Yes, the price of Bitcoin has topped $8,670 BTC/USD for the first time in 54 weeks and as the coin market cap rises over $22 billion today, the permabulls are continuing to shout from the crypto-rooftops that Bitcoin is not only here to stay, but primed to thrive now that institutions are on the cusp of entering a decade old market.
The host of The Keiser Report and Bitcoin bull, Max Keiser, who is well known for his prediction that BTC price will still rise to $100,000, and an adamant advocate of buying and holding Bitcoin because it will still hit and surpass six figures.
Keiser has constantly stood by this his $100,000 and beyond target of Bitcoin price, and in a recent interview, he said it’s just a matter of time for this is prediction to unfold. He said :
“The timing is immaterial. It is still going to outperform every other asset you can possibly imagine owning over the next five, 10, 15 years. Forget about timing. Timing is for people who think that, ‘I’m going to wait and buy it at a better price.’ And that is a bad way to approach crypto. Stack Satoshis!”
The broadcasters ideology of BTC surpassing all other investment assets is quite straight forward, when a digital asset’s value rises from $5,000 to over $100,000, it will surely surpass the returns of any other asset category.
However, even with Keiser’s strong bullish stance of Bitcoin, he is still of the opinion that it is a bad idea to try to time the rise of the digital asset. He recommended that people should just keep accumulating the asset and not waiting for the ‘right time’ to buy, he said investors “should have been stashing Sats.”. It is quite obvious that Max Keiser is a hardcore BTC bull.
Keiser is very critical of the Quantitative Easing (QE) by the Federal Reserve, and that this permanent QE by the federal reserve would amount to “money printing without end”, he stated in an interview.
This, Keiser believes, will then lead to hyperinflation and ‘the king coin’ like gold with flourish in such a situation. In the past, like Keiser, other wall street vets have compared Bitcoin to Gold.
Morgan Creek Digital, an Asset management firm, recently stated that BTC is a better investment than gold, citing that it could reach a $500,000 price.
Hyperinflation and Gold
One of the two causes of inflation is a rise in the money supply by a government.
Hyperinflation is basically a very high and typically accelerating inflation, where money is printed and not controlled adequately.
In the occurrence of hyperinflation, the value of Gold rises as people turn to it as a stock-of-value to be safe from the volatility and inflation in the economy.
Bitcoin No Different
Bitcoin is currently showing similar characteristics as the value of BTC skyrocketed during a period of global market volatility and unpredictability.
In addition, Bitcoin, like gold is a finite asset, that is mining of BTC is limited to only 21 million coins. So Bitcoin’s demand is likely to rise if the reserve keeps printing money and thereby creating hyperinflation.
In conclusion, Max Keiser believes that people should accumulate the digital asset now, because, even if you buy BTC at its current price of $8,650, there is a possibility of having over 1,100% gain on it if his prediction pans out.
Bitcoin Continues To Register Consistent Year-Over-Year Price Growth
The most popular digital asset in the market seems to have registered a consistent year-over-year price growth. Although the virtual currency has been attacked by several critics, Bitcoin (BTC) continues to show that is resilient and that it is able to surprise even the most skeptical investors.
Bitcoin Continues Growing
In 2018, Bitcoin registered a strong bear market in which the digital currency fell from $20,000 down to $3,200. Many individuals claimed that Bitcoin was death and that it was the end of Bitcoin. However, this did not happen and Bitcoin was able to grow again.
In general, people say that Bitcoin was not able to keep growing because fluctuating assets do not grow and because the digital currency and other cryptos such as Litecoin (LTC) are not a safe way to conduct monetary transactions.
Clearly, this is something that proved wrong during the last 10 years in which Bitcoin and other cryptocurrencies were launched to the market. The world’s largest cryptocurrency has a year-on-year growth of 6 percent. This is a significant price increase when compared to mainstream S&P and other financial assets.
Moreover, Statistics from Messari showed that there was also a clear positive rend for Bitcoin, and the virtual currency was able to register a prolonged and sustainable growth.
According to this data, Bitcoin has been operating in a positive trend in Return on Investments (ROI) since it grew back in 2011. After the price increase experienced in 2011, Bitcoin recorded a positive growth of 1420 percent. After this year, Bitcoin registered a ROI of 174 percent and in 2013, the digital currency registered an all-time high of 5360 percent.
Bitcoin’s ROI in 2014 dropped 57 percent and was rectified during the next two years. In 2017, Bitcoin registered a massive increase of 1610 percent increase. Nonetheless, some individuals say that Bitcoin is that the digital currency is struggling in the short term. However, in the last week, Bitcoin just registered a positive ROI of 11 percent.
There are other digital assets in the market that have also registered very positive trends during the last years. Ethereum (ETH) has also been growing in the last few years.
Bitcoin Trading Volume Analysis: Highest Active Addresses in Over a Year
Bitcoin is currently seeing the highest count of active addresses since the highs of February 2018.
At the start of 2019, the number of active Bitcoin addresses fell as low as 360,000 active addresses, this number has since more than doubled to about 800,000 active Bitcoin addresses. This is a level which has not been seen since early 2018 when the value of BTC was way higher.
All Round Increase
Active addresses are a number of unique addresses that have engaged in Bitcoin transactions at any point during the last 24-hours. However, multiple unique addresses can be utilized by a single user.
This increase in active addresses suggests that the number of BTC traders and investors are increasing, which then directly increases the demand of the Bitcoin network.
This all round growth can be seen in the 24hr trading volume of BTC, which too has significantly increased recently.
May 2019 BTC Trading Volumes
The transaction volumes chart in May shows somewhat of a cup and handle recovery, although the transaction could not go higher because of the 1MB limit.
As seen in 2017, BTC price doesn’t seem to be a determining factor because people mostly use BTC as a form of investment.
BTC Cup And Handle Patterns
Charts show that there is a bullish continuation pattern from November up until April, and this balances out in May. Some would consider this a bull run if viewed for a larger period from (July till May). However, if this reaches an ATH, it will have a huge cup and handle recovery
It is also seen that between 2014 and 2016 the BTC price was about $1,200.
This seems like nothing when 2017 is factored in, but a very visible cup and handle shape can be seen between March 2013 and November 2013.
From 2017 to 2019 seem to be positioned for such bulls as all indicators continue to increase, and a bullish continuation pattern is imminent. Whether or not this cup and handle pattern will occur remains unknown.
- Source: First Appeared Here
- Published Time: 2019-05-27 00:50:03
The views and opinions expressed in the article Bitcoin Looks for 1,100% Gains Over Crypto Assets As BTC Value’s Year-Over-Year Growth Continues do not reflect that of 48coins, nor of its originally published source. Article does not constitute financial advice. Kindly proceed with caution and always do your own research.
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