ironclad rules of supply and demand this means that there will not even be enough Bitcoins for every millionaire of billionaire to own one whole Bitcoin; the price will eventually be much more than 100,000 or 200,000 dollar. So here's a short celebration-video for all of you who, like me, have hodl'd on to your crypto-currencies in face of all the negative news throughout the years...
Why Bitcoin in Price Discovery Mode Is SO HUGE!!
Thanks so much for visiting my blog and reading my posts dear reader, I appreciate that a lot :-) If you like my content, please consider leaving a comment, upvote or resteem. I'll be back here tomorrow and sincerely hope you'll join me. Until then, keep safe, keep healthy!
Recent articles you might be interested in:
Thanks for stopping by and reading. If you really liked this content, if you disagree (or if you do agree), please leave a comment. Of course, upvotes, follows, resteems are all greatly appreciated, but nothing brings me and you more growth than sharing our ideas.