Part of Bitcoin's value is based on what it can currently do — namely store and transfer your wealth in a decentralised non-government controlled system — and part on what it will be able to do in the future. It’s the second part I want to talk about today. That’s the part the critics overlook. Because 2018 is set to be a very exciting time for bitcoin development.
In amongst all that bad news and declarations that bitcoin was ‘a failed project’, it appears one of the world’s biggest tech investors has been quietly buying up bitcoin. 2018 should see some big strides in their technical progress. The big money knows this and is starting to move in. But they don’t want to show their hand yet.
Today’s article was originally published on 17 November. At the time it was written, the bitcoin price was AU$10,287. Today it’s a lot higher. As you’ll read, money is changing. And global adoption is about to explode. You can’t ignore this…
The latest company to jump on the bitcoin bandwagon is Long Island Iced Tea Corp. [NASDAQ:LTEA]. The unprofitable company changed their name to Long Blockchain and saw shares rise as much as 289%.
Charlie Lee, the creator and lead developer of litecoin, has said that he’s sold almost all of his coins. Which comes after the crypto’s rapid gains this year —up 274% in December alone, and 6,894% in the year-to-date.
Last night, bitcoin took another tumble. A single coin now trades for US$16,482. Rather than taking profits, investors were pulling out of bitcoin and jumping into bitcoin cash.
Rome wasn’t built in seven months of 2017. It takes longer. Years. Bitcoin has only been around for almost nine years. It’s like a single celled organism in the evolution of man chart. Have some perspective. Don’t get sucked into the mainstream hype and mania. Crypto has actually been around a while; it didn’t just appear in 2017.
Assessing the future is all about weighing up the odds. We can never be sure of how the future will unfold. So I talk in probabilities, never in certainties. With interest rates rising in the US, and with the post-2009 economic expansion being one of the longest on record, there is an increasing probability that the business cycle will soon start to turn down.
What a year. Brexit, Trump, North Korea, bitcoin. While it’s nice to check out how much you could have made in 2017, it’s far more interesting to speculate on 2018.
Bitcoin’s cryptocurrency cousin bitcoin cash (BCH), surged 17.9292% this week. Its market cap now stands at $48.88 billion, with a volume of $3.68 million.