RE: Vlog: 144: Will we enter the 5 digits Bitcoin era?
You just hit the nail on the head. They could not detect the housing bubble on time, and now they have turned to bubble detectors just Because bitcoin is hitting them below the belt. One of the reasons why I feel bitcoin is not a bubble, is because of its growing acceptance as legal tender.
Previously, Bitcoin’s biggest challenges had been acceptance by lawmakers and financial regulators due to its decentralized nature and its unfortunate association with criminal activities carried out on the dark web. However, Bitcoin’s “official” acceptance is on the rise.
For instance In the Philippines, citizens have been increasingly using Bitcoin to send and receive low-cost remittances.Countries such as Australia and Russia have recently made similar statements that could lead to Bitcoin becoming a fully accepted medium of exchange in their respective countries. This is a trend that is likely to continue, given the growing demand for Bitcoin as an investment as well as an online payment system.
Yes, like every fast growing stock, there might be a correction, but I don't see a bubble in view. Nice one.
Certainly interesting points. If Bitcoin really is in a bubble, it's a very strange kind of bubble, and one that recovers from bursting almost instantly.
I think the biggest issue that people run into is that, while there are some principles of economics which apply to new kinds of currency (and hence Bitcoin), Bitcoin is such a different beast compared to other kinds of currency and property. How do you make accurate predictions about something so unique? The answer is that, generally, you don't. Everything is a semi-educated guess.
More to the point of this post, yes, I see a 5-digit Bitcoin as a very real possibility, and it may be only the beginning of exponential growth. You might say I've bet money on it. ;)
A strange bubble indeed. Especially when people tell me that it popped. I wonder where they get their news.
Yeah the real "bubble" is the US petro dollar and the slow world shift to the new silk road which no one seems to talk about. Though I think Bitcoin is not without its problems. Its certainly not the best coin for transactions its slow, and the difficulty is so bad that if there is a serious dip in price miners switch to BCH for their profitability. Though with 10K BTC I guess they wont switch anytime soon. I also think BTC is kind of the xgeneration/millennial gen gold. Since the metals market is so manipulated many are hoarding cryptos instead of gold or silver. I think maybe BTC will be around as a large store of wealth like gold, but we need silver or ethereum or litecoin for transactions. Cool posts guys for sure we are moving into this change with our eyes open..