We just had a huge sell off. Someone, somewhere needed some cash quick. Or someone needed the market to crash. Well, it didn't last long. Literally, you can't see it on a daily chart. Its that long wick.
So, this is it, bitcoin is dead again:
Actually, most chartists say that this was extremely good for bitcoin and the crypto market.
And some chartists are saying that they expect $200k bitcoin by Christmas.
Bitcoin is going to unbelievable highs.
Ok, maybe not that unbelievable. $1m is only a 10x, and we see 10x all the time in crypto. (usually in smaller coins)
But there is a huge problem. We don't know how to work with numbers that big.
Bitcoin, will be used by govern-cements settling trade deficits, corporations paying each other, and buying super-yachts.
Bitcoin becomes the standard of account. Whether this is because the dollar dies, or all fiat hyperinflates, leaving bitcoin the lone star from which to navigate from.
Us, normal people will talk about milliSats, nanoSats and picoSats. A full satoshis will probably be like we think of $100 bills. Or even more. We have the entire world to put onto the bitcoin standard. There is only 21 million to be shared by billions of people.
The road to unbelievable highs.
Fiat currencies are tripping over themselves to be the first to zero.
We, in the crypto communities, all believe that the dollar is going to crash. Any minute now. However, that is unlikely, as the dollar is so huge. It is more likely that they do something to patch up the dollar, and that "new" dollar holds for a little while and then fades into obscurity. Of course, it could be the old dollar that just becomes unused.
What we do know is that countries have started to buy bitcoin to hold as reserves. And, since one (big) country has said they will, others are trying to move into doing the same thing. Its like the nuclear race, but this time it will be good for the world.
Big corporations are already competing to hold bitcoin on their balance sheets. Saylor has made such an impact, that corporations are going to be seen as unstable, and their stock price will go down if they don't have bitcoin.
The big entities of the world trying to move into bitcoin will see unbelievable prices for bitcoin.
Of course, this will also make bitcoin almost unusable for any normal person.
I hope they make the lightning network better/stronger soon, as our piddly million satoshis may become dust if left on the main chain. (i wonder how this will work actually play out?)
What is up with gold?
Several YUGE veins of gold have been found. One rumored in China is so big, you have to ask, is it real? Or is it just cover for all the gold being funnelled east through Switzerland?
Another is in El Salvador, where the IMF is trying to get them to take on big loans to mine it correctly, because previous mining destroyed the ground water. Fortunately, thanks to Max Keiser, El Salvador has so much bitcoin, they can afford to tell the IMF to go bleep, bleep and bleep.
And then we have Trump talking about selling The US gold reserves for bitcoin. And, everyone says he is crazy for even thinking this. The bitcoin maximalists see this as a good move, because "Everything is going to zero against bitcoin". The gold bugs are like, is there actually any gold in Ft. Knox?
Things are really shifting when we hear such huge things about gold, and the price doesn't even notice.
I know that gold is going to lose its status as a precious metal/money. (unless we go all Mad Max) But, i didn't foresee these kinds of plays so soon.
Bitcoin was supposed to be digital money for the masses. However, the block size wars ended with bitcoin being the worlds best store of value.
And maybe that is a good thing. Something that is so big that it barely moves when economic battles happen. A loss of volatility, a gaining of stability.
This also means that there will be a coin, or several that will actually serve as on chain money. Litecoin, BitcoinCash, Dash, Digibyte, and even Doge are contenders for being what is used as large bills for large purchases.
Some kind of lightning network will be used for smaller transaction. And this may actually be a bitcoin lightning network. Of course, by this time, so many inter-chain operabilities will be so ubiquitous, that we just call it bitcoin, but it is anything but.
The only thing for certain is that bitcoin is going to be YUGE.