The frenzy to the Bitcoin Halvening that happened couple of days ago did set many enthusiast on fire and their passion for the decentralized money was more noticeable.
The price of bitcoin did some run up and the down and now, it looks like it us set to keep going the right way up.
Will we see a $20k+ price rally?
I hate to burst your bubble but I have to say it as it should be.
The price of Bitcoin will definitely get better but I do not see it getting all crazy like it was in 2017 and I can explain.
In 2017, there was only a very few people who understand Bitcoin and what it stands for and then, it was easy to pump the price to get a favorable figure that saw its all time high at $20k.
The education on what Bitcoin is and what it can do has been taught to so many individuals. Everyone knows about Bitcoin and even if they do not really understand it, they know about it.
Nothing really drives Bitcoin.
Bitcoin doesn't have anything behind it except for it is called "a store of value" and it is mostly driven by greed for more money and control over the financial system. (You are free to argue.)
The big greedy banks and corporations (the Whales) stepped into the game and started doing everything they know to do that makes traditional financial systems stink.
The whales are notorious for stepping in with big money to drive the regular folks into selling after the have been made to jump into the pond in a FOMO style.
Have you ever wondered how the price suddenly gets so low with no news, no shortage of hash power whatsoever and the price still tanks?
Did you notice the price did a move up days to the halvening and then in a swift second it dropped by more than 23%?
Can a store of Value be good money?
Bitcoin is said to be a store of value and I wonder if that is in anyway, a good financial instrument.
Money is meant to be had and spent. It is a tool to getting food, shelter, material possessions etc and not having it to hodl till infinity or when you eventually run out of fiat.
When I make money, be it cryptocurrency or fiat, I want to be able to spend the money and not worry about price action tomorrow or a sudden dump.
If money cannot be spent when one wants, it isn't really money as it will just only pan out as a store of value.
There should be some additions to Bitcoin being a store of value. Something that can be used as a system meant for daily activities that makes it useable by all rather than a store of value.
What will be the next thing after now?