Bitcoin’s huge surge over the last two days has come to a halt at resistance. Is this just the calm before the real storm? Bitcoin has work still to be done The tsunami called Bitcoin is building momentum and there is a real possibility that a breakthrough of the $30,000 resistance is on the cards. Many traders will have their short stops just above this level and therefore a short squeeze could be likely. Bitcoin really motored both Tuesday and Wednesday putting on as much as 14.6% in the process. Not a bad couple of day’s work. However, the main task is still to be accomplished, and this is facing the king of the cryptocurrencies like Everest, for a trepidatious climber. The reality of the situation So much bad press has hit the crypto market over the last few months that for the market to be going up is pretty miraculous. That is until you think of the fundamentals. On the one hand you have a pristine asset that is ridiculously scarce, more secure than any other asset, unreachable by government intervention, and able to be held, bought, and sent to anyone on the planet. On the other hand there is fiat currency, being printed to oblivion, in an unfair system, and being weaponised against the people. On top of this government agencies are doing their level best to stop citizens buying cryptocurrencies by bringing enforcement actions against all and sundry in the crypto sector. Banking is obsolete The banks that help to control the currency provide almost no interest to depositors, probably minus value when inflation is taken into account, and they control their customers by enforcing who they can send their currency to. Banking is utterly obsolete and it has taken the wildly innovative crypto sector to bust this banking facade wide open. These monoliths of antiquity are no longer fit for purpose. People can now hold their own value and wealth so there is no need for a middleman. Therefore the banks’ days are numbered. Bitcoin is for the people Bitcoin is likely to keep rising given its pure fundamentals, providing a store of value in the face of the rapidly diminishing purchasing power of fiat currencies like the dollar. The regulatory agencies might stop the majority of the institutions from getting onboard, but it needs to be remembered that Bitcoin is for the people. There is still time. Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
