Hi fellow Steemians, fellow investors, traders and crypto enthusiasts. We are going through some uncertain and interesting times with Bitcoin and in effect nearly every other crypto.
On the 20th July we knew that BIP91 was locked in and this was a good thing. Then suddenly just a few days back we all got to know about Bitcoin Cash, the newest hard fork for Bitcoin.
So let's take a look at what happened to the price of Bitcoin this week.
Bitcoin/US Dollar (BTC/USD) - Daily Chart
Bitcoin has seemed to "calm down" over the last couple of days, though this is a statement relative to its very recent past where we have seen swings of around a $1000 in just a few days.
From the lock-in of BIP91, the price of Bitcoin has steadily risen just to abruptly fall slightly on the unexpected news of the hardfork which will create a brand new crypto currency called Bitcoin Cash. This news was unexpected to say the least and people seem to have started selling out of fear before realizing that holding onto Bitcoin before the hard fork simply meant getting the same amount of Bitcoin Cash as you would have Bitcoin. This realization sparked a bit of a buying frenzy by those we probably did not have or could afford to buy more.
Though where the price of Bitcoin and Bitcoin Cash will be heading in the next few days is anyone's guess.
It all depends on the intentions of the investors. Do they believe in Bitcoin or Bitcoin Cash? That is the first question that goes through my mind constantly. Bitcoin Cash does solve some of the scaling issues that have come to overshadow some of Bitcoin's success but then again Bitcoin does seem committed to fixing these scaling issues by November.
Are people buying in now just to make a quick buck after the split? Will we see panic and get rich quick selling, bringing down the price of Bitcoin, Bitcoin Cash or both. Will we see on of the coins being traded in for the other with the belief that one is the more worthy rival?
I for sure do not have the answers to these questions and will sit on the sidelines and watch out for any interesting entries on either side.
I wonder though if money will pour into any other crypto while the Bitcoins battle it out, and in the end which of these two will come out on top, if any. We will probably have to wait until November to really know what will happen in the end.
So fellow Steemians, investors, traders and crypto enthusiasts what is your take on the current situation Bitcoin is in? Will we be seeing massive swings after the 1st August at 12.20 UTC? And that's just over 12 hours from now.
For those who don't know. I'm Bender from Futurama :)
Ah the excitement and anticipation.
Do you think you know what will happen to the two? Let me know in the comments.
If you want to check out my other blog posts check me out @nimda and don't forget to follow me.
If you like my content you can upvote and resteem, it helps a lot, and don't forget to leave your comments :)
Thank you.