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The Bitcoin Bubble – CryptoCurrency Comments

The Bitcoin Bubble

Having followed Bitcoin from around 2011, I have seen several “bitcoin bubbles”.  I would compare this currency to gold as that is the standard however there are several similarities that I consider unsettling.  Bitcoin transaction times are getting slower and slower.  It is for this reason that I think Bitcoin will ultimately fail.  There are other blockchain technologies that are much faster and offer anonymity which will make the need for bitcoin obsolete.  Whether or not this happens in the short term or longer term I feel depends on the stability of global governments and currencies.  The volume of Korean money flowing through the major exchanges has increased dramatically since the Trump administration took office.  One can only conclude that the people of North Korea are looking for a way to anonymously take their money out of the country without ending up in a concentration camp.  This has already created a sort of bubble that will pop when war breaks out and the North Korean currency watches it’s value plummet.  It may be a slow pop as I think our president will try and time the war with his re-election timeframe.  This may allow a larger volume of money to exit the country and into crypto which would then cause a bigger final “pop”.  Either way, I don’t see bitcoin surviving the near term as there are other superior alternatives popping up every day and it won’t be long until America considers crypto synonymous with credit.

 

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