The last month has not helped bitcoin’s reputation as being a volatile currency.
A month ago bitcoin was trading near $1,000. Two weeks later it sat on the cusp of $1,300. Then, after the SEC turned down a bitcoin ETF, it sank below $1,000 briefly a week ago.
Since then it climbed above $1,250. And, in the last three days, has given up all those gains and is currently below $1,000 yet again.
What happened this time?
The biggest reason appears to be concern about a possible bitcoin hard fork.
For those not used to cryptocurrencies, that means a large amount of the users of the currency may split the blockchain and create their own chain… which will leave many, afterwards, having to choose between two different versions of bitcoin.
We warned TDV subscribers that this was the biggest risk we saw to bitcoin a few months ago and it has now come to fruition.
For this reason, I am interviewing one of the biggest names in bitcoin, Trace Mayer, right after this blog is released. It will be released as soon as we can on The Dollar Vigilante Youtube channel here (make sure to subscribe to the channel to ensure you see it as soon as it is out).
Trace is about as connected in bitcoin as anyone I know… in fact, he is my pick for actually being Satoshi Nakamoto. So you won’t want to miss this interview… it could move the market dramatically.
Then, as soon as I am done with Trace, I am interviewing the Bitcoin Jesus, Roger Ver. That interview will be put on Anarchast’s Youtube Channel here (so make sure to subscribe so you don’t miss it).
Roger Ver is the largest proponent of Bitcoin Unlimited and is the one who appears to be forcing this fork issue forward. So, we’ll be talking to him about what he is doing and what might happen next.
DASH & ETHEREUM AT ALL-TIME HIGHS
We have featured very few altcoins to TDV subscribers but two of the ones we have featured are at all-time highs.
We featured Ethereum about one year ago when it was near $2. It is currently over $40.
And, we featured Dash less than a month ago near $17 and it has skyrocketed and is over $120 currently.
None of these things is happening in a vacuum. Many people, worried about a bitcoin hard fork, have swapped out of bitcoin and, of course not wanting to go into a currency that funds terrorism, like the US dollar, they have been switching for other cryptocurrencies like Ethereum and Dash.
To find out what might happen next make sure to check out my interviews with Trace Mayer and Roger Ver in the next 1-2 days and subscribe to the TDV newsletter (subscribe here) to always get the best information on cryptocurrencies.
STEEM SKYROCKETS 200%+
One other cryptocurrency that we featured to subscribers last year is Steem. I warned that it was going to be very, very speculative, but an interesting speculation when it neared $0.20.
It since had sunk as low as $0.07 but then a few days ago, Dan Larimer, one of the co-founders of Steemit, announced his resignation.
The timing was interesting because Steem announced a new powerdown schedule nearly 14 weeks ago and it meant, and some speculated, that it would put extreme pressure on the Steem currency for 13 weeks (the length of the new powerdown).
That looks like it may have come true because Steem skyrocketed in the last few days and is up over 200% in the last 24 hours alone to over $0.33.
I don’t expect it will stay at these high levels for too long… but this is a massive increase in just a few days for Steem and something to take note of.
CRYPTO CRAZINESS
As you can see, the cryptocurrency market is wild and crazy as you’d expect a brand new sector to be. And, also as you can see, massive gains can be had. We even featured bitcoin at $3 in 2011 so we have made many of our subscribers fortunes.
To find out more about cryptocurrencies and make sure you get all the best information on the space from the financial newsletter who has covered it since 2011 click here.
Yes, cryptocurrencies are volatile. But they also have the potential to make fortunes. And, by using cryptocurrencies you are not abetting or aiding war, terrorism or drug smuggling like those who use US dollars do.
Not that there is anything wrong with drug smuggling. But, that’s a topic for another day.