Tag: Bitcoin 10k

Bitcoin At $64,000 Next Year? Don’t Rule It Out.

By Nick Hamilton | United States

As we start to finally hit the middle of 2018, some are already making bold predictions for Bitcoin’s price in 2019. One of those, an investment firm called Fundstrat, predicts that it could reach as high as $64,000 by the end of 2019; over six times it’s current value. The New York based firm made these assertions in a report written up by Sam Doctor. Doctor is one of the firm’s Managing Director and Quanta-mental Strategists.

The report asserts that the expected price will be around $36,000 for one bitcoin. However, the expected range of the price will be from as low as $20,000 to as high as $64,000. Their reasoning, however, is different from many other predictions that we’ve seen this year.

The rationale has to do with mining, which is a computer solving mathematical equations and getting rewarded for it with cryptocurrency. In order for this to occur, the computer relies on something called “hash power,” or power to guess the solution. Fundstrat projects a 350% increase in this hash power. Thus, the price of Bitcoin will rise.

“We believe the current path of hash power growth supports a BTC price of about $36,000 by 2019 year end, with a $20,000-$64,000 range,” Doctor said in his report. “The primary net sellers, in our view, are bitcoin miners, and the rest are transactions between investors.”

Now, the real question is whether the currency will be able to sustain that number when it hits that mark. Bitcoin has proven to have some difficulties sustaining itself, dropping over $10,000 in just a few months. However, with this new innovation in hash power, Bitcoin could absolutely explode in the next couple of years.

As of Thursday, May 10th, the cryptocurrency has fallen 1.55% to $8,290.


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Bitcoin is Bigger Than Your Bank Account

By Spencer Kellogg | USA

Wow! We did it! No one can ever take this moment from us! 10,000 dollars for 1 BITCOIN! If not a revolution in decentralized currency and power then it is surely the greatest troll ever orchestrated by the powerless. At this rate, if I was a betting man (and I’ve shown myself to be a terrible one), I’d guess that John Mcafee’s member will not be dinner anytime soon. While many traders’ eyes are lost deep in their swelling bank accounts, we must sit back and marvel at the creation, spirit, and determination of the human being. Here in the strung out, psychedelic world of the shadow web, something is so genuinely afoot that no one can look away; Bitcoin. A cultural, economic and political revolution that is singular in its nature and completely borderless. Bottled in the sphere of a new monetary system it is a streaking asteroid aimed directly at the corporate power elite and career-minded politicians who have utilized our centralized banking system to their benefit.

Once a limitless playground for freaks and geeks alike, the internet has drudgingly been reduced to a whimper of censorship, central economic planning, and total philosophical control. While the American & Chinese governments are busy pushing forward plans to further regulate and monetize the world wide web, the cryptocurrency Bitcoin (along with a host of other platforms and tokens) have surged to unseen heights of cultural adoption and economic speculation. Politically, Bitcoin is a completely permissionless anti-state actor against the triumvirate that has long stood against the advancement of our modern democracies: banks, governments, and academia. Each of these three centralized power structures doubted and attacked Bitcoin labeling its users as nothing more than drug peddlers and intellectual neophytes. They continually called it a speculative bubble and denounced its support and implementation as mere fantasy. They were wrong.

Bitcoin is a wholly organic movement built on the simple idea that the power of money and governance should rest in the hands of its people. It is libertarian, it is utilitarian, it is collectivist, it is Marxist, it is democratic. It is a new political idealism rooted firmly inside the spirit of the technological age. This power, boosted by the freedom of information and buoyed by the spirit of individualism, is a direct shot against attempts to limit the internets’ openness, centralize economic power into the hands of the few and degrade the liberty and decency of the individual.

The blockchain can be a greedy sort. Nakamoto must’ve known it would be. I can’t imagine he/she/they intended it as such but truly free markets reveal themselves in the eyes and pockets of its traders. This is a global financial opportunity unseen in decades if not centuries. A bull run so wild that market traders with 40 years of experience would wipe the fog off their charred glasses in stunned silence as a parabolic wall of buys smashed thru the top of their Coinbase client.

Lost in this excitement is the dread of mainstream impact. I am the worrying type. I see how China, with its eyes dead set on the future, has toyed with the Bitcoin market in the past year while also preparing and investing in its future. Meanwhile, our politicians bicker over identity politics and sexual harassment as a tide of money and ideas are surging without reluctance all around them. I imagine what this will look like in 2 years when our Congress finally gets around to sinking its claws deep and I worry. Furthermore, when corporations and governments get around to simply moving their FIAT and banking structures onto the blockchain, what will be the countenance of a growingly statist public?

There is always the chance we will wake up one dull morning to find Bitcoin was indeed, a scam. That it was built on the backs of empty nodes in CIA labs simply to monitor the anti-government leanings of activists and commoners alike. Or worse, as we approach singularity, we could soon find that computers themselves have built a superior blockchain and outpaced the ‘slow minds’ of our human skin rendering Bitcoin worthless. I worry less about these things. Irregardless if they come true, it does not distort the shining truth that lies at the center of this movement: free people.

The next time you open your Blockfolio account to spectacular gains remember: Bitcoin is Bigger Than Your Bank Account.


Featured image by Black Falcon of blackfalcon.org