Bitcoin SKYROCKETS To All Time Highs… AGAIN! – This Is Why

Josh Sigurdson talks with author and economic analyst John Sneisen about Bitcoin as it once again hits all time highs hitting $6,450 USD on October 31st, 2017.
Fundamentals are largely to blame for the consistent spikes we’re seeing. 21 million decentralized coins ever to be in circulation creates great scarcity and demand but application of the cryptocurrency is incredibly important too and that’s what is causing today’s spike.
The CME in Chicago has decided to launch bitcoin futures in a push for the currency’s wide adoption. We still have to wait for authorization but this has led to a massive rise in Bitcoin which is bound to continue to take off likely hitting $7500 USD by year’s end.
While there are a lot of concerns when derivatives are involved and that it creates far more risk than necessary, it isn’t going to affect the long term bullish nature of Bitcoin which by the 7 year daily average rate of growth should by fundamentals reach $250,000 by the year 2020. However, individuals getting into futures are taking big risks and they’re in our opinion far better off getting into Bitcoin personally rather than making pre-arrangements with futures.
Then there’s Segwit2x which is raising a lot of eyebrows. The Digital Currency Group (DCG) is behind Segwit2x as we’re coming up on another big fork. DCG’s CEO is Barry Silbert who’s an investment banker. Mastercard has also invested in DCG.
Then there’s the board of directors which includes Glenn Hutchins who advised President Clinton. Hutchins happens to sit on the board of The Federal Reserve Bank of New York. He’s a class B director.
Then last but not least is the very nefarious Larry (Lawrence) Summers who also sits on the board of directors for DCG and Summers has been pushing for a global centrally planned cashless system which should concern everyone considering his involvement.
Bitcoin will continue to go to the moon but everyone should be incredibly weary of this fork and understand who’s involved and take financial responsibility.

Stay tuned as we continue to cover these issues at WAM!

Video edited by Josh Sigurdson

Josh Sigurdson
John Thore Stub Sneisen

Graphics by Bryan Foerster and Josh Sigurdson

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  • Miss-andry Begone

    With Trump appearing to be getting the US economy improving, it could be a long time before the dollar and the economy crashes.

  • John Adams

    Fuck bitcoin.Fuck all digital currencies and the fucking cashless society you fucking morons are leading us into. Fuck you and fuck the dollar vigilante. You fuckers are NOT doing society a favor at all in my opinion.

  • VA-115 KnuckleDragger

    If I owned bitcoin, I would definitely sell a portion, take the cash profits and buy physical gold and silver. This shenanigan is going to end badly. Im poor and can barely afford to keep things going, so I can only afford about $20-$25 dollars a week to blow on something and it goes to ammo, bottled water, and dried foods. Hoping it will be tradable when the crash happens.

  • Steve Rosenberg

    Bitcoin will end very badly, for at least Bitcoin that is. Just look at what the gov’t and it’s corrupted banksters have done to gold and silver, having a noose around it’s neck 24/7. Sure with the surrent craze it may run up for awhile longer, but then when the big guns come callin, that will be all she wrote. Cryto today is well supported by the sheer speculation craze of increasing at incredible rates,. much illegal money and laundering pouring into the space,, and wealthy people who want out of their respective repressive, depressive, manipulated currencies. It’s been for ages and ages known by all good men (and women) that Gold and Silver are the definition of Real Money… Crypto is not. Cryto is only a currency. As for gold and silver they are hard assets, hard to move and expensive to store. However if they were being backed and distributed by open collective stewards, highest rated insurance entities, and reinsured with real property and other hard asset offsets on a dynamic basis, then there should be little to no worry as to the the accountability, accessibility, and insure-ability of a real gold and silver cryto backed asset which could be used as a currency of the highest order. This is just my honest opinion of how I see it.

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