During an interview I recently conducted with Jeffrey Tucker of the Foundation For Economic Education, I asked Jeffrey about his thoughts on Bitcoin as it bordered on $10,000 USD and what the constantly growing value means.
As Jeffrey Tucker said, when you look at the entire market cap of all cryptocurrencies, you get over 300 billion dollars. That's a revolution. That's a new class of billionaires. Essentially, he said, Bitcoin is creating a new civilization. It's a changing of the guard and we can thank decentralization for that.
While not all cryptocurrencies are good, there are many that are and it's providing a free market, competing currency alternative to the fiat, centrally planned legal tender currency that's currently enforced. Of course all fiat currency eventually reverts to its intrinsic value of zero. It always has, it always will. Bitcoin, Dash, Litecoin, STEEM, these cryptocurrencies are changing the game.
Bitcoin and Dash has small circulation caps which creates scarcity. They also have application use which brings in an even greater demand. Their success is all a very telling sign of people flooding away from the monetary system and stock markets as fiat looks to repeat what it's done for nearly a thousand years, going back to 1024 AD in China. Crash.
Of course as an update to the original interview, Bitcoin has hit over $11,000 USD and has dropped closer to $9200 USD as it makes a dip while people take profits. This is only expected in a healthy market.