Taking a retroactive view of Bitcoin’s meteoric rise in 2017 and subsequent correction in 2018, some analysts have asked the question: Were there too many speculators in Bitcoin? Taking it a step further, they might even ask: Was 2017 damaging to the cryptocurrency sector, and what will it take to undo the damage?
These are common questions that merit an answer, so Portfolio Wealth Global sought out Jeffrey A. Tucker, the Editorial Director of the American Institute for Economic Research, for some perspective on how we got here and what may be next for Bitcoin and cryptocurrencies generally.
Jeffrey Albert Tucker is the author of five books and is the founder of the Cryptocurrency Conference. Jeffrey is a very strong Bitcoin advocate, and is a research affiliate at the highly regarded Blockchain Innovation hub at RMIT University.
Mr. Tucker is an American economics writer of the Austrian School, an advocate of anarcho-capitalism and Bitcoin, a publisher of libertarian books, a conference speaker, and an Internet entrepreneur. Born in Fresno, California, Jeffrey studied economics at Texas Tech University and Howard Payne University, and later enrolled as a graduate student in economics at George Mason University.
Courtesy: Jeffrey A. Tucker
While studying at George Mason, Tucker attended a journalism program in Washington, D.C., where he became a volunteer at the Washington office of the Ludwig von Mises Institute. In the late 1980s, he went to work for Ron Paul as an assistant to editor Lew Rockwell, who produced political and investment newsletters on behalf of the former congressman.
From 1997 to 2011 Tucker worked for the Mises Institute, of which Rockwell was a co-founder, as editorial vice president and editor for the institute’s website, Mises.org. From 1999 to 2011 he also contributed scholarly efforts and humorous essays to LewRockwell.com.
In 2013, Jeffrey A. Tucker began writing about Bitcoin. He has been interviewed on the subject by Reason, Forbes, Fox Business Channel, and RT. Mr. Tucker’s 2015 book Bit by Bit is devoted to Bitcoin and other products of the information economy.
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Mr. Jeffrey Tucker has appeared as a speaker at numerous conferences on Bitcoin, the Austrian school economics, and libertarianism, including events of the Free State Project and the 2016 Libertarian Party national convention.
Mr. Tucker has written for, among others, The Journal of Libertarian Studies, The Wall Street Journal, The Journal of Commerce, The National Review, The Freeman, Catholic World Report, Crisis, Sacred Music, Newsweek, and Chronicles.
Happy to have the opportunity to speak with him, Portfolio Wealth Global asked Jeffrey about 2017 and the speculators: Did too many people invest in Bitcoin merely because they could, and not because they actually understood the cryptocurrency world?
According to Jeffrey A. Tucker, he believes that speculation is an inevitability in every market and you’re especially going to see speculation in an asset that essentially went from zero to $20,000 in seven years. Mr. Tucker pointed out that even now, cryptocurrency has been, hands down, the best investment of the last decade.
Granted, people who got in at the top are now frustrated – but according to Jeffrey Tucker, things are going to be fine if you hold on, even though it might take a year or more to fully recover. Jeffrey has been in the crypto sector for a long time, and he recalls a time when Bitcoin fell from $1,000 down to $300, and people at that time were picnicking and saying that Bitcoin was “dead.”
Naturally, people who bought at $1,000 (which was the “top” at that time) were angry, but if they held on, they turned out to be quite profitable. And now, according to Jeffrey A. Tucker, he remains bullish on Bitcoin over the next three years; furthermore, he states that everyone he knows who has been in the crypto space for a long time is extremely bullish on cryptocurrency.
Courtesy: Jeffrey A. Tucker
Not only that, but what he have now is a sale on Bitcoin, according to Jeffrey Tucker. In terms of percentage drop, he said, the current correction is not unusual in the world of Bitcoin; besides, blockchain is a new technology, and with any new technological innovation (railroads, airplanes, the Internet, etc.), you’re going to have doubters in the early stages.
Encouragingly, Jeffrey has also observed a dramatic rise in cryptocurrency transactions. Additionally, according to Jeffrey Tucker, one of the highest performing sectors in the crypto space right now is Bitcoin ATM’s; there’s a huge market for these ATM’s, to the point where they can’t manufacture them fast enough to meet the demand.
You won’t hear an interview like this anytime soon – it’s truly unique and packed with information, so you’ll need to listen to the presentation in its entirety. Additionally, you can learn more about Jeffrey A. Tucker by visiting the website of the Blockchain Innovation hub at RMIT University.
To help you stay prepared for big changes coming in the national and global economies, I strongly recommend that you download Portfolio Wealth Global’s report on the must-own blockchain technology stock for your portfolio, the Escape the Clutches guide to managing the imminent collapse of the U.S. dollar and the demise of the middle class, as well as the comprehensive Gold Bear Market Manual with 11 different strategies for managing your portfolio during the coming downturn.
Research Partner, PortfolioWealthGlobal.com
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This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.