One Bitcoin today, May 15 2019, will cost you about $8000 - Whither Bitcoin?

Is it a Bitcoin Money Tree we've found?

I haven't written about Bitcoin for ages,because it hasn't being going anywhere.Just yo-yoing between the $3000 &$4000 per coin mark for over 12 months.

A bull run started about a month ago and as you will read below it broke through the $8000 resistance line this morning.

Various reasons are suspected,from trade wars to stock market decline.A new term FOMO - Fear Of Missing Out - will be contributing too.

I have been a very small bitcoin holder for 30 months.My account rose by $80 this week so you can tell I own only a fraction of a bitcoin.

But I haven't invested any money.My holding comes from posting on the Steemit social media platform where you are paid in a crypto currency coin called Steem Dollar,stock symbol SBD. I change that from time to time into Bitcoin. I feel I have been right not to sell,especially if the experts below can be believed.

After breaking $8,000, bitcoin is back in the mainstream. And news outlets everywhere are nailing their colours to the mast.

Pro-crypto CNBC led with the headline: “Bitcoin emerges as a global hedge while stocks tumble in US-China trade war”.

While entrenched “member of the old guard” Financial Times went with a snarky article declaring Bitcoin was a “risk-free” investment:

Don't believe in central banks? No worries. Bitcoin is the US 10-year Treasury of the modern era. It hit a nine-month high on Sunday of around $7,400. Nuff said.

For proof of its risk-free credentials, look no further than Twitter, where you will find plenty of cool-headed market commentary, featuring lists of high-risk things (like shares in actual companies and the currency of the world's second-biggest economy) in the red, and safe things (like bitcoin) in the green.

But it isn’t just financial outlets writing about bitcoin now, even mainstream UK newspapers have been reporting on its latest run.

The Independent’s headline reads: “Bitcoin price surges $1,000 in just a few hours as incredible recovery continues”.

The Times dedicated an entire article, going with the headline: “Bitcoin fired up by wild weekend”.

And bitcoin’s price even sneaked its way into a Daily Mail headline: “FTSE LIVE: Unemployment falls again; Vodafone dials up a £6.6bn loss; Bakery chain Greggs is rolling it in; UK stocks in the green; Bitcoin over $8k”.

I’m still waiting on a Guardian piece, which I can all-but guarantee will be negative (see my November piece: Why must the guardian lie?)

So it seems $8,000 was the magic number that’s got everyone talking.

Just a couple of months ago the idea of bitcoin at $8,000 was laughable. Most people believed bitcoin would hit $1,000 before it hit $10,000. In fact it became a running theme in online crypto communities.

After a year of constant disappointment and heart-wrenching price drops, bitcoin was all out of trust.

Then, over the course of two months bitcoin’s price more than doubled, from under $4,000 to over $8,000.

Now people are already predicting bitcoin will break its previous all-time high and hit $20,000 within the next 12 months. And not just random commenters on the internet. Real investment banks are making these predictions

From CCN:

Canaccord Genuity, an investment banking and wealth management company based out of Vancouver, published a research note predicting that the price will gradually climb back to $20,000 by March 2021.

“Bitcoin has started to form the spring 2019 bottom we began mentioning last year, although a close look at the chart suggests the recovery may be slightly ahead of itself. Looking ahead, if bitcoin were to continue following the same trend, the implication is a slow climb back toward its all-time high of ~$20,000, theoretically reaching that level in March 2021.”

But the funny thing is, nothing’s really changed. The only thing that’s really changed in the last few months is bitcoin’s price has gone up.

Sure, there have been developments like Whole Foods announcing it will accept crypto, Fidelity announcing its custody service will open “within weeks”, Microsoft using bitcoin to create its “digital identity” program, and even Bakkt announcing its futures service will open in July.

Intriguing,what!

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