The price of Bitcoin hit an all time high over the weekend – moving past the $8,000 mark following an uncertain couple of months that had the SegWit2x fork hanging over the markets like a dark cloud. Yesterday, Bitcoin continued its rise, nearly touching $8,400 and establishing another all time high.
Keiser believes that Bitcoin’s ability to survive numerous changes and countless altcoin competitors proves it is the most dependable cryptocurrency:
“Bitcoin will dominate and lead crypto going forward. Hundreds of obituaries have been written about Bitcoin and none of them have come true and none will. Fact is, Bitcoin is a gift from God to help humanity sort out the mess it has made with its money.”
While Keiser’s assertions bode well for Bitcoin, it doesn’t change the fact that the network is still facing growing pains. SegWit2x may have been abandoned for now, but the short-comings it aimed to solve are ever-present. The simple fact is that the increasing amount of transactions are putting strain on the network capacity – and the backlog of transactions makes Bitcoin cumbersome as a payment method.
“Dash is emerging as the crypto payment rail while Bitcoin asserts itself as Gold 2.0. I suggest those frustrated by the Bitcoin scaling debate to embrace Dash for payments and leave Bitcoin Core alone to continue working on Gold 2.0.”
Wall Street money
Many investors seem to be responding well to the narrative of Bitcoin as digital gold. There’s a lot of talk of mainstream institutional investors breaking into the market with massive, billion dollar investments. Indeed, a plethora of good news has recently buoyed Bitcoin’s price, with much of it relating to Bitcoin’s growing connections to traditional finance. The biggest news by far is CME’s upcoming launch of a regulated Bitcoin futures market, with major hedge funds announcing they will begin trading the digital currency as soon as this futures market goes live.
Suddenly, Keiser’s prediction of Bitcoin hitting a $100,000 high doesn’t seem so far fetched. The broadcaster likened Bitcoin’s emergence, resilience and success to Apple:
“I remember when I bought Apple stock in the late 1990’s when it was valued for less than $100 million, Michael Dell publicly said that Apple should shut its doors and stop the embarrassment of being in business. Twenty years later, it’s approaching a $1 trillion market cap, and nobody talks about Michael Dell anymore.”
“I don’t like price predictions because it takes away from the single best way to participate in the crypto economy, buy and HODL. The next 10 yrs will be planet-changing as money transforms into global networks of monetized thoughts interacting seamlessly, globally, consciously and unconsciously; intermingling in a spontaneous joyfest of bountiful, life-affirming cryptoeconomics.”