Friday , 17 November 2017


Bitcoin Has Smashed Through the $7,000 Mark – What Does Its Future Hold?

Less than a month ago, Bitcoin was selling for less than $5000, but now itbitcoin 2 has smashed through the $7,000 mark with seemingly no end in sight. Needless to say, the upward momentum that we are witnessing at the moment is certainly not sustainable indefinitely. Anything that goes up that fast is eventually going to come down, and those that invest at $7,000 could end up seeing the price fall back several thousand dollars or, conversely, the euphoria surrounding Bitcoin could propel it through the $10,000 mark and make all of the skeptics look like idiots. We just don’t know, and that is part of the charm of Bitcoin.

The original article, written by Michael Snyder, is presented here by munKNEE.com – “ The internet’s most unique site for financial articles! (Here’s why)” – in an edited ([ ]) and revised (…) format to provide a fast & easy read. Visit our Facebook page for all the latest – and best – financial articles!

Bitcoin is not the only major cryptocurrency that is out there. Indeed, cryptocurrencies overall are up an astounding 640% so far in 2017. At this point Bitcoin has a total market cap of more than 100 billion dollars, and some analysts are suggesting that it could eventually go as high as a trillion dollars.

There are rumblings that Amazon is about to start promoting Ethereum, the top digital currency behind Bitcoin and, if Ethereum ultimately becomes the dominant cryptocurrency in the marketplace, what would that do to Bitcoin – or could it be possible that there is room enough for both of them?

The truth is that we don’t know what the future will hold.  Cryptocurrencies have never existed before, and there are so many variables at play.

  • Unlike gold and silver, these cryptocurrencies do not have any intrinsic value.  The only reason that they have any value at all is because people believe they have value.
  • For the moment, however, the number of believers continues to rise, and this may be a factor in why the price of gold is relatively low right now.
  • The biggest variable is how national governments will respond to these alternate currencies, and I still believe that they will eventually make a move to heavily regulate them…

One of the great things about Bitcoin is that it represents a medium of exchange that is not controlled by the central bankers so, when you use Bitcoin, you are choosing to become less dependent on a system that is designed to financially dominate the entire planet.  Any way that we can become more independent is a good thing, and so I greatly applaud the use of cryptocurrencies.

I always thought that governments would eventually crack down and regulate cryptocurrencies out of existence, and that still may happen someday, but it hasn’t happened yet…and we should greatly resist any efforts by national governments to take control of these emerging new currencies.

As an investment, however, these cryptocurrencies are exceedingly risky…As with all forms of investing, there will be winners and there will be losers, and timing is everything but we should all love the principles underlying Bitcoin and other cryptocurrencies.  To me, they are all about liberty and freedom, and the more liberty and freedom we have the better.

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