In this video, I sit down with author and economic analyst John Sneisen to talk about the massive potential Bitcoin carries following a Wall Street strategist's claim that Bitcoin will likely hit $55,000 USD by the year 2022.
Well interestingly enough, considering the 7 year trend for Bitcoin, taking into account the average daily growth year by year, Bitcoin is actually heading towards $250,000 USD per coin by 2020.
As incredibly ridiculous as that may sound to many, take into account the growth of Bitcoin in the past couple years alone. Bitcoin was at $218 USD in April 2015. It has since climbed up above $3000 USD and settled after the recent crypto-correction at around $2400. This is no small feat.
Bitcoin has clearly held its own over the years and with a 21 million cap on coins created, the potential for scarcity and demand is truly quite large.
People are rushing to decentralize as faith is lost in the worthless, centrally planned fiat paper system. Not only does this also bring more value to Bitcoin but it helps in tanking the devalued fiat dollar. The fundamentals are off the table due to the level of manipulation in the fiat system so we cannot put a date on the coming crash, but we know it is indeed coming and this exodus into cryptocurrency is an excellent example.
Bitcoin also provides a lot of protection and insurance of wealth while also giving an investment opportunity. While in our opinion, gold and silver are far better eternal insurances of wealth, Bitcoin is an excellent long-term insurance of wealth, that is until something more innovative comes along.
Diversification is incredibly important. It's truly careless to put all your eggs in one basket. One COULD get lucky, but you're far more likely to lose everything at that rate. So due diligence is imperative. One should always understand what they're getting into before they get into it.
We will continue to update you on the latest with Bitcoin and the alt coins. The recent bloodbath was simply a healthy correction which is necessary to make markets stable.
