bitcoin price prediction - Bitcoin predictions
"bitcoin price prediction - Bitcoin predictions"
in the news bitcoin price prediction - Bitcoin predictions? What this all about..... See below.
Sentiment Trader has watched the rapid rise of bitcoin over the last few weeks. We hit an all time high just 48 hours ago, giving bitcoin investors a nice little gift for xmas.
Bitcoin is racing towards the $1000 mark again. And the recent currency policies of India's Modi and Venezuela's Maduro may have something to do with it.
Here is the chart..... This is quite interesting.
They are pushing people into Bitcoins—the digital currency rally coincides with Modi’s and Maduro’s efforts to get rid of old currency notes.
Govt have pursued policies recently that replace large notes in circulation with new notes (India) or with coins (Venezuela).
For a good purpose, of course. Prime Minister Modi has been trying to fight corruption, a widespread problem in India. And President Maduro has been trying to fend off capital flight from the ailing Venezuelan economy.
While both policies have had some success in achieving their objectives, they’ve had a serious side effect, too: undermining public confidence in national currencies as a store of wealth. Why hold a currency that can be printed in unlimited amounts and which has an expiration date?
Of course, the public can hold dollars, euros, yen, and yuan, but those can be manipulated, too.
That’s not the case with Bitcoins, which cannot be manipulated by governments, and therefore, can serve as a good alternative to national currencies.
So Does this make Bitcoin safer as a long-term investment than gold?
It’s hard to say, as past performance isn’t a guarantee for future performance. Besides, Bitcoin has only been around for a short period of time, and its performance is rather erratic.
That’s why investors shouldn’t rush to substitute the yellow metal for the digital currency in their portfolio. But if they have done so in recent months , they should send a thank you note to Prime Minister Modi and President Maduro
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