*Any opinions about economy in this article are mine aren’t meant to be used as a financial advice.
So far it has been a wild ride for Bitcoin and almost every coin in the space. So what changed so drastically that pumped everything in Lambo numbers, or should I say Tesla after Elon Musk is considering accepting bitcoin payments for Tesla cars? To be fair quite a lot happened in a very sort period of time.
One of the major reasons Bitcoin got so much value is because other forms of assets are losing theirs. The COVID-19 pandemic has enlarged an already big problem, money inflation. US Dollar is losing its value and while it has already been the case, the recent economic stimulus made things even worse at USD’s purchasing value.
We live in a digital world, everything that is digital and has use value is going to gain more value. Even if some aspects of economy are bad that doesn’t mean other will be bad too. I am talking about the tech industry that has become a behemoth even compared to counties. As long as a solar storm won’t hit the earth or nuclear apocalypse happen technology is here to stay. As Bitcoin’s presence is mostly in the digital world it will probably follow as our world still transforming into a digital one.
The “Elon Musk Effect”
Having a super star entrepreneur like Elon Musk openly adopting Bitcoin, as he bought 1.5B dollars worth of BTC as Tesla’s assets. This will make a huge difference in people’s opinions making other entrepreneurs more positive relative to Bitcoin. If other companies follow his move it will be a domino effect that will drive the price in new levels.
Bitcoin is here to stay
I am very sure that everyone now knows that Bitcoin is here to stay. But what will happen from now on? Price-wise 100k dollar Bitcoin is a low bull market estimation just for this year alone, some are talking even for 300-400k as a high bull market estimation. The fundamentals exist, the value exists and if an upgrade happen to Bitcoin in the future price numbers will be an irrelevant term.