The Value and Power of Bitcoin
Yes, Bitcoin (BTC) is a very hot topic at the moment. Mainly because of the price movement it has had over the last 6 weeks with speculators now joining the game. But, I am going to give you other real and happening reasons why Bitcoin is valuable and powerful.
As mentioned in previous articles, the world is moving towards a cashless society. For this to eventually happen, all countries and governments would need to create their own form of virtual currency so they could ‘control’ it and ‘manipulate’ it. The beautiful thing about Bitcoin is that it is already ‘here’ and the people are just now starting to buy into the idea and understand exactly what it is and how it works. It is because of this new interest by more and more people we are seeing the price of Bitcoin to go up and up and up. Yes, it will come back down and then go back up and so forth- you get my point. But, now I want to talk about some other valuable and powerful aspects of Bitcoin.
Take a look at what is happening in countries like Venezuela and Zimbabwe. It is difficult to fathom that these 2 countries are completely failing and have collapsed economically. According to an article in Zerohedge.com, Bitcoins are trading at $13,000 per Bitcoin in Zimbabwe and this is based purely on supply and demand from the perspective that Bitcoin is the only place where they can put their money and not have anybody touch it or confiscate it- period. The government can’t do anything about it which allows the people to have some form of protection and comfort of their assets.
Within the financial world, all eyes are on both Venezuela and Zimbabwe. They will become the benchmark, for example, of the possible outcomes when governments run out of money. What will actually happen? And, how will it actually end? These are disturbing questions the financial world is waiting to have answers on. Banks in Zimbabwe are clamping down on international transactions, and not allowing any Visa transactions to take place. Bitcoin is the refuge of choice for their problems financially. This approximate 85% increase in price (currently at $7,454 per bitcoin at time of this article) stems from the government collapsing- not because of trading speculation. Which means something very important and valuable here- IT IS WORKING!!! And, I am sure there will be several curve balls thrown along the way by the governments to stem this type of activity. But, at the end of the day, if there is a will there will always be a way. As unfortunate as the situation is in these countries at the moment, it is allowing us to visually see the value, power, and potential of Bitcoin and other crypto currencies.
I truly believe this is another ‘internet’ moment in history. As blockchain technology continues to advance and improve everything else will follow just like digital fiat currencies (currently being used by JPM and Barclays), crypto currencies (Bitcoin, Ethereum and many others), businesses, data, and much much more. Things are changing very fast so we must be aware of what the possibilities and options are- and I am very excited about these possibilities!
Go Bitcoin Go!!!