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Bitcoin Price Soars on Its Eighth Birthday

Currencies / Bitcoin Nov 02, 2016 - 06:30 PM GMT

By: Jeff_Berwick

Currencies

As of yesterday it was eight years to the day since Bitcoin’s initial white paper was posted to the internet.

And what a birthday party it had, soaring from $614 on October 1st to around $728 today with gold and silver also rocketing higher, with silver up more than 3% today.


Part of the reason why bitcoin has seen such a price resurgence is because of the increased demand for the currency in the Chinese market.

You would think that the Chinese economy would be doing well after the Yuan’s SDR basket inclusion, but in spite of that, it continues to depreciate – hitting a 6-year low in October in conjunction with an estimated total of over $573.2 billion in Chinese capital outflows so far this year.

If these trends continue, which they likely will considering the depreciative nature of fiat currencies, the prospect of an $800 bitcoin in the near future is not far fetched.

Of course, you know Bitcoin’s price is doing especially well whenever the coin goes through one of its brief barrages of negative press.

Early yesterday, Forbes released an article highlighting how “criminals use bitcoin”

But you’ll never hear Forbes speak badly about the criminal central bankers systematically stealing from everyone through their fiat currency inflation.

The Securities and Exchange Commission is also suspicious of bitcoin. (What else is new?) The Commission is still trying to figure out what to do three years after the Winklevoss brothers filed their Winklevoss Bitcoin Trust in July 2013.

Since then, bitcoin has risen some 610 percent and many more new filings for additional ETFs tracking bitcoin await SEC approval. In typical regulatory fashion,  the SEC has “moved” on the filings by seeking additional public comment.

The SEC is worried about the stability of bitcoin and its platforms and how regulations regarding bitcoin would evolve.  But the SEC will always have “worries” – right up to when bitcoin exchange-traded funds are approved to a warm welcome in the marketplace from investors seeking something more stable than wretched central banking currencies.

Bitcoin is actually a pseudonymous crypto-currency, yet recently mainstream media networks like Bloomberg put articles out saying “Bitcoin isn’t anonymous enough”.

Obviously it isn’t anonymous, it was never intended to be completely anonymous. If the people who wrote the article knew anything about the platform they’d understand that its inherent design is pseudonymous by definition because of the fact that the addresses and transactions are recorded on the blockchain.

While we’re big precious metals advocates, physical bullion is not highly divisible, especially for transactions of less than a dollar or two. Bitcoin provides a more pragmatic solution to that shortcoming through it’s ability to be nearly instantaneously exchanged and it’s high divisibility – up to 100,000,000 individual units or “satoshi” to be exact.

Some of the benefits of cryptocurrencies are highlighted in one of our most recent Anarchast videos with Dan Larimer.

Bitcoin is proving to be a legitimate existential threat to the globalist elites, which we have seen through not only their demonization of the currency, but also in their efforts and attempts to locate and arrest its creators.

For example in Australia, the attorney general’s department wants to begin drafting legislative proposals to include bitcoin and other crypto-currency exchanges in its anti-money laundering laws. Their goal is to finalize that legislation by 2018.

If you’ve been following our previous articles or if you read the Economist, you may recall that the cover of the 1988 issue of the economist magazine had a picture of a phoenix rising from the ashes with a medallion bearing the year 2018 and the title “Get ready for a world currency”.

Now, the globalist financiers are starting to squirm in their seats as they watch some of these emerging crypto currencies hinder their ability to exact absolute monetary control.

One of the best ways to avoid the globalist financial stranglehold is to trade using cryptocurrencies. That’s why this year at the world’s largest anarcho-capitalist conference, Anarchapulco, we are planning on having an entire day devoted exclusively to cryptocurrencies and blockchain technology!

It’s called Cryptopulco.

If you want to learn more about emerging crypto technology plus other innovations from leading experts in the space, please buy a ticket while they’re still available.  And of course the tickets will be available for purchase via cryptocurrency.

You can see more about Anarchapulco here:

The day before Anarchapulco we’ll also be holding a one day TDV Internationalization and Investment Summit.  You can see more on that here.

The world is changing rapidly.  Bitcoin and other cryptocurrencies could defeat the entire central banking system without even one shot fired.  It’s exciting times and we are just getting started!

Anarcho-Capitalist.  Libertarian.  Freedom fighter against mankind’s two biggest enemies, the State and the Central Banks.  Jeff Berwick is the founder of The Dollar Vigilante, CEO of TDV Media & Services and host of the popular video podcast, Anarchast.  Jeff is a prominent speaker at many of the world’s freedom, investment and gold conferences as well as regularly in the media.

© 2016 Copyright Jeff Berwick - All Rights Reserved Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.

Jeff Berwick Archive

© 2005-2019 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


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