While scrolling through steemit and my feed, I stumbled upon a post by @joshigurdson which entails a prediction by Goldman Sachs Jafari that ''Bitcoin markets could rise as high as $3,900 in the future."
All details and such can be found at his blog post here
but just in case you need a direct link up to the youtube page,
I'm NOT a crypto hater but
to me this phrase right here can be interpreted differently, and for me I do not believe people have gotten over the central bank system as much as the crypto community is trying to sell it.
- The point is, people are sick of the central banking system. They're flocking to Bitcoin and other alt-coins because they're losing faith in the fiat system which is a great way to forecast a major crash in the near future. People are sick of being manipulated.
we need to realise that for many,
the central bank system of economy is the only one they know
Yes people do want to control their money, but for many the way the government handles the flow and control of money is an acceptable way of keeping control. We are humans, and humans are naturally gravitated towards a leadership figure or structure.
That is what the central bank entails. A system where a leader, elected and trusted by the populace governs over the money.
Although manipulation of the system still goes on, but this happens at a very low and confidential level, where the players are hidden and risk losing a lot if they are caught.
Reason people flock to cryptos
Now as with all things in life, there will be people who flock towards a movement for the right reason, such as the flock to cryptos due to distrust of the federal system. But many others still will flock into things mainly for their benefit.
and cryptocurrencyis no exception.
Now I am viewing this from a normal person's position, an average day to day citizen,
I believe, with near certainty that people flock to crypto currencies mainly for their own self profit, profit, since cryptocurrencies offer a way of making money from thing air, without putting much effort into it.
Pump and Dump
- While cryptos, especially the alt-coin market have seen some bloodbaths recently, this is simply a healthy correction. It shows a great natural cycle as these cryptos take a breather. While there are a lot of phoney banker coins out there, coins like Bitcoin, STEEM, Dash and even Ethereum have a good future in front of them.
Indeed I agree with this statement 100%, but not for the reasons you may have.
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quick overview of coinmarketcap shows all cryptocurrencies availabe in there, many more arnt by the way
Just a glance at coinmarketcap.com shows all available cryptocurrencies suppory the site. A good number of these were opened up this year, and all are prime targets for pump and dump strategies.
One of the major reasons why people flock to cryptos is because of the ease in manipulating the market.
Pump and dump has never been so easy, with thousand of people trying to make cash on cryptocurrencies, many don't understand the system and end up being prey, losers in a game of market manipulation played by the big boys.
Even the top coins can be manipulated, as seen by he link provided above to Josh's blog.
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Without knowing this is steem, I would have placed a buy order, seeing as how the trend is poised to move for another pump and dump strategy(the little fluctuations meaning people are buying and holding down, while others still wait for the price to fall further).
Why steem, bitcoin, etherium stay strong
Despite the bloodbath that alt-coins experience, certain coins stay strong and true, and only drop a few times due to market correction.
The one thing that keeps steem and etherium from plomiting is that it has value other than its name. These coins are currently being utilized in various platforms, aand have other non-crpypto uses tied to it.
Bitcoin also being the de facto daddy of cryptocurrencies has the highest adoption rate of any coin to date. Certain stations have begone accepting payment of transactions with it, and it is the currency of the underworld.
So to recap
Does bitcoin have the potential to rise above to $4000? yes , yes it does and it shall, seeing as more of the world gets into crypto every day
Do people join the crypto movement because they care about the central bank system? no, not nearly enough people are with that mindset as of now. Many may deny it, but that doesn't change the fact that many are currently in this for the quick cash potential.
Greetings!, I see youve stumbled upon this post, If you have conflicting views on the topic treated, or if you wish to ask any questions, OR if you feel i have provided false info in anyway, drop into the comments and speak up. I deal in going deep and understanding things, no matter the amount of arguments we may have, everyone will learn something!
I agree that many have flocked for quick profits but there are many other reasons for adoption. Countries manipulating their currencies is a big one. Look at the rise in price after unfavorable monetary policies. Also PayPal restrictions on use and gambling have also brought hordes of users.
Great analysis of my man @joshsigurdson's post, you've been F.U.R.R.'d =)
lol, I just did it because I have a different view of what drives most people to cryptos, at least for now, not really analysing his post. . . . . yet.
Furload bck:)
bitcoin to the moon bro
indeed, bitcoin is definitely going to rise, though aug 1 will determine by how much.
Finally someone writing an objective article on the topic! Great work;)
Worth a reSteem!
very good analysis - I totally agree. I think BTC, ETH, Steem will have a good future. Also considering that esp BTC is "conquering" real life (e.g. today I was informed that Austrian post offices sell BTC). But there is one thing that a cryptonewbie like me does not understand: If the price of BTC is going up further it will get less practicable to pay with esp for people who are not part of the "BTC elite" (whats the price of a coffee now: sth like 0.002? who wants to pay such prices in the digits besides us?)