The value of bitcoin is surging as Fiat currency stagnates.
It seems that cryptocurrency is in fact the place to be, as the uninformed sit uncomfortably by watching the value of their central bank issued notes falling under pressure.
So what are we witnessing with regard to these new sources of wealth known as cryptocurrency?
To anyone with even a basic understanding, the answer is exceedingly simple.
People are losing their faith in the ability of world central banks to keep the purchasing power of their issued notes from falling. Moreover, people are also understanding that central banks will continue to force the value of their issued notes even lower..It is also exceedingly obvious that king dollar is not so king anymore, as more and more governments are omitting the dollar in bilateral trade.
I am of the firm belief that along with the epic rise in the value of cryptocurrency, it will not be long before governments themselves begin to accept payment in the form of cryptocurrency, and for anyone out there waiting for the cryptocurrency "bubble" to burst I have news for you, we haven't seen anything yet with regard to the realized end value of this asset.
For any asset to actually be in a bubble, it must first be widely held. To put a perspective on "widely held," let's look at another asset, housing which is currently in a huge bubble. Housing is obviously widely held.
Many people throw the term "bubble" around without having the slightest clue of how to recognize one.
In order for an asset to be in a bubble two things must happen.
- It must be widely held and 2. The said asset must move above the ability for an individual who is making an average salary to afford it.
Gregory Mannarino
Great.
Invest in Steemit.
Yes indeed 100% agree with you!
Also watch the market cap overall and by bitcoin. This will continue sending shockwaves into the traditional finance sector. I expect that Japan will only expand the bitcoin universe, and other countries will follow.
That is the difference between precious metals and Bitcoin - the Bitcoin trade is not rigged by the powers behind the stage. Else PMs would skyrocket as well, perhaps even more than Bitcoin.
Excellent comment. You are correct.
I agree with your statements, a lot of people smarter then me are saying the same thing, the only thing I don't like is overnight it could all become a big zero.
Sorry to disappoint you but overnight the USD could become a big fat zero too. All about confidence...
and keep in mind, pm's will never become a big fat zero.
Oh, I agree and I don't think they will.
You're right, it all could come crashing down, or it could take off to the moon in a year and you'll be set to retire. Nobody knows for sure. So, whatever amount you decide to invest (if you invest at all), be comfortable with the idea, beforehand, that odds are there that you WILL LOSE that money. If you're ok with that risk, then you're in good shape and can make rational decisions with your money.
True!
Mind you, to buy a whole bit coin is almost becoming affordable to me...I'll have to just go with a 'bit' of a Bitcoin!!!
Same here! But that "bit" of a bitcoin is still way more than most have and who knows what it'll be worth when and if it's everyone's currency and there is no more mining. A time when everyone will need tiny fractions of your "bit" just to have some. Interesting..............
Great article
I really appreciate you saying that.
Right on Cue, Greg - Thank you again for your quick fire truths.
Thanks Greg what do you think is the best strategy to get in the cryptos? Get in your position or dollar cost averaging over the mid-term?
Thanks for the info Greg!
Glad to help. You are welcome.
Greg, you state, "People are losing their faith in the ability of world central banks to keep the purchasing power of their issued notes from falling."
I believe that the true power of cryptos (example: Bitcoin) lies in the fact that they are WORLD WIDE. It won't take the collapsing of the USD to push the value higher, but rather, as currencies around the globe crumble, it will propel these prices higher as people look for conventional and non-conventional places to store their money.
Thanks for the post today!
You the man Greg! Thanks for all the advice. DR
Excellent report !!!
Do you always use a 1$ strangle or sometimes you will go for bigger moves?
It's possible to go up to 30000 or more in the next two- three years with tremendous volatility, but zero chance to become world reserve currency and that's the biggest risk to drop again to zero.
Interesting thanks for the good article much appreciated brother
You are very welcome.
Endless possibilities with this new tech. Outstanding.
Well said, brother!
i think there will be a price retrace for further push to new record highs,
in fact i think now is that time not sure what to do .
HI Greg, Where is the best place to purchase & sell cryptocurrency? Thank you very much for all you do.
Diversify with out just stocks.
Thanks Greg, I'm with you on Bitcoin, following Traders Choice also.
Great post Greg!
We all know that fiat is printed out of thin air by the Fed. It is not backed by any asset. What assets are backed by crypto"s? They are also created out of thin air and have no real asset value either.
Don't get me wrong I have made some money in the crypto's these last 2 years. I've been riding the waves BIG TIME!
But when it comes right down to it Both Cryto's and fiat are the same, they have no real asset value attached to them. So they will BOTH fail.
I am new to cryptocurrency and I am having a hard time understanding how it works. Do you have some beginner tips or info on where to start to learn more?
Jeff Berwick has a great site: https://dollarvigilante.com/blog and youtube channel. I also heard that this book is helpful https://www.amazon.com/Bitcoin-Basics-101-Questions-Answers/dp/0692572333/ref=sr_1_1?ie=UTF8&qid=1494607360&sr=8-1&keywords=bitcoin+basics Of course, Greg offers a wealth of information, too.
Thanks!!
Since Crypto-currencies can be traded down to 8 decimal places (with todays 'Core' software, though the it can be increased at any time if necessary), it would be fair to say that Bitcoin et al, will always be within reach of the average buyer. Unlike a single unit of Apple stock for instance, most bitcoin units are already traded in small fractions. There is a mental hurdle to get over however, as most of my friends still want at least 1 whole unit, before they feel they own any.
Very useful and coming from you gives it gravitas. And you're very tactful too. Most people have not understood how money works and why it has value. Not even with gold and silver does anyone really know how much exists or will exist. This is the first time in the history of mankind that we really know the money supply of something. Thanks
Thank you for this comment.
I remember the first big internet fad, Beanie Babies, and how everyone thought they would get rich buying and then reselling these at skyrocketing prices. It went on for a few years, then their value plummeted to near zero. Are cryptocurrencies just the next big fad?
Always enjoy reading your posts. Gold and Silver still being kept lowish i guess they cant lower it more than price of production.
Lets face it, When gold goes up it shows how worthless the Dollar is.
Great message, Greg. Thank you. Quick story: About a year and a half ago when I started buying Bitcoin my then 12 year-old son said to me, "Bitcoin is a joke, Mom." I have no idea how he even heard of it. We don't have mainstream television. Maybe he heard about it at school or on Youtube? Anyway, a couple months ago I was able to say to my son, "That Nintendo Switch you seem to like so much was paid for with Bitcoin." He understands Bitcoin now.
At first I was not paying much attention to the cryptos but these gains have me making my first purchase. I am a firm believer of stacking and have a monthly allocation just for that but think I need to start building a crypto portfolio. Follow me if you want to see the latest meme war game going on and more articles about markets economy and so on!!!!!!! Do it I dare ya hahaha
But, now that I look at Coinbase, I see that BTC is at 1710.00 and realize that it has "dropped" over a hundred bucks today alone, that makes me scared to buy into it. It just seems one wrong news release and it will drop in half
... or one 'right' news releases and it could go exponential.
Major Randomware attack on NHS in UK and Telefonica in Spain this afternoon, bitcoin requested as payment. Price dropping this afternoon, may be linked?
dips are heavenly now for bitcoin
resteem all the way, keep up the good posts!
To date the only regret of Bitcoin holders is that they did not buy more, having said that, never investing more than you are willing to lose is always good advice.
You are a wise person.
We will be speaking and thinking in terms of millibitcoin before we know it.
It's very telling bitcoin surging while Gold and Silver continue to be suppressed almost like a canary in the coal mine. Thanks for your balanced take on crypto's Greg.
Keep up the good fight my man.
Trying. Thank you.
Ya gotta be in it to win it - Buy BTC & ETH & Hold.
Cool article Gregory. I would say I agree with most of what you say. You can read my view on it here:
https://steemit.com/bitcoin/@kabir88/the-future-of-money-beginners-guide-to-money-bitcoin-and-crypto-currency
Always great to read your Posts. You have a wealth of knowledge on this subject and Provide it freely. Steemit is going to go crazy soon.
Greg, update and simplify your free book and upload it BY CHAPTER to steemit. (Or something of that sort)Get paid for that knowledge. I truly believe Steem is EXTREMELY UNDERVALUED and is quite literally the future of social media/youtube. I would also expose your Youtube audience to steem by making a video explaining what it is, what are its benefits, and the MONUMENTAL impact it could have on our society. The intelligent audience who realize Steem's true potential will make their way over here first. They will also be more likely to have money to invest. Crypto-currency/blockchain tech is the inevitable future as long as the lights stay on. Just a thought. Thanks Greg.
Great points!
And seen as anybody can purchase bitcoin with even 1USD the market is fully open for anybody from anywhere on the planet to participate!
They want to turn to digital currency anyway , so why not pump crypto's?
Maestro reckons that there will be a pull back to about 1150, then back up again. what do you think ?
Regarding widely held: Cryptocurrency is unknown to the majority as far as I can gauge. If someone has heard of it they might only know Bitcoin . Certainly haven't heard of Ethereum, Litecoin, Dash etc. The only people I know that are also invested are fellow technology people who understand the blockchain concept and have experience of wallets / exchanges etc. SO we are relatively early. When the taxi driver tells you to go in you know its time to sell (near the top)!
Hey everyone I noticed some of the value from my posts went down. Is that just the fluctuation of the steem currency? I am still new to cryptocurrency so can someone help me out? Thanks
Greg,
It seems the US government is already ruining cryptos . We are forced to use COINBASE and the legislation up for vote in Florida as 2 examples.
It would be nice if this was just another phase like last time, and it would fall slightly before rising again in the long term...
I agree but it's still scary.
I dont think we're witnessing a bubble in the crypto-space. However, the cryptocurrencies are HIGHLY volatile. Based on this, people will misinterpret this volatility as bubbles forming and bursting.