It's been some time ago that I took a glance at the state of crypto-markets and my own portfolio; I've been somewhat preoccupied with all the election shenanigans, to put it mildly. But when I finally looked at Bitcoin's price yesterday evening, a smile was automatically painted on my face; more than 13,000 dollar!! Could it be that the elections are just one storm before another storm, and could they be related? Here's what I found in a couple of hours reading, watching, listening and just generally catching up on crypto-related news...
source: YouTube
So, keep in mind that this short post is indeed the result of just a couple of hours "research" on a topic I haven't been following for quite some time now. In any case, I've always considered myself a hodler, someone who buys a little crypto whenever my money doesn't end before the month does, and just leaves it there, sitting in my wallets. This also means I'm not a financial adviser, not even close; I merely share my opinions here, much of them taken straight from news sources I've come to trust on the subject over the 4 years I've been involved with crypto-currencies. So take this with a grain of salt and do your own research before doing anything crazy, okay?
Two things immediately become clear when glancing over the headlines of the past couple of weeks and days: 1) institutional investors are heavily betting on Bitcoin and other crypto-currencies, and 2) PayPal will shortly launch their own crypto-currency but what's more important is that they announced that they plan to let customers use crypto tp pay for things from its massive network of more than 25 million retailers. These two combined paint a rather rosy future for crypto-currencies and Bitcoin particularly. But that's not all, my crypto brothers and sisters; the most remarkable, and potentially best news is yet to come...
The news that more and more financial institutions are entering the crypto-currency market comes at the best time we can imagine. You see, Bitcoin and other crypto-currencies are much different from other assets and investments; the introduction of Bitcoin in 2009 signaled a complete breakaway from traditional banking and money. For the first time in modern history a form of money was made available to the general public that wasn't minted by a bank or central bank, for the first time we had currency completely independent from that infamous middle man. For more than a decade now there have been disputes about the legality of crypto-currencies, and for years they've been associated with shady dealings and rejected by the banks and governments. Those institutions owe so damn much of their power to rule over us by them having the monopoly power over minting the only legal currency.
So up until recently, when markets were plagued by uncertainty, investors fled into reliable assets, gold being the best known. And up until recently we crypto-heads have been puzzled by the fact the Bitcoin's price rose and fell in lockstep with the traditional markets. And that's what has changed recently; stock prices are falling, even gold is falling after having reached its peak on 7 August, but Bitcoin keeps its upward trajectory. For now. As far is I know (and that's not so much as of late) this is the first time we see this happening, the first time we see Bitcoin diverging from traditional markets to this extent, unless maybe during Bitcoin's exceptionally bullish runs, the last of which we saw in the end of 2016 and the start of 2017. But... let's not forget the current storm; these are extraordinary times and there's a lot going on right now, with the American elections, the pandemic, the high unemployment because of the pandemic... Maybe this is just yet another crazy thing happening in these crazy times. still, wouldn't it be nice for us, the ones who have believed in crypto-currencies' potential to change the world for the better, if Bitcoin is now finally, actually and truly accepted as the only save haven to protect one's hard earned money against the uncertainties inherent in traditional markets? That would be a turnaround worthy of this completely crazy year...
Bitcoin: It's FINALLY HAPPENING
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