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Author Topic: This is why bitcoin HAS to go up  (Read 602 times)
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November 07, 2020, 05:54:06 AM
 #41

All this money printing will bring much more people in our industry. The more dollars printed the less dollars value
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November 07, 2020, 07:52:43 AM
 #42

Bitcoin is drastically high this time around due to large amounts of volume and usage globally

I think Op can be right about the devaluation of dollar having effect on the price of bitcoin. Dollar is a major converting currency for bitcoin and price or strength of dollar has been dropping either because of the fomo in the election, this is affecting the price of bitcoin as it is increasing since the beginning of the election and the direction of the results create more fear.

Most of the countries are making dollar as the basis of their currency, so it is much clearer that bitcoin can possibly have changes in its value.

As inflation are increasing and getting worsen by this pandemic, bitcoin has a lot of potential to increase its price higher than today.

Bitcoin holders are rooting for this to happen, to have a positive movement in the price of bitcoin. Dollar is going down which is a turning point for bitcoin investors.

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November 07, 2020, 09:16:27 AM
Merited by The Pharmacist (3)
 #43

The price of bitcoin does not depend only on supply and demand. It also depends on the appreciation or depreciation of the currency with which it is compared. With the current times, much more currency is going to be printed and much more is going to be devalued. Seeing the price in fiat getting higher and higher, demand is going to increase due to FOMO.
The high inflation on USA dollars does not necessarily push people to look into only bitcoin investments as they are having lots of other investment opportunities as well to get into. I can sort of agree with the you because the current bull rally of bitcoin is not triggered by just one or two factors but obviously it requires multiple catalyst hence one of them could be what you have mentioned.

Here are possible factors which might have triggered the current bull rally of bitcoins:
1. The 3rd halving of bitcoin network which happened few months back.
2. Paypal's crypto adoption.
3. On going pandemic and slow economics in almost all the countries.
4. USA presidential election.
5. Assumed 4 year long cycle of bitcoin markets.


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November 07, 2020, 09:23:37 AM
 #44

bitcoin has go going to up is true that Bitcoin does not just trending on demand the dollar depreciates a devaluation will occur, which will bring down the printing press. bitcoin has going to up will have an impact on Bitcoin if the U.S. industry is disrupted and the dollar depreciates. the reason for the rise in Bitcoin is that with the increase in demand the demand has doubled due to the adoption of PayPal Crypto. Although not possible to transact bitcoin in many countries bitcoin is possible to transact easily through PayPal.
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November 07, 2020, 09:40:46 AM
 #45

bitcoin has go going to up is true that Bitcoin does not just trending on demand the dollar depreciates a devaluation will occur, which will bring down the printing press. bitcoin has going to up will have an impact on Bitcoin if the U.S. industry is disrupted and the dollar depreciates. the reason for the rise in Bitcoin is that with the increase in demand the demand has doubled due to the adoption of PayPal Crypto. Although not possible to transact bitcoin in many countries bitcoin is possible to transact easily through PayPal.

It is good that bitcoin is going up but I don't think it "HAS" to go up.

There is a difference there and the latter seems something that is manipulated or planned and not just something that is an effect of some companies or platforms being accepted. In my opinion, I guess it is not Bitcoin has to go up but Bitcoin will go up.
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November 07, 2020, 02:33:45 PM
 #46

20 years ago you could actually make money holding your fiat on a savings account. Now you're losing money. Yes, losing, because even if they give you 1% a year, the inflation in most countries is higher than 2%, often above 5%. At the same time, if you held Bitcoin you were able to make 100% profit if you bought at 7-8k.
Have you noticed how the value of real estate, cars, human labor is holding or increasing? It's caused not by the scarcity of these things or higher demand but by inflation.

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November 07, 2020, 02:50:33 PM
 #47

20 years ago you could actually make money holding your fiat on a savings account. Now you're losing money. Yes, losing, because even if they give you 1% a year, the inflation in most countries is higher than 2%, often above 5%. At the same time, if you held Bitcoin you were able to make 100% profit if you bought at 7-8k.
Have you noticed how the value of real estate, cars, human labor is holding or increasing? It's caused not by the scarcity of these things or higher demand but by inflation.

That could be the reason why there's more wealthy people before than on today because it was easier to grow a profit back on time and saving on banks were still Verry profitable but people now realised the difference and this can also be the reason why majority of them are now migrating into decentralized banks and currencies . 

investing on local banks do also have annual fees and that 1 percent that your going to earn are going to be lesser because of this  .

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November 07, 2020, 04:48:16 PM
Merited by The Pharmacist (2)
 #48

Yeah, yeah, yeah, more printing of the dollar is causing the Bitcoin to appreciate while the dollar is losing value against it. Although it can still go both ways with the supply and demand, the market can still turn tomorrow, and Bitcoin will start facing the same that the dollar is seeing now. That’s what with the supply and demand thing.

Anyway, it’s good now that it is happening and Bitcoin is increasing, now is a good time to be planning yourself and what to do as the price climbs and wait for the next line of action to take. It’s always good if you have been holding for long, you can sell when the price is up and wait for another better time to buy in.

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November 07, 2020, 06:22:08 PM
Merited by The Pharmacist (2)
 #49

When you are trying to revive a nations whole economy sometimes you have to take things into your hands and print money, just because governments printed money doesn't mean that they have done something wrong, it also doesn't mean that they did something right, it just means that they did something they had to do and that's it, that was the whole reason why did it because they had to and had no other choice.

I understand that bitcoin is much better compared to fiat currency but even in a world where everyone moves to bitcoin and crypto, if there is a big crash and everyone gets poor and they need money just like this pandemic period, if we couldn't print bitcoin (which we can't) that would mean a lot of people would be out of money and poor, what would have been the solution for that in a fully crypto world?

Let them starve? Give them free money from treasury? We needed this printing even if we didn't like it.

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November 08, 2020, 04:52:10 PM
 #50

I agree with the government's steps to save the economy by printing money. But the effect can make the devaluation of fiat currencies,
and make Bitcoin even more aggressive, then demand for Bitcoin also increases. Of course the effect is that the price of Bitcoin continues
to rise, and there is a possibility that Bitcoin could reach a new all time high next year. Plus investors trust has increased since Paypal
decided to accept cryptocurrency, the effect given by Paypal can actually be this big.
Money have play an important role on the economy and perform several function due to these government regulates and control the money supply that are circulating on such country. Government will not print money unless its really are needed but as of the current situations of most countries due to pandemic  fiat money have been decreased its demand and this is a problem for the government. In order for the an economy to progress even on these situation the government will open a path on digital currencies and soon crypto currencies.

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November 08, 2020, 07:07:32 PM
 #51

Bitcoin is a decentralized currency, it can increase at anytime and also decrease anytime without the help of the government. With my observation, I always notice,anytime supply is reducing in the market many people will be busy to release their coins to market.
I think bitcoin go up when the demand is much than supply in the market.
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November 08, 2020, 11:03:40 PM
 #52

Money have play an important role on the economy and perform several function due to these government regulates and control the money supply that are circulating on such country. Government will not print money unless its really are needed but as of the current situations of most countries due to pandemic  fiat money have been decreased its demand and this is a problem for the government. In order for the an economy to progress even on these situation the government will open a path on digital currencies and soon crypto currencies.
Well, Fiat currencies in their digital form are already quite developed in the world's leading economic powers. As for printing money, I would like to say that the representatives of the state will name thousands of reasons why such a large amount of money was printed, despite the deplorable consequences that came from this Wink Although of course, because of the pandemic, States print more money than in normal times.


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November 09, 2020, 12:11:40 AM
 #53

I do not considered as the main driver why the price goes up. For me what happen is hype and market sentiment, the chart of the bitcoin in the past weeks are becoming good then a certain company announce that they will accept bitcoin and it was paypal. It was the main catalyst why the price goes up and reaching $15,000 +. That news is only proving that the USD is weakening, the government keeps printing so much money and the supply is keep getting up that can cause inflation.

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November 09, 2020, 08:08:42 AM
 #54

I do not considered as the main driver why the price goes up. For me what happen is hype and market sentiment, the chart of the bitcoin in the past weeks are becoming good then a certain company announce that they will accept bitcoin and it was paypal. It was the main catalyst why the price goes up and reaching $15,000 +. That news is only proving that the USD is weakening, the government keeps printing so much money and the supply is keep getting up that can cause inflation.
Many people and big companies consider that the acceptance of bitcoin in Paypal's network is positive that makes them make big purchases and pumps bitcoin's market; that is why we are currently experiencing a bull run, and bitcoin is staying in a $15,000+ price. The government is printing so much money to provide for their citizen's needs in the middle of the pandemic; that is why we are experiencing a significant inflation rate in the market.

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November 09, 2020, 02:17:53 PM
 #55

I do not considered as the main driver why the price goes up. For me what happen is hype and market sentiment, the chart of the bitcoin in the past weeks are becoming good then a certain company announce that they will accept bitcoin and it was paypal. It was the main catalyst why the price goes up and reaching $15,000 +. That news is only proving that the USD is weakening, the government keeps printing so much money and the supply is keep getting up that can cause inflation.
Many people and big companies consider that the acceptance of bitcoin in Paypal's network is positive that makes them make big purchases and pumps bitcoin's market; that is why we are currently experiencing a bull run, and bitcoin is staying in a $15,000+ price. The government is printing so much money to provide for their citizen's needs in the middle of the pandemic; that is why we are experiencing a significant inflation rate in the market.
It is only a short term FOMO. Real investors and bitcoin enthusiasts understand that the acceptance of Bitcoin in the PayPal network does not mean anything. They hold our bitcoin and do not let us send or receive any bitcoin that are outside of the network. Soon, there will be a correction in the price of bitcoin



Right now, when I observe the charts, there is a big resistance above $15600 point which denies bitcoin to go higher. But from my perspective, numerous bitcoin is being held in private or third-party wallets, which means that there are a lot of people anticipate that bitcoin will go higher in the near future. We are surely in a bull run, but do not let those FOMOs mislead our perspective. Understanding people behavior is the main element that makes us win in investing any kind of asset


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November 10, 2020, 06:12:15 PM
 #56

demand is going to increase due to FOMO.

See you on the moon.
See yah! But I don't believe that the demand is increasing due to FOMO. The big players have learned in the past that they can't measure the potential of bitcoin and while it's not yet reaching the peak, if there's any, they are buying it. There's a saying that "sky's the limit" and these big enterprises and companies are doing their best to accumulate as much as they can. They got a hint from Grayscale and probably other low-key companies are doing it silently. The demand that we see can be said as a natural demand bitcoin has. Every year, the demand of bitcoin is growing but this year there's more from the institutional investors and IIRC there were speculations about it last year.
The fact that big players are coming to this market tells me not only that they think bitcoin is finally ready for them to take a position here which means the volume has grown significantly during the last years, it also show that those institutional investors are willing to be in this market for the long term and that is very telling.

If we heard of a few sporadic cases then we may think they are just trying to increase their profits, but it seems this is a diversification strategy and also a strategy to use bitcoin as a store of value if things go horribly wrong, which it seems to legitimize our claims over the years that bitcoin is a store of value.


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November 11, 2020, 06:11:36 PM
 #57

A 20% de facto devaluation of the dollar has occurred this year:

Looks like this production of currency in 2020 was ordered in 2019 and is actually a reduction of the pace of currency creation by the US. These articles are damning in headline, but when you consider the full spectrum of context they are certainly less alarming. And frankly, the production of bills needs to be associated with how many bills were intentionally removed from circulation.

https://www.coinnews.net/2019/09/27/federal-reserve-orders-5-2-billion-banknotes-for-2020/
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November 11, 2020, 07:21:33 PM
Merited by The Pharmacist (2)
 #58

A 20% de facto devaluation of the dollar has occurred this year:
Okay then let’s be looking forward to the price of bitcoin topping up this year and see where we will be landing by the end of this year 2020. Although I wasn’t looking at all these things to decide for myself that there will be a huge growth, before now I already knew it’s going to be this year or next, and here we are, this year is getting better for BTC.

I do not considered as the main driver why the price goes up. For me what happen is hype and market sentiment, the chart of the bitcoin in the past weeks are becoming good then a certain company announce that they will accept bitcoin and it was paypal. It was the main catalyst why the price goes up and reaching $15,000 +
Well, maybe that is part of what has led to the price going up, but don’t make it seem like it’s the only thing that has led to where we are today, because the price has been growing well before PayPal said anything about accepting Bitcoin , Litecoin, and the rest of them. Which I know that if there wasn’t such announcement, the price will still be kicking by now.

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November 11, 2020, 10:10:55 PM
 #59

Bitcoin will move to the upside when it's matured and ready to move to the other side irrespective of any internal or external force. If the demand exceed supply, price will go up and that's what has been happening recently with Bitcoin and some altcoins.
There is huge demand that many are selling altcoins out and flowing into bitcoin, ( huge demand ) that's why majority of altcoins has not been making good moves.
The spotlight is Bitcoin for now and it will continue to do so until it looses strength before market cycle will complete.

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November 11, 2020, 10:53:38 PM
Merited by The Pharmacist (2), Charles-Tim (2)
 #60

The price of bitcoin does not depend only on supply and demand. It also depends on the appreciation or depreciation of the currency with which it is compared.
Hey mate, the price of any crypto totally depends on demand and supply, if they are less sellers in the market the price of any crypto will go up, and if they less buyers in the market the price will definitely go down, that's how demand and supply works.
With the current times, much more currency is going to be printed and much more is going to be devalued. Seeing the price in fiat getting higher and higher, demand is going to increase due to FOMO.
See you on the moon.
They just keep printing more papers and devaluing their own currency Cheesy, this will definitely cause fomo, the  price of btc at $15000+ looks so strong, people just keep buying more, and nobody is dumping, who knows it might just hit the ATH before the end of the year.
Too much money is printed while economic activities are stalled by disease and they have to be diverted to reserve channels. Bitcoin, stocks and gold have all risen together this year. I think if Donald Trump continues to be president of the United States, then the value of Bitcoin will be pumped up even more. He will continue to urge the Fed to print more money and release it to the market.
They just keep printing more money like its  a normal year when nothing as bad as this happens, this will definitely devalue their currency, too bad trump was beaten by Biden, but who knows Biden might just continue from where trump stopped  Cheesy.


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