When will Bitcoin reach $10,000?

Bitcoin will reach $10,000. But when?

As of today, in the year of our lord 2017, several parties are battling it out for control of Bitcoin.

  1. Core Developers (the team that has current access to update Bitcoin code) has declined all requests for improvements to Bitcoin code. Result: Bitcoin has not evolved.
  2. Bitcoin Unlimited, SegWit etc. Groups that insist Bitcoin change code to accommodate new capabilities ASAP or Bitcoin hard forks (hard fork means Bitcoin splits in two, similar to GOOG and GOOGL, except one version would eventually die).

The result is a stalemate and frustration. Some of the smartest people on the planet are hurling infantile insults at each other via Twitter. An example:

Fuck your mother if you want fuck. Indeed. T-shirts with this quote are now available online, naturally.

Things are not as they seem though. This battle isn’t about who can update Bitcoin software. It’s much bigger than that. This is about who will control the primary digital economic asset / store of value of the future.

Will the real Satoshi Nakomoto come forward and set right his wayward vision for ‘Peer to Peer Currency’? There are rumors…..

As if that’s not enough drama customers of Bitfinex, a major Bitcoin exchange, have been having problems withdrawing cash due to “banking issues”. As a result users have been buying Bitcoin at Bitfinex so they have access to withdrawing funds via Bitcoin to circumvent the “banking issues”. This buying pressure has caused a dislocation in price. Bitfinex price for Bitcoin has run as high as $100 higher than other exchanges. This dislocation has dragged Bitcoin price upwards across all exchanges. When the Bitfinex problems are resolved (I expect Bitfinex will implode) what will happen when that buying pressure disappears. Even more important, what happens when casual Bitcoiners see their investment fall 20%?

Even with those issues, Bitcoin continues to rise in price. A correction seems overdue (even welcome) by many. Including me.

I’m still long.

 

 

About coinspeak

20 years as an IT consultant. Escaped the rat race in 2015. Addicted to travel and tacos.

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7 comments

  1. It should be no surprise that fragmentation of bitcoin is desired and welcome – the banksters and deep state hate digital currency they do not control – embrace enhance extinguish.

  2. When the tide is coming in; ride the waves.
    http://coinmarketcap.com/currencies/views/all/

    Currently long:
    BTC, long term holding – unless something major happens. (80% of my crypto)
    LTC & ETC currently up 1x in 2 wks (LTC segwit & will be added to Coinbase)
    ETH up .5
    XMR slightly down

    On a longer term basis these are going up – with many going to zero

    • clarification
      On a longer term basis these are going up – with many going to zero.

      by ‘these’ I mean cryptocurrencies in general, going to zero.

      LTC, ETH, ETC, XMR are pretty solid. Some other coins are complete scams.
      It’s a volatile space like internet in the ’90’s.
      The ETH guy has a 150 IQ, not that that necessarily means too much. Charlie Lee & yes, Fluffy Pony are no slackers either.

  3. Milton Friedman predicts digital currency / bitcoin in 1999
    https://www.youtube.com/watch?v=6MnQJFEVY7s

  4. rogue wave

    https://www.youtube.com/watch?v=79pjLp-mxHo

    According to adam meister, rumor has it that (one person said) that Wells Fargo & Chase are no longer allowing bitcoin purchases from their accounts.

    Check out his 15 min vid & the links.

    Cryptocurrency market cap has doubled since Jan 13th. up to 35 bill. That’s a couple billion in the last few days

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