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ENVISIONING $100,000 BITCOIN: Book The V.I.P. Room!

Aug 4, 2019 | Wealth Articles

We’ve already seen Bitcoin’s unreal price recovery this year and the unrelenting buzz over Facebook’s Libra Project, but the most unique catalyst could be what’s coming next. 
The crypto haters are starting to retreat, now that Bitcoin is firmly stabilizing at $10,000 and other well-known cryptocurrencies are holding strong as well. In fact, 83.5% of Bitcoin discussions on Reddit are positive, while 85.5% of crypto-related discussions generally have a bullish tone – indicating that sentiment might be too positive on crypto due to the Libra Project phenomenon.
Be on the lookout for some profit taking, then, if LIBRA is delayed, or if cryptocurrencies undergo some regulatory minefields.
The cryptocurrency optimism on social media isn’t all about Libra, however. A potentially much more game-changing development is Walmart’s recent patent application for a digital currency and blockchain; evidently it will be a Stablecoin in which one digital currency unit will be worth one U.S. dollar. These retail giants are seeing the upside and can’t resist. 100M people enter a Walmart branch every week! It’s the largest company ON THE PLANET, in terms of gross revenue.
Consider the implications of this: a sizable portion of the American lower and middle classes shop at Walmart, many of them cash their checks there, and over 2 million employees work at Walmart. Imagine those workers being paid in Walmart Coin, while check-cashers and shoppers would have the option of using crypto instead of cash. Walmart has razor-thin margins, so creating a new revenue stream is a HUGE deal.

Courtesy: @inthepixels, Twitter
The lamestream media has scarcely covered the Walmart Stablecoin patent application, but believe me, you’ll be hearing about this one if it gets approved and Walmart launches it in stores. Much like Facebook, Walmart is part of the fabric of American culture and the Walmart Coin (or whatever name they’ll give it) will be a big piece of the adoption puzzle.
For his part, former White House chief strategist Steve Bannon considers cryptocurrency as part of a global populist revolt, with shortsighted Fed policy and relentless fiat money printing only facilitating and precipitating the dollar’s decline and Bitcoin’s emergence as an anti-inflationary alternative. I agree completely; Stablecoins are centralized and are not safe havens – they’re pegged to the dollar. In contrast, Bitcoin stands supreme as a digital gold.

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As Bannon sees it, the regulators and central banks still want to stick to their beloved fiat currency – but they can’t stop countries like China and other nations in Asia, Africa, and Latin America from establishing alternative payment methods and making moves to reduce or eliminate their dependence on the U.S. dollar once and for all. In my estimate, the dollar will not be the reserve currency by 2029. This would have unbelievable ramifications for America’s ability to finance its debt.
Bannon is making an important point on his CNBC interview: central banks around the world purchased over $15 billion worth of gold in the first 6 months of 2019. Clearly, they’re using physical gold to hedge their exposure to the U.S. dollar; in that light, it’s not hard to envision a time when every central bank is buying Bitcoin or another cryptocurrency as the ultimate anti-dollar asset.

Courtesy: @jchatterleyCNN, Twitter, CNN
The Federal Reserve’s penchant for money printing has prompted some aggressively optimistic crypto calls, including Morgan Creek co-founder Anthony Pompliano’s prediction of Bitcoin at $100,000 within 30 months. I won’t argue with Pompliano’s criticism of the Fed, but only time will tell whether his prediction turns out to be brilliantly prescient or just an embarrassment.
Or, maybe Pompliano, Bannon, and their ilk are on to something.
With the Bitcoin halving coming in May of 2020 and Libra’s rollout possibly transpiring around that same time, crypto bulls’ extreme optimism might turn out to be vindicated in the long run.
Either way, it’s evident that the crypto shorts, haters, and regulators will have a tough battle ahead as the tide turns against fiat folly in favor of crypto – the people’s currency.

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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