In this video, I talk with author and economic analyst John Sneisen about Bitcoin as it once again hits all time highs hitting $6,450 USD on October 31st, 2017.
Fundamentals are largely to blame for the consistent spikes we're seeing. 21 million decentralized coins ever to be in circulation creates great scarcity and demand but application of the cryptocurrency is incredibly important too and that's what is causing today's spike.
The CME in Chicago has decided to launch bitcoin futures in a push for the currency's wide adoption. We still have to wait for authorization but this has led to a massive rise in Bitcoin which is bound to continue to take off likely hitting $7500 USD by year's end.
While there are a lot of concerns when derivatives are involved and that it creates far more risk than necessary, it isn't going to affect the long term bullish nature of Bitcoin which by the 7 year daily average rate of growth should by fundamentals reach $250,000 by the year 2020. However, individuals getting into futures are taking big risks and they're in our opinion far better off getting into Bitcoin personally rather than making pre-arrangements with futures.
Then there's Segwit2x which is raising a lot of eyebrows. The Digital Currency Group (DCG) is behind Segwit2x as we're coming up on another big fork. DCG's CEO is Barry Silbert who's an investment banker. Mastercard has also invested in DCG.
Then there's the board of directors which includes Glenn Hutchins who advised President Clinton. Hutchins happens to sit on the board of The Federal Reserve Bank of New York. He's a class B director.
Then last but not least is the very nefarious Larry (Lawrence) Summers who also sits on the board of directors for DCG and Summers has been pushing for a global centrally planned cashless system which should concern everyone considering his involvement.
Bitcoin will continue to go to the moon but everyone should be incredibly weary of this fork and understand who's involved and take financial responsibility.
