Cryptocurrency Revolution Going Full Throttle – Bitcoin Hits $7000 USD
Today for the first time ever Bitcoin’s price passed $7,000 soon after 10:09 UTC, giving the first decentralized digital currency a market capitalization over $116 billion. The combined market cap for all cryptocurrencies is also at record highs, sitting at $188.5 billion.
Also, one of the world’s biggest U.S. cryptocurrency exchanges Coinbasereports.com, in its daily usage update, stated that there were 11.9 million more Coinbase users as of November 1, shortly after the CME announced it would introduce bitcoin futures by the end of 2017. This announcement by Wall Street’s leading global exchange for options and futures to introduce Bitcoin to the derivative market is a major step in its evolution to becoming an established asset class.
Meanwhile, a stunning report was published by Deutsche Bank credit strategist Jim Ried titled “The Start of the End of Fiat Money?” that explores if the basic premise of the fiat currency system – since the U.S. Dollar was removed from the Gold Standard in August of 1971 – has become essentially unstable and prone to high inflation due to monetary and fiscal irresponsibility by the U.S. Federal Reserve Bank (FED), the Bank for International Settlements (BIS), and financial deregulation and massive market manipulation by global central banks and Wall Street financial institutions that facilitated the elevation of asset prices on the exchange and real estate markets.
The shocking punchline in the report to institutional investors was the concession that the fiat money system will be seriously tested over the coming years as the prospect of financial crisis continues to increase as emerging geopolitical risk continues to accelerate and intensify due to the emergence of economic nationalism abroad, further “exits” from the European Union, escalation of Middle East conflicts and spreading Islamic terrorism, North Korea’s nuclear weapons ambitions, Russia and China seeking to assert their authority in world affairs, China’s initiative to end the U.S. petrodollar as the world’s reserve currency, and the continuing growth of financial bubbles compounded by record amounts of global debt. Therefore, Central Banks will likely need to find an alternative system, such that exist with cryptocurrencies, i.e. Bitcoin, Ethereum, Litecoin, Dash, Ripple, and so on.
“The world is approaching a major inflection point and the intense amount of global angst we’re experiencing now stems from deep, structural forces that have been building over decades.”
– Reva Goujon, VP Global Analysis of Stratfor
However, criticism of Bitcoin continues unabated from the mainstream financial media with Jamie Dimon, chairman and CEO of JPMorgan Chase, calling Bitcoin a “fraud”, saying if people are “stupid enough to buy it,” they will pay the price for it in the future. The CEO went on to say that he couldn’t care less about what bitcoin trades at. “The only value of bitcoin is what the other guy will pay for it,” Dimon said. This is the same Jamie Dimon that predicted back in November of 2015 that Bitcoin will not survive. On that day, it had closed at $386.35. Since that day Bitcoin’s price has gained 1000%.
While Wall Street continues to pontificate how Bitcoin and the cryptocurrency blockchain technology it is based on is both fraudulent and has significant weaknesses and limitations, e-commerce superpower Amazon is moving forward in its cryptocurrency initiative integrating cryptocurrencies into its business model by registering three cryptocurrency-related web domains.
Online records show, according to information from Whois Lookup, three domains – “amazonethereum.com,” “amazoncryptocurrency.com” and “amazoncryptocurrencies.com” – were registered on October 31. The domains are linked to Amazon Technologies, Inc., a subsidiary of Amazon.com, Inc. that has been attributed to past patent filings from the e-commerce company.
Many large companies and small business across the world continue to join the cryptocurrency revolution by accepting bitcoins as a legitimate source of funds, allowing their online products and services to be bought with bitcoins. One can read more here: Who Accepts Bitcoins As Payment? List of Companies, Stores, Shops | 99Bitcoins
In the Bitcoin “Genisis Block” horoscope for January 3, 2009, at 18:15:05 GMT for Sydney, Australia, the closest outer planetary alignment is the Saturn-Uranus opposition. The Saturn-Uranus cycle correlates with the collision of collective forces that bring both dramatic change and resistance to change, along with periods where “disruptive innovations” occur that are often created when a pervasive malcontent exists within the collective. These new technologies inherently become more and more disruptive to the status quo and the establishment as they become more assimilated into mainstream culture. Therefore, Bitcoin and the decentralized blockchain technology it is based on is a disruptive technology, in that it has the potential to replace fiat currency and the Central Banking system altogether.
On November 11, 2017, the final Saturn-Uranus trine alignment will occur indicating that the price of Bitcoin (BTC) to the U.S. Dollar (USD) will reach a price range between a minimum of $8660 to a maximum price of $10,749, with the average BTC price forecast of $10,046 at the end of 2017.
Below is my long-term forecast of Bitcoin.