Josh Sigurdson breaks down today’s Bitcoin rally to $7800 USD following the announcement that Segwit2x would be postponed due to lack of public consensus.
The Segwit2x fork was put forward by The Digital Currency Group (DCG) which is headed by Barry Silbert, a former investment banker. Mastercard is also an investor in the group. DCG includes board members like Glenn Hutchins who sits on the board of The Federal Reserve Bank of New York and is also a former advisor to President Bill Clinton.
Lawrence (Larry) Summers is also a board member of DCG.
This is the free market at work. People have denied a potential takeover of Bitcoin because they understand the cryptocurrency and want nothing to do with the fork.
This announcement has led Bitcoin to hit new highs and some analysts have pegged it as hitting $7900 USD while Coinmarket Cap pegged it at nearly $7800.
Bitcoin can definitely use a breather, but new interest continues to bring its value up higher and altcoins are starting to skyrocket as well, such as OmiseGo, Dash, Wave and EOS.
Bitcoin is based in scarcity and demand due to a cap of only 21 million coins by the year 2040. Application is also a big deal and due to the adoption of Bitcoin’s use in many countries and the CME announcing the use of Bitcoin futures (which is only a risk to those willing to actually buy Bitcoin futures), application is skyrocketing as well.
We will see how this incredible innovation continues to make fiat and the central banking system laughable.
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
Graphics by Bryan Foerster and Josh Sigurdson
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