How hIgh can Bitcoin go?
Wow, we’re up to $40.70 right now! Just yesterday I was psyched about what, $36.50? No one can deny the BTC is growing by leaps and bounds. But where’s the ceiling, you might ask?
I like to consider myself a person who studies the motives behind everything. The “whys” were always far more important to me than the hows and whens and wheres, because the why always drives every action in a somewhat predictable direction.
Stock charts are a common place to see this effect demonstrated. If Apple leaks a rumor of a new, must-have, ‘killer’ feature on their next iWhatever, then you always know it’s a good day to own apple stock… AAPL’s price is going UP, not down, on such days.
Bitcoin’s price is even more speculative than a common stock, however. There are many driving influences, both internal & external, and no one person could possibly know them all. For instance, there was a long period earlier this year when the value of the Euro was falling, but most American speculators had no idea where the constant growth in Bitcoin’s price was going so steadily up; The USD wasn’t tanking at that time, so if they weren’t following the Euro too then they’d have no clue that people in Europe were looking for a safehaven to put their earnings in as the Euro starts to look worse and worse.
But this was only one of many positive drivers going on for the coin at that time. 2012 was an election year in the US, and the Libertarian Ron Paul movement was gaining HUGE traction nationwide. It was a much larger movement than any mainstream news programs would even begin to let the public know about… Each and every one of his republican competitors’ Romney’s crowds all year long were only a mere fraction of the size of the Ron Paul crowd that same day, and predictably the news channels would never show us any footage of a Ron Paul crowd, instead repeating the mantra: “But Paul is still unelectable.” It was sickening and heartbreaking for anyone paying attention, even if you didn’t like his policies.
Bitcoinfinger 