Bitcoin: WHAT ON EARTH IS HAPPENING?!
Josh Sigurdson talks with author and economic analyst John Sneisen about the incredible performance by Bitcoin in recent days as it almost daily hits all time highs, peaking near $19,000 USD per Bitcoin.
A lot of people are wondering why this is happening and we do the best we can to explain this phenomenon.
Plain and simple, it’s the failing central banking system and debt based derivatives markets mixed with a mass adoption of Bitcoin due to public recognition and we cannot forget the minor but effective pumping by the banking system.
Starting with the first, all fiat currency eventually reverts to its intrinsic value of zero, it always has and it always will going back to 1024 AD in China. As the world reserve currency (USD) is printed out of thin air, centralized, quantitative easing run amok, it is coming to its inevitable end and all the while the manipulated markets are also bringing people towards Bitcoin.
There is mainstream adoption for the first time ever. Going from a total market cap of 17 billion dollars for all cryptocurrencies in January 2017, combined they have now climbed beyond 450 billion dollars. This is a historic feat. This is revolutionary for the monetary system and will create new millionaires and billionaires out of every day people.
Even still, there is an incredibly small adoption rate for Bitcoin when you consider major markets or per capita, but this provides massive future potential that will continue to drive Bitcoin and other cryptocurrencies up.
Then there is what appears to be an attempt by possibly central banks like the Federal Reserve to pump Bitcoin. The issue is, due to its incredibly large market cap, the Fed would need to risk and pump tens of billions of dollars into the currency/asset in order to make a dent and even then, it would be futile long term.
Bitcoin is based in scarcity, demand and application. In that sense it was modelled after gold’s scarcity and demand and mining potential.
Now there’s no doubt there will be serious dips, but that’s healthy. The market should always take breathers before continuing to climb. It is fundamentally incorrect for people to compare a decentralized free market competing currency system with heightening demand to the same fundamentals of the vastly banker manipulated, debt based derivatives markets and then call Bitcoin a bubble. They’re very different markets and should not be judged by the same formulas.
Bitcoin is here to stay, but it is a competing currency, so it’s not impossible for a competing crypto to surpass it someday in the future.
Stay tuned as we continue to cover this incredible issue!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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