I haven’t posted much with cryptos dropping 70% this year, but Bitcoin appears to have hit bottom. It’s not gone below about $6,000 for a bit over three months. Further support for this is that the last run up of 1000%+ from August to November 2013 started from $100, hit $1,100 and then crashed back to about $200, twice what it started from.
In 2017, it started its run from about $3,000 in August and ran up 700% to about $20,000 in December. So, dropping back to $6,000 matches the past.
The question I’ve been hearing from new people to whom I mention Bitcoin is “Can it still go up from here?” The answer is yes, definitely YES!!
Let’s start with some facts
Kraken as of Dec 15): Each of the past few days has produced 50,000 new account registrations and 10,000 new support tickets! Ten times more than last quarter! Number of simultaneous users, daily trades and volume are also making new all-time highs. They are struggling to keep up.
Coinbase added 300,000 new users over the Thanksgiving holiday week. The new additions brought Coinbase’s account total to 13.3 million exceeding the 10.6 million brokerage accounts at Charles Schwab! Over the course of the year they have added more than 5 times the number on their support staff and have seen the number of transactions increase during peak hours by over 40 times!!
Fidelity Investments is the fifth-largest asset management firm in the US with $2.3 TRILLION under management. It has just made an agreement with Coinbase to allow their 26 million individual investors access to Bitcoin. Not only that, but Fidelity allows its 40,000 employees to buy coffee or lunch in the company’s cafeteria with bitcoin and Fidelity has ongoing profitable Bitcoin and Ethereum mining! In fact, the CEO was quoted as saying that operation “is actually making a lot of money.”
To recap, HUGE numbers of new buyers are coming into the market at such a rate that the exchanges are having a hard time keeping up. Add to that the fact that very, very few people actually know how to buy bitcoin and you may agree with me that this market has a long way to run…a long, long way to run.
Currently, Bitcoin can handle about five transactions per second. That was fine in Bitcoin’s infancy. However, if you compare it to Visa’s average of 2,000 transactions per second, you can see Bitcoin’s capacity is not enough for the future and it’s causing Bitcoin transactions to take a long time.
If you buy and hold Bitcoin on a website exchange, such as Kraken.com, or in an online wallet. such as Blockchain.info, you will not know about private keys because you do not need to. While they are there behind the scenes, the exchange or online wallet is handling them for you. However, if you have or plan to hold Bitcoins on a smartphone wallet, you do have to know something about them.
Many thanks to Marlene Rose Gallery in downtown Clearwater for a beautiful venue for last night’s seminar on Bitcoin. People enjoyed the venue as much as the easy manner that Peter conveyed a technical subject in understandable bites.
“Very Well explained. I learned enough to really want to get started.” said Neal F.
Anita D. stated “I had never heard of this concept and it makes sense. I am interested in knowing more about it. I am curious now in this evolution in currency. I am glad I made the time to come and listen to it, it was interesting and simple.”
David A said “Finally I understand what a bitcoin is and it’s source and mining.”
Several pre-purchased the book at the event, and more said they would come to www.bitcoin-secrets.com to purchase it online, as well as post any further questions in the forum there.