As Bitcoin is making a rapid recovery from its pitfall of $6620, it is becoming more and more popular. Remember we have stated that it was only a matter of time until Bitcoins started coming up in price?
It may be you have thought that this was the beginning of the end. In fact, the fall may have been nothing but an April’s Fool joke. Still, because we are awesome, we have seen the signs of the technology being adopted all over the world long-term, and we have known for a while that Bitcoins and blockchain are here to stay.
We have even given you the market analytics figures that stated that Bitcoins had a tremendous potential. Well, we seem to have been right – Bitcoin did climb out of the dumps and its price graphs look promising. The price keeps growing, and now that it is firmly over $8000, Bitcoins are finally getting the recognition they deserve. Also by thieves.
You may remember us quoting concerns at G20 that crypto-related crime will be on the rise in 2018. Government officials state as Reuters reports:
“Discussions will focus on anti-money laundering steps and consumer protection, rather than how cryptocurrency trading could affect the banking system. The general feeling among the G20 members is that applying too stringent regulations won’t be good.”
No wonder, if we’re talking ROIs that come in triple digits and multi-million-dollar deals which the crypto technology has enabled. Still, with all the tremendous protection, no-one can outrun a bullet, as the robbers know, which is why some of them force Bitcoin owners to hand over their valuables while threatening them with a weapon.
We know we would rather crawl 50 000 miles on our naked bellies over the rusty barbed wire than part with our crypto, but things change quickly when you’re looking at a cold mouth of a gun, a bullet trembling in its dark nest. Ok, maybe we do play too much Max Payne, and, in fact, when someone pointed a gun at us we would hand over our Bitcoins in an instant. Which is what happened in Singapore when two men have met up with a seller who robbed them of their crypto – and then got caught by the police. Now he’s facing quite a few years in prison as well as being caned.
The police responded with a rather stoic
“The police will not condone anyone committing such serious offenses and profiting from the proceeds of the crime.”
Which was met with some frivolous surprised comments by the community with some readers wondering: “Isn’t that the entire point of the police? What else would they say?”. Other would ask how many Bitcanes the thief was getting and suggesting: “I’ll take some cane for Bitcoin”. Other commented that Bitcoins will be worth millions in the years to come, once again proving our point.
Why We Think Bitcoins Are Worth Holding On To
While we are very happy that criminals end up behind bars, enabling us to sleep better at night, the larger point we feel obliged to make is that everything related to crypto is a huge hit with the community of today.
It seems inevitable that with time the world will definitely recognize the value of the crypto technology and the power behind it. As the tremendous potential behind Bitcoins is starting to show, so are the criminals showing their interest.
Because Bitcoins are essentially a commodity the price of which is created through demand from other users (read: recognition), the increased interest by all parties is (ok, a subtle, but still) an indication that it is highly likely the price will be coming back up.
As you may remember, in the report by Saxo Bank called “Outrageous predictions” in December 2016, they have predicted Bitcoin will rise from $754 at the time to $2000 soon, which did happen in May. Similar price predictions were made by Pantera Capital Management and the Wall Street Journal on April the 13th stating that Bitcoin would highly likely cross over the $20 000 mark again.
In a newsletter published in April, Pantera Capital states:
“Humans have an innate herd instinct. It’s what kept our ancestors alive — when those with the wild, lone-wolf, contrarian tendencies got Darwined out.
It’s human nature that we want to buy when the market is surging up — when the FOMO devil is whispering in our ear.
When the markets are crashing — and our spouse/friends/boss are all WTF, we want to flee — we just want to stop the pain.
We all do it.
I’m probably not going to win the Nobel in Medicine for this, but I could imagine that the traits we imprinted on the plains of the Serengeti might not be optimal for trading early-stage protocol tokens.”
Kay Van Petersen also predicted in his interview with Bloomberg that Bitcoin will be worth
“$50,000 – $100,000 within the next 6 to 18 months.”
“We’ll get a cascade of ETFs, mutual funds, and other investment vehicles breaking out…“The astonishing thing – mind-blowing if you will – is that you take a step back and look at the price appreciation… a lot of this has happened without traditional institutional money, and that’s basically going to be coming on board over the next six to 18 months. ”
You also might remember John MacAfee predicting a $1 000 000 price level by 2020. In fact, you will highly likely remember it because he promised some pretty spectacular events in case his predictions failed. He Twitted:
“Bitcoin’s low of $1,800+ yesterday simply could not be maintained. In the long term Bitcoin moves above $500,000 within three years. Bets? <…> When I predicted Bitcoin at $500,000 by the end of 2020, it used a model that predicted $5,000 at the end of 2017. BTC has accelerated much faster than my model assumptions. I now predict Bitcoin at $1 million by the end of 2020. I will still eat my dick if wrong.”
One way or another, whether Bitcoin does come up to be worth over a million in 2020 and we see more spectacular BTC cop action embedded in national cop drama shows on Sky – or some culinary drama – we hope you stay tuned for the undoubtedly the most action-packed year in the finance industry so far.
Image courtesy of Bitcoin News.
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