Forbes: “There is no end in sight for money printing to stop which is propelling the bitcoin narrative,” CryptoCompare chief executive Charles Hayter said via email. “Funds are tumbling their portfolios into bitcoin and the herd is just starting to move.”
Last week, British fund manager Ruffer Investment Management pushed bitcoin over the $20,000 price level when it revealed it had bought $745 million worth of bitcoin, broadly taken as a sign of rising institutional interest.
“The triumvirate of institutions, regulators and retail are going to ensure volatility keeps its toe in the game,” Hayter added, pointing to CryptoCompare’s volatility index that’s “showing implied volatility is not dissipating.” Read More …
Opinion: In 2017 Jamie Dimon called Bitcoin a fraud. Bitcoin traded at $2000
- In 2018 Dimon said he regretted calling it a fraud. Bitcoin traded at $14000
- “The blockchain is real,” Dimon tells Fox Business
- Dimon remains concerned about how “governments are going to feel about bitcoin when it gets really big”
March 13, 2020
As Bitcoin Tops $16k, Dalio Warns Nations Will ‘Outlaw’ Crypto If Prices Keep Rising
Ray Dalio, the billionaire hedge fund legend, doesn’t see digital currencies like Bitcoin (BTC) succeeding the way other people do. He expects authorities to clamp down on cryptocurrencies when they see “material” growth. Read More …
With all that out of the way, the first sentence of the Forbes headline says it best: “There is no end in sight for money printing to stop which is propelling the bitcoin narrative.”
Seasoned investors and traders are confused by Bitcoin. Many treat it like other phenom investments such as tulip bulbs of the 1600’s:
The Dutch tulip bulb market bubble, also known as ‘tulipmania’ was one of the most famous market bubbles and crashes of all time. It occurred in Holland during the early to mid 1600s when speculation drove the value of tulip bulbs to extremes. At the height of the market, the rarest tulip bulbs traded for as much as six times the average person’s annual salary.
Or the dot.com bubble of the 1990’s:
The dot-com bubble (also known as the dot-com boom, the tech bubble,[2] and the Internet bubble) was a stock market bubble caused by excessive speculation of Internet-related companies in the late 1990s, a period of massive growth in the use and adoption of the Internet. Between 1995 and its peak in March 2000, the Nasdaq Composite stock market index rose 400%, only to fall 78% from its peak by October 2002, giving up all its gains during the bubble.
Is it different this time? I submit Yes, because of that first sentence again …
“There is no end in sight for money printing to stop which is propelling the bitcoin narrative.”
On June 30, 2019 the Bank of International Settlements (BIS), the central banks’ banker, began to develop central bank digital currency. If/When central banks wake up to the threat of rogue crypto currencies taking away their economic power, Central Bank Digital Currencies (CBDC) will take over.
It is then that the cashless society of prophetic Scripture will eventually give way to total government control of every financial transaction (Revelation 13:16-17).
This morning Bitcoin is priced at 26,780.
