BITCOIN $100,000: WHY, HOW AND IF!

What Is Driving BTC’s value?

What in the world is a Bitcoin?

Around the globe, government officials, regulators, investors, brokerage firms, institutional banks and just about anyone else are trying to explain how this man-made, separate-from-government technology for transferring a virtual currency that’s impossible to hack, is worth so much.

What is a Bitcoin? What benefits does it confer that make it so that its price is north of $50,000?

Well, for people who live in countries that suffer from government corruption and a grave risk of defaults and resets, Bitcoin is an easy-to-access global asset class that saves the purchasing power of said individuals.

For them, at this point, compared with gold and silver, Bitcoin (being strictly digital) holds some promise. It’s harder for it to be physically stolen by neighbors or other bad actors or confiscated by corrupt officials, because Bitcoin’s advantage is that it is digital and can easily be used for payments.

Thing is that all of the other main cryptocurrencies can perform this same use-case and are every bit as much liquid and friendly, so while Bitcoin may carry an elevated degree of premium, it’s not justifiable to ascribe it 50% of the cryptocurrency universe market size.

So, if you’re not in the ten or fifteen countries that are totally dysfunctional and are under the conditions of third-world calamity and who might not even care about Bitcoin, who else covets the cryptocurrency?

Is it about speed of transfer? Because many of the other cryptocurrencies can be used for convenient wires. They may not have the bandwidth to become a global powerhouse, but which cryptocurrency alone does?

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    Is it the thesis that Bitcoin and perhaps other cryptocurrencies are inflation hedges, since they’re limited in quantity? Many things, which you and I can create, could be programmed for artificially-set size.

    The fact that Bitcoin is globally accepted is a big advantage for it, but for me, it has always come to this: What happens if I lose the key or a password or if it is robbed?

    See, the risk factor, the fact that it is uninsured and unprotected currency, is strange.

    How would you assess the risk of losing your cold storage wallet, containing hundreds of thousands of dollars, perhaps millions, with no recourse?

    Keep in mind that government-issued currency is both a blessing and a curse, since you do have a mommy and a daddy, when it comes to your bank account.

    Also, it’s worth noting that just like China just banned cryptocurrencies and made them illegal, the so-called idea that they are outside of government reach isn’t exactly true, either.

    I’m not here to burst a bubble or to convince anyone to sell his cryptocurrency holdings, but it’s important to think about the pros and cons. If the value of Bitcoin is solely derived from the blockchain technology that is the fundamental breakthrough behind it, then we have to remember that governments can also hire blockchain engineers and create said coins.

    The end result is that it’s important to keep in mind that the value of Bitcoin is impossible to compute and that its risks are many.

    While I like the Bitcoin party as much as anyone, I am also thinking about the tremendous risks it holds; being naïve to those risks, to the point of ignoring them, might one day be a quantifiable curse.

    Best Regards,
    PortfolioWealthGlobal.com

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