In this video, I break down the latest Bitcoin news as we see wild fluctuations and a peak of $3329 USD a Bitcoin! It's settled below $3200, but the price continues to coil. We will see wild fluctuations for a long time to come, but one thing's for sure, Bitcoin isn't going anywhere.
Following the fork on August 1st, Bitcoin Cash (BCH) topped over $700 USD and fell to about $200 USD.
While there will be scaling issues continuing into the future, we have further vindication.
We've all seen the exhaustive media nonsense over the past 7 years claiming we're "seeing an end of Bitcoin". Every time there's a correction (which anyone who understand especially decentralized markets know, corrections are a healthy natural sign, a breather if you will), the media claims it's the end and that all hope is lost.
Unfortunately countless people eat it up and sell off out of fear, not understanding the actual infrastructure.
We constantly hear the phrase "bubble" over and over again. Well if there's a bubble, Bitcoin to the cryptobubble is like Amazon and Google to the dotcom bubble.
Besides, it's incomparable. A decentralized bubble based on demand is not the same as a centrally planned derivatives bubble based in manipulation.
We love gold and silver here as wealth insurance but the Bitcoin doubters have to understand where gold's value comes from. Gold is scarce, so the scarcity and demand keep the price prevalent. There will only ever be 21 million Bitcoins, so not matter what, there will be scarcity as well as demand. See the similarities?
Fiat has no scarcity or demand. It's manipulated into oblivion devaluing by its very existence, creating debt and inflation perpetually. It's centrally planned. Quite the opposite of Bitcoin which is so often ignorantly called "fiat".
Bitcoin is proving the loss of faith in fiat as people flood the cryptomarkets. The fiat dollar will crash and gold, silver and cryptocurrencies will prevail. It's just a matter of proper diversification.
People like John McAfee see Bitcoin hitting $500,000 in 3 years. The 7 year daily average rate of growth shows Bitcoin hitting $250,000 by 2020. Even Wall Street insiders are claiming $55,000 by 2022 which is likely way undervalued.
We know one thing for sure though, we are witnessing a monetary revolution!
Altcoins did okay over the past few days as well, especially Ethereum. Dash and EOS are being given a chance to rally hard as well which is something worth looking forward to.
