Hey guys,
I'm not entirely sure whether the same ideas have already been talked about here or not, but I did some thinking and came to a pretty strong conclusion that BTC will continue going up. How far up? I have no idea. But it's definitely best to hold for now.
Here's why:
First off I have already witnessed a BTC rally two times when China's economy goes into trouble. China has some serious buying power and it will only get bigger (other countries follow) as the whole world enters another recession that could potentially be worse than what we had in 2008!
The block halving is coming somewhere this summer. What this means is that a miner gets rewarded only half of what we're used to after each successful block discovery. At first I thought that perhaps this is the end of BTC as it gets less and less profitable to mine and small time miners just give up, followed by everyone else eventually.
But now I think that the real believers in Bitcoin (the crypto geeks who worship the coin and a monetary revolution) are also the ones who hold the most BTC in stashed away wallets and they're not going to sell them any time soon because that would result in a panic FOLO (Fear Of Losing Out) and BTC would simply wither away and die.
On the other hand if you pump the value of BTC high enough for it to continue being profitable to mine AFTER the halving, it only makes sense that in the long run this is the most profitable decision. So the bear spikes we've seen here and there are only small timers trying to make some money, but the real movers are all holding or better yet, pumping the BTC to help it grow.
On top of that we have BitGold who is giving away their GOLD (considered a safe heaven for many in times of trouble) for BTC. BitGold is definitely seeing a potential in the cryptocurrency and I don't think they're just stupid given that their head CEO is the former owner of PayPal Canada and one of their first investors was the son of George Soros himself.
What do you think?
