Those that don’t understand or trade with Bitcoin construe it as a volatile currency that’s best left for the risk takers or the online gambling industry.
As a cryptocurrency many consider it the monetary unit of the 21st century. One of the main reasons why it causes folk to shake their heads in disbelief when they hear the word Bitcoin is because it’s relatively young and still unregulated. After all something that’s still unregulated is considered a bad thing, right? No! Bitcoin is a decentralized digital currency that’s driven by supply and demand plus it can’t be influenced by any government.
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The Value of 1 Bitcoin Could Be Astronomical
Unfortunately there’s always a few bad apples that used Bitcoin for nefarious activities which gave the cryptocurrency a bad name. One particular incident that comes to mind is silk road. We’re not going to discuss it since it’s outside the scope of this article, if you’re interested in what happened you can read more about it on this page: https://en.wikipedia.org/wiki/Silk_Road_(marketplace)
What we are going to discuss is the future of Bitcoin and how it might look 10 years from now. Like all good things in life there’s always a an element of uncertainty. Those in the know reckon that 1 Bitcoin could be as much as $600,000 in another decade from now. It could be an incredible endeavor or it could an utter disaster. To be honest the cryptocurrency hasn’t really come into its own yet; if we take it’s growth the past 2 years into account it’s definitely on its way.
Bitcoin is not a short-term solution instead it’s important that you focus on the long haul. In order to prevent their debts from spiraling out of control governments are printing more money than ever before. At the end of the day it’s a case of too much money chasing too few goods.Sooner or latter debts will need to be called in which could be the demise of government bonds and fiat currencies across the globe. Assuming Bitcoin survives all this it will climb to unprecedented heights. Now that the U.S debt ceiling is a thing of the past the main concern is that government debt is in its final parabolic stages which will cause the global pyramid scheme to drop like a deck of cards.
Why Bitcoin’s Future Looks Good
”Bitcoin trading is like a casino that needs to be understood.”
The way the global economy is going now we encourage you to purchase a few bitcoins or at least dedicate a small portion of your portfolio towards it.
In recent years Bitcoin copped a fair amount of criticism but it received a barrage from JPMorgan Chase’s CEO, Jamie Dimon. He slammed Bitcoin by saying that it’s a ‘mega rich scheme that’s a fraud’. According to ZeroHedge, the company established that JPMorgan purchased a pretty penny in Swedish bitcoin ETF. From the sound of things it looks like Morgan Stanley might be a closet bitcoin hoarder. Keep in mind that banks are by no means psychics nor do they excel at trading. Had this been the case their own stocks would give the S&P 500 a run for its money, the crux of the matter is that they’re coming off second best against the S&P.
JPMorgan is doing good, then again the Crown Megabank gets billions of dollars in cheap Federal loans and loads of bailouts when the chips are down. With the tax payers help it’s easy to see why it outguns the S&P 500. Crooked wall street traders buy the same stocks in the index, sit on them for a bit and sell them off to the best buyer behind closed doors. Is it possible that Bitcoin traders employ off-handed tactics to boost the price of Bitcoin? Maybe, perhaps Dimon intentionally slated Bitcoin to cause its price to drop just to purcahse a bunch when it dipped. Then again that would be unethical and we don’t think he’d stoop so low.
The biggest intrigue came from Chinese regulators that’s out to ban peer-to-peer bitcoin trading. As luck would have it they haven’t done it yet neither will they do it in future. Reason being Chinese regulators own billions of dollars worth of Bitcoin.
Two things will happen, governments will start regulating Bitcoin or they’ll ban it. We’re more inclined to go with the former simply because the pros of the digital currency far outshines its cons. Gold went through a similar phase as Bitcoin, between 1933 to 1977 citizens were not allowed to own gold, it was illegal. In dollar terms if one compares the prize of gold today to that of 1933 it’s 37 times higher! The outlawing of private currencies or commodities is not a new thing, we’ve seen it all before.
As Bitcoin continues its merry ride into the sunset its value will ebb and flow, maybe in both directions. If you plan on purchasing bitcoins by all means do so but see it as a calculated risk. When governments decide to call in all the debt in another 10 years time, it’s the cryptocurrency that will ride out the storm and it’s value will be considerably higher than what it is today.