Despite the recent attempts by the Chinese government and now the Russian central bank to hurt Bitcoin, well frankly their efforts have done nothing as Bitcoin nears US$5000 in value.
Why have government/central bank efforts to hurt Bitcoin and Bitcoin investors failed?
Simple..In my opinion any effort by governments to hurt Bitcoin and it's investors will only cause Bitcoin to move higher in value, why? Because THE FREE MARKET always wins.
***Bitcoin and other cryptocurrency‘s are, in my opinion, the only asset class at the current time which is reflective of free market forces.
Five months ago I wrote an article here on Steemit in which I put a $5000 target price on Bitcoin, and again despite the recent attacks and pressure by foreign governments-we are knocking right on the $5000 door. I also strongly believe that within the next 12 months Bitcoin will hit $10,000 despite any acts by governments or central banks.
REMEMBER, the free market ALWAYS wins over time.
Gregory Mannarino
FRIENDS, LIONS, TIGERS AND BEARS. TAKE ADVANTAGE OF THIS! 100% FREE eBook, Downloads, Chat Room, Commentary, ALL ON MY WEBSITE. Have a look! Click HERE: https://www.traderschoice.net/
I've seen governments trying (and failing) to kill other decentralized networks in the past. I talk about this in more detail in this post:
https://steemit.com/bitcoin/@cryptoeagle/why-china-or-governments-can-t-stop-crypto-how-chuck-norris-proves-this-fact-from-communist-history
Reestemed! regards!
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@cryptoeagle I beleive the trust provided by algorythms cant be stopped by the tyranny of the current corupted system. @gold84
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Yeah they are craping themselves. Cheers mike
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I have to say you did make very good points and i have to agree with you 100 percent and we upvoted and re steemed
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12 months from now, if BitCoin hits the $10,000 mark like you say... As per my PC Theory,
it will only have the Purchasing Power of One Hundred Dollars in Physical U.S. Coinage...
... ...$7.77 ... ..317 views ... ... ... Reset
@pocketechange
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Whatever the governments or banks do to try and bring down Bitcoin will fail.
All that their efforts will achieve is the slight slowing of the upwards price movement of Bitcoin.
But they will never stop it.
Great post Gregory :)
Have a nice day.
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I don't think that governments trying to ban Bitcoin causes it to gain value, but the fact that some important hard fork is comming, and people want to gain free crypto. But it's just my humble opinion, who knows :)
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Thank you Greg. You do very good analysis.
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But the news makes it price dip. See what had happened to all alt coins after malaysia and china decided to ban ICO
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Do you have predictions for the price of Steem?
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I agree with you, Greg.
I'wrote an article "Is Bitcoin Money?" and I would be glad if you see the arguments I've offered there.
Here's the link: https://steemit.com/bitcoin/@marceloarmani/is-bitcoin-money-let-s-keep-it-simple
Take care!
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Thanks Greg
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Such bans will keep Bitcoin on the limelight. The more bans cryptos get, the more popular they become and due to their volatility, the value goes up! Thanks for the well researched post.
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Doo Wah Diddy....
Need more crypto power
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Right on, Greg! As usual.
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Hey Greg, I wrote an article that challenges this narrative and while it's just for fun, I do think there is still a response to come from the establishment and it may surprise people how quickly it catches on (or doesn't).
https://steemit.com/cryptocurrencies/@lukemedway/crypto-s-on-course-for-irony-thrusted-by-the-winds-of-mainstream
Regardless, I agree with what you're saying but I suspect there is likely to be troubled waters ahead for Bitcoin in the medium term. In mid-November, we have this hard fork and since there is no agreement on which fork will remain dominant, the two resulting products will essentially face a showdown and potentially split Bitcoin's value in half. In addition, because it is a fight to the death, there is no replay protection built into these forks which could also open the door for some rather ugly security issues and we all know what will happen if there is another major hacking story.
So it makes sense to me that there is also likely to be an opportunity ahead for alt-coins as people diversify themselves to looking to mitigate forking risks. Good luck!
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@marketreport I agree with you 100%. Bitcoin and cryptos are decentralized and like STEEMIT they are transfering wealth and power as well as control to the hands of people that is were it belongs too. Thabks for sharing this quality analisys and predictions.
You are definitely one of the future mentions in my next posts. Thabks for sharing. Upvoted. @gold84
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Hope you're right!
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this is great post .i agree with you.
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