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BATTLE LINES DRAWN: Bitcoin Setting Up a MONSTROUS MOVE!

Oct 23, 2019 | Wealth Articles

Bitcoin is stabilizing above $8,000 and cryptocurrency bears are recycling the same arguments they’ve been using for years (even while Bitcoin has gone from a few pennies to thousands of dollars); the crypto-sphere continues to develop and flourish against all odds.

The global headlines provide a mixed bag of developments for cryptocurrency – the proponents and the critics battle it out for control over the monetary system:

  • Russia has added CoinTelegraph to its list of blacklisted websites, thereby making it inaccessible to most citizens – without any explanation.
  • The cryptocurrency-powered web browser Brave has achieved 8 million active monthly users, and is now more popular than Chrome, Firefox, and Opera and in Japan.
  • A district court in New York has ordered Telegram not to issue any Gram tokens until February of next year.
  • Popular cryptocurrency exchange Binance generated estimated revenues of $185 million in Q3 of 2019.
  • Bank of England Governor Mark Carney defended Facebook’s Libra Coin, saying it’s addressing the traditional financial system’s shortcomings.

In short, some regulators are still fighting a losing battle against the blockchain, but adoption continues to grow and there’s still a ton of capital flowing into the crypto space worldwide. On the technical side of things, there’s concern over an impending “death cross” as Bitcoin’s 50-day moving average threatens to cross below the 200-day moving average:

Courtesy: TradingView

Of course, this won’t be Bitcoin’s first “death cross” so don’t let the ominous name scare you: Bitcoin has survived multiple “death crosses” and made tremendous gains along the way. Irrespective of the charts, there are just too many positive catalysts to deny the positive momentum at this point.

  • Volatility in the price of Bitcoin and other cryptocurrencies has declined considerably.
  • Liquidity in the crypto space has improved.
  • The number of Bitcoin wallet users has increased dramatically.
  • Pension funds – which carry massive amounts of capital – are showing interest in crypto investments.
  • Bitcoin IRA is gearing up to launch interest-earning crypto accounts next month, which will largely offset trading and custodial-holding fees.

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Then there’s the upcoming Bitcoin block-mining reward halving of May 2020, which will cut the compensation that Bitcoin miners receive for mining a new block in half, from 12.5 BTC to 6.25 BTC. The two previous halving events precipitated huge Bitcoin price increases, so I expect that May’s halving, which will cut the supply by $63 million per week, will trigger a rally like you’ve never seen in your lifetime.

It’s the complete opposite of what’s happening to fiat currency; the Federal Reserve has already printed more dollars (nearly $4 trillion worth) than the entirety of Bitcoin’s market cap. The conclusion is unavoidable here: expect a declining dollar, more cryptocurrency adoption and capital inflows – and sooner or later, unprecedented price moves in Bitcoin.

Best Regards,

Brad Robbins
President, PureBlockchainWealth.com

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Legal Notice:
This work is based on SEC filings, current events, interviews, corporate press releases and what we’ve learned as financial journalists. It may contain errors and you shouldn’t make any investment decision based solely on what you read here. It’s your money and your responsibility. The information herein is not intended to be personal legal or investment advice and may not be appropriate or applicable for all readers. If personal advice is needed, the services of a qualified legal, investment or tax professional should be sought.

Please read our full disclaimer at PureBlockchainWealth.com/disclaimer

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