Hey guys, it’s the voice of the blockchain here, Satoshi’s big cousin, cryptography’s finest, Champagne Crypto, thanks for tuning in.
Today I want talk about a question I get frequently, are we in a Bitcoin Bubble? Tell the friends, family, and the rest on the animals on the farm folks:
# Satoshi’s big cousin’s says, “NO we are not in a Bitcoin bubble”. Bubbles pop when they can no longer expand. Do you think crypto currencies can no longer expand?”
## Here are some reasons why there’s no bubble:
How many people do you know who are familiar with Bitcoin, Ethereum, Litecon, or STEEM? As that number continues to grow everyday so will the demand.
In a recent article a Bitcoinist reports “Famous investor and ex-hedge fund manager, Michael Novogratz, predicts that the crypto currency market will be worth $5 trillion in 5 years”. That’s almost fifty time the current martket cap size!
In another article on Business Insider ” Jeremy Lieu the first investor in Snapchat thinks Bitcoin could hit $500,000 by 2030″ kaBOOM!
## International Electronic Money Transfers
Data from the World bank shows Remittance transfers, or electronic money transfers to foreign countries, have almost doubled over the past 15 years and while we can’t always depend on the past to determine future behavior we certainly have no evidence suggesting the market will behave otherwise.
## Global Uncertainty
Look out for the fake news out there guys. The media likes to spread fear uncertainty and doubt. This could lead to less confidence in global currencies only strengthening crypto.
Jeremy Lieu believes geo political uncertainty will increase the value of Bitcoin. “We believe Bitcoin awareness, high liquidity, ease of transport and continued market outperformance as geopolitical risks mount, will make Bitcoin a strong contender for investment at a consumer and investor level,” he’s says.
## Mobile Penetration
The Business Insider linked above explains there’s only a 63% global smartphone penetration and that the total number of smartphone users is expected to soar by 1 billion by 2020. Bitcoin’s user network grew from 120,000 users in 2013 to 6.5 million users in 2017. More users could account to more transactions. By 2030 Bitcoin supply will be about 20 million, only increasing the demand. Mr. Lieu believes this is all reasonable and Bitcoin will reach $500,000 by 2030.
## Let’s be clear here
We will see many dips and dives going in the coming months. It’s going to be a stormy summer. Put up those wind shutters. Get out those life vests! The price will fall many times but not before it rises even higher!
# What do you think? Are we in a Bitcoin bubble? Leave a comment below.
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Books to read:
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Ethereum: Blockchains, Digital Assets, Smart Contracts, Decentralized Autonomous Organizations
Bitcoin: What You Need To Know About The Cryptocurrency
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