BTC/USD
Bitcoin markets fell again during the trading session on Thursday, after initially trying to rally. The $4000 level above offers resistance, and the fact that we rolled over the way we have shown me just how negative this market is becoming. In fact, I believe that we are getting relatively close to making a fresh, new low, as that would be the signal for even more bearish pressure to enter the market. I believe that the Bitcoin Price is probably going to go much lower. In fact, it’s very likely that is going to be $0.
It won’t happen right away, but eventually we will see that having a currency based upon the ability to guess a number simply doesn’t cut it. Ironically, one of the biggest complaints about fiat currency is that it’s backed by nothing, but the reality is that the US dollar is backed by something: the US military. There is a long history of the United States crushing countries that threaten to accept payments for oil and other currencies, with perhaps the exception of Russia and China.
I believe it’s only a matter time before the central banks around the world start to get into the crypto currency game if it catches on, which is a big if. I think word has gotten out that cryptocurrency is a solution looking for a problem. While many of my friends in the crypto currency world site all of the benefits of using crypto, the reality is that the Main Street people won’t be bothered. They really don’t care about all of the things that people espouse being the advantages of crypto, and even if they did, they would be much more inclined to trust the Federal Reserve, as much is that irritates me. The reality is if there is crypto, you need to be watching central banks in places like Hungary, the Bahamas, and a few other countries that are experimenting with them. I continue to sell only.
