While many have called for a short term sell off of Bitcoin due to its incredible run up in the last few weeks, Bitcoin continues to defy the "Tulip Mania" comparison. There has been nothing but good news for Bitcoin in the past few weeks, and it has overcome the "forking" of Bitcoin Cash without a glitch. Again, another set of crypto-currency enthusiasts plan to "fork away" from the current Bitcoin Chain to start Bitcoin Gold.
Technically, the Bitcoin Gold team and some supporting exchanges, have already taken a snap shot of all the Bitcoin wallets. Wallets with Bitcoin in the those wallets, as long as they have access to the private keys, will be able to claim their Bitcoin Gold once the Bitcoin Gold Mainnet goes live. I believe they are still working and testing the software on a Testnet, and have recently added code for replay protection, making it safe to transact in Bitcoin Gold without fear of losing your Bitcoin. It seems many are writing this Bitcoin Fork Not a Fork off, and believe that it will be dead before it gets started. No real word from the Bitcoin Gold team as to a launch date for the Mainnet to go live, which will then allow for the claiming of the Bitcoin Gold coins. I believe it was stated to be Mid-November, but I can't confirm that.
In the mean time, Bitcoin has shrugged off the last fork, Bitcoin Cash, and this Bitcoin Gold Spork as well as the confusion over Segwith2x, which is yet another coming Fork/Update to the Bitcoin Network. The proof is that Bitcoin continues to make new highs in price, now at $7580. In my opinion, Bitcoin's price resilience stems for at least two current major factors; Zimbabwe and the Bitcoin Investment Trust.
It is my belief that these two will keep the current price sustainable, and will lead to further Bitcoin price LEAPS. Zimbabwe is having a major financial crisis that is causing daily inflation, and the only relief from that is to hold Bitcoin. There 1 Bitcoin will cost somewhere in the range of $12,000 USD. While in the U.S, if you are barred from directly investing in Bitcoin, or simply don't want to deal with the technicalities of owning Bitcoin directly but still want to invest in Bitcoin via traditional methods, i.e. the "stock market," then there is the Bitcoin Investment Trust. Here you own a share of the Investment Trust Company itself, and each share represents a percentage of a Bitcoin held by the trust. Currently, the value of each share is worth $950, divide that by the actual amount of Bitcoin it represents, (0.09212) and it works out to $10,300 per Bitcoin.
Of course there are other import factors currently sustaining Bitcoin's meteoric price increase, like the recent announcement by the CME Group to begin trading in Bitcoin Futures soon. There is also the possibility that China allows the Bitcoin exchanges to operate again, after possibly enforcing stricter Know Your Customer rules. At this point, Bitcoin is on fire, and it is looking to go Full Fusion at any moment. Let's hope that it is not a quick burnout, but rather stays self-sustaining, much like our Sun.
Let me know what you guys think and how you plan to play Bitcoin.
11/5/2017
@streetstyle