I always expect haters when it comes to anything disruptive, revolutionary, or non-traditional. I mean, the pure absurdity of the Roman Church, for example, denying the fact that the earth revolves around the sun, is one famous case of intolerance and ignorance towards new concepts. You just can’t have a game changer like the blockchain come along without rocking the boat and ruffling a few feathers.
This theatre is just part of the adoption process, and as investors we need to separate the real data from the fake news. If we don’t, we’ll become victims of it, which is the worst outcome.
People who don’t understand the full history of cryptocurrency will bash it and spread misinformation. Nouriel Roubini, for example, is the posterchild of talking out of turn. He absurdly claims that the blockchain is no better than an Excel spreadsheet, and that the millions of people who buy cryptocurrency don’t know anything about finance or portfolio investments. He also asserted that the blockchain has nothing to do with the future of financial services.
If Roubini had an ounce of street smarts, he wouldn’t be on a college campus lecturing for 20-yr-olds, but where the action truly takes place – in the real world, where we all have to outwit each other.
Roubini also recently said that cryptocurrency “as a technology has absolutely no basis for success.” Obviously, he didn’t get the memo that the blockchain is doing fantastically well this year, with blockchain spending projected to grow nearly 89% in 2019. Roubini also failed to mention that blockchain investments are expected to reach $2.9 billion this year (with $1.1 billion from the financial sector), and $12.4 billion in 2022.
At the other end of the spectrum is Twitter and Square CEO Jack Dorsey, who is not only bullish on Bitcoin, but is actually putting his money where his mouth is. Dorsey has been an advocate of cryptocurrency and blockchain technology since 2017, but until recently, he hasn’t spoken about his personal Bitcoin holdings.
Courtesy: bitcoinexchangeguide.com
Dorsey is forecasting massive acceleration for Bitcoin over the coming decade and expects that the Square Cash App will soon integrate Lightning Network technology – which will accelerate Bitcoin transactions for everyday purchases.
He clearly sees parallels between Bitcoin and Twitter as a growth story in the making.
From a technical analysis perspective, the price action is leaning bullish in a big way. In fact, a favorite indicator among technicians is flashing a signal we haven’t seen in a while:
Courtesy: tradingview.com
What you’re seeing above is the BTC/USD candlestick chart, and below the candlesticks are the MACD (moving average convergence/divergence) indicator, which includes the MACD line (in blue), the signal line (in yellow), and the MACD histogram (which consists of the green and red bars).
When the shorter-term moving average (the MACD line) crosses above the longer-term moving average (the signal line), the MACD becomes positive, indicating that momentum is moving upwards. This is also reflected in the MACD histogram, which is showing the biggest green bars in more than a year.
And so you’ve got the bullish crossover in the two lines as well as the MACD histogram strengthening. This is a convergence of technical events that has price-action analysts excited about Bitcoin and, by extension, all cryptocurrencies. Other indicators confirm the bullish trajectory.
With Bitcoin touching the $4,000 level and ready to break through it, $5,000 is a short-term barrier that’s meant to be broken. And if haters like Nouriel Roubini don’t see it this way, that’s perfectly fine – they can always change their minds after Bitcoin reaches another all-time high.
Best Regards,
Brad Robbins
President, PureBlockchainWealth.com
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