At press time, the price of bitcoin is hovering around $7800, having jumped from $7700 just hours earlier. This appears to be a halting point for the cryptocurrency over the past two days, though another massive jump is always possible. Granted bitcoin’s recent history, some analysts predict hikes reaching $10,000 or even $15,000 within the next year.
“Bitcoin hits $10,000 on Oct. 11, 2018,” writes Will Ashworth of InvestorPlace.com. “You heard it here first.”
Bitcoin Price: Time for Some “New” News
Now, we could sit here and talk about how bitcoin has proven virtually every doubter wrong; about how it’s stood the test of time, and come out on top despite all the speculation and a generally disbelieving public, but this is old news. This has been discussed time and time again. Those of us who discovered bitcoin early knew of its potential right away, so the growing bubble that cryptocurrency has become hardly seems surprising.
However, the big question that’s likely always swirling through the backs of everyone’s minds is, “How long can this really last?”
It’s easy to believe bitcoin is the answer to everyone’s prayers, and that everything is coming up roses for cryptocurrency holders, but we cannot dismiss the volatility, and above all, vulnerability, that bitcoin has shown in the past. Bitcoin can come crashing down just as easily as it can shoot up, and our nerves are never likely to leave us fully alone.
In an early October op-ed, Guardian writer Kenneth Rogoff predicted that while the technology behind bitcoin may grow, the price will eventually cave under what he calls “government pressure.”
“Most experts agree that the ingenious technology behind virtual currencies may have broad applications for cybersecurity,” he boldly stated.
“But it is folly to think that bitcoin will ever be allowed to supplant central bank-issued money.”
How Government Influence Can Work for Bitcoin
True, maybe bitcoin will never replace fiat as the end-all be-all of transactions, but we can rest assured that bitcoin’s rise to fame isn’t dropping anytime soon for several reasons. The article claims government pressure will bring bitcoin down, but right now, strands of government influence appear to be behind the increasing price.
In America, for example, citizens continue to witness economic strongholds since Trump took office nearly a year ago. Love Trump or hate Trump, we can’t deny that the economy is quite taken with him. Maybe it’s his locks of golden hair; maybe it’s his machismo attitude, or maybe it just has a red tie fetish. Who knows?
Either way, stocks have been on the rise since the former Apprentice host stepped into the White House, and the American economy is showing valid signs of recovery. Granted this continues, America’s finances are only going to grow from here, and values in stocks, money exchanges and yes, bitcoin, will continue to power on like thunder.
A Few More Examples
Additionally, deportations have risen since Trump became Commander-in-Chief, which suggests many illegals in the U.S. are seeing bitcoin as a valid financial or remittance source for keeping their families secure in case things turn sour. This has been occurring for months, and as the need for bitcoin has grown, so has its price.
Need = growth as cryptocurrency has shown us, and many are needing it now more than ever. The military takeover in Zimbabwe has also empowered bitcoin’s move forward, showing again that governmental or political change can sometimes lead to unexpected results.
In the End…
Right now, it seems national and international politics influence bitcoin’s consistent jumps, which suggests we can all take a break from our fears regarding “government pressure.” Even if governments do suddenly turn against bitcoin all at once, how negative are the effects likely to be?
To an extent, we’ve already seen how well bitcoin fares against political anger and tension. With the recent ban of bitcoin exchanges in China, for example (one of the largest and most powerful countries on the planet), the price has only risen to greater fame, so an attitude of “no harm done” can certainly apply.
Bitcoin was created as a stronghold against political ill-will, so it knows how to dig its heels into the ground and stay tough, and we all need to do the same. Let’s trust in cryptocurrency, and allow it to work for us and not against us.
Do you foresee bitcoin hitting $10K within the coming months? Post your comments below!
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