Why Bitcoin Price Will Go To 100k This Year
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In this interview, Scott Melker shares his views on Bitcoin’s short and long-term outlook. He also comments on the argument that Ethereum may flip Bitcoin. Finally, he reveals the factors that can lead to a surge in the Bitcoin price.
Here is the summary of the video:
The long-term outlook is more important for investors while the short-term outlook is too noisy and more important for traders. If you have an investment thesis, you’ll realize that Bitcoin is a form of digital gold, a store of value, and an effective hedge against inflation caused by endless money-printing governments and central banks.
Bitcoin is a mathematically proven deflationary asset superior to gold in every way, shape, and form. With the basic demand and supply dynamics and the halving every four years, the supply of Bitcoin is cut in half. This means that if demand remains the same, the price will rise.
You’ve got to be bullish on Bitcoin if you understand how it works. But it makes sense if you look at the long-term direction, such as 10 or 20 years, rather than the short-term movement.
The rise in inflation is sufficient for Bitcoin to be considered as a store of value. The continuous money-printing by governments will boost the price of Bitcoin.
Considering short term, when Bitcoin fell from $60,000 to $50,000 at the start of the correction, about $10 billion of leverage was liquidated. And that was almost a million traders having their accounts liquidated. The same happened when Bitcoin dropped from $40,000 to $30,000. So, trading in the short term is riskier.
The definition of manipulation is the government printing more money to move the market higher. On the contrary, Bitcoin is the best definition of a free market because people have the right to put their orders where they want.
Can Ethereum flip Bitcoin?
Earnings reports show that Ethereum trading volumes are now higher than Bitcoin’s. But this doesn’t mean Ethereum will flip Bitcoin anytime soon in the market cap. That said, there are good reasons to be bullish on both
It isn’t true that altcoins will outdo Bitcoin. Bitcoin is a digital gold store of value that is quite different from altcoins.
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Credit: Kitco NEWS (Full unedited video)
ORIGINALLY POSTED: Aug, 17, 2021
Bitcoin will surpass gold’s market cap soon, gold is ‘pretty much dead’ – Scott Melker
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