Bitcoin Price Buoyancy

Bitcoin Price Buoyancy – Don’t Bet Against Bitcoin

Bitcoin price fluctuations over the past week only go to show that Bitcoin price buoyancy over time is real.  Anybody who watched the latest 60 Minutes heard (or reheard – this story has become as historical as it has notorious) learned of the sad tale of Laszlo Hanyecz who paid 10,000 Bitcoin for some Papa John pizza.

When he bought that pizza almost nine years ago to the day — on May 19, 2000 – he ended up paying $800 million for that pizza at today’s current market price for a single Bitcoin. Repeat this until it sinks in; Bitcoin Price Buoyancy – Don’t Bet Against Bitcoin.

Looking at this sad story as a cautionary tale HODL takes on a new, deeper meaning.

As to current Bitcoin Price Buoyancy let’s look at what happened at the end of last week; Bitcoin rocketed up to nearly $8,000 USD then plunged by nearly $1,000 to roughly $7,000 in the blink of an eye.  And then it rebounded back to the $8,000 level within a few hours.  Buoyant indeed!

Bitcoin Price Buoyancy

The most feasible explanation for the sudden drop of Bitcoin late last week is best explained here. As usual, Bitcoin recovered.  And quickly.  Some say that Bitcoin is poised to return to the $18,000-$20,000 in very short order.  We’re optimistic yet skeptical.  Nobody can truly know what Bitcoin will do – or why – in the short term.  Studying all of the charts ever generate on Bitcoin won’t help.  Nor will predictions of future financial markets or indeed even analyzing the current status of any financial market anywhere in the world.

Nine years on the only thing certain is that Bitcoin price buoyancy is real.  There’s years of history behind this. In the long term we see Bitcoin as going nowhere except up.  Who can say when or how is a mystery to even the smartest of talking heads.

 

Bitcoin Pricing is a Ping Pong Ball

Bitcoin Pricing is a Ping Pong Ball – The Charts Give the Proof

On December 16th Bitcoin broke through the $19,000 mark and was hovering just under $20,000.  We were holding off on an article as we naturally assumed Bitcoin hit $20,000 at which point we would’ve published new Bitcoin news.  It’s been getting a little tiresome publishing almost daily Bitcoin pricing articles.  Imagine our surprise to lean that Bitcoin pricing is a ping pong ball.  It bounced up and down and around $20,000 all the next day.

Then more proof that Bitcoin pricing is a ping pong ball the next two days — BTC bounced up and down between the 18s and 19s over the weekend.  This morning we saw Bitcoin at $19,100 then bopping up and down to a current price of $18,600 as I write this article.

Bitcoin Pricing is a Ping Pong Ball

I find these price fluctuations surprising as CME Bitcoin Futures hit the markets yesterday and TD Ameritrade’s own Bitcoin futures trading launched today.  If anything, all of these positive adoptions of Bitcoin to the broader markets should have boosted Bitcoin well past $20,000 and beyond at this point.  My thinking is echoed by Thomas Peterffy who appeared on CNBC this morning.

Bitcoin Pricing is a Ping Pong Ball should be a thing of the past at this point considering that more merchants than ever accept Bitcoin for payment both in brick-and-mortar stores as well as online sellers.  On top of that, Bitcoin ATM machines are rolling out across North America and Europe at a rapid pace.  All of this points to Bitcoin’s rightful place in the global economy as one among accepted currencies.  Within five years I foresee cryptocurrency having little if any distinction over fiat money.  The future of money is unfolding at this moment and Bitcoin is paving the way.  It’s safe to say that the ping pong ball of cryptocoin should stop bouncing up and down and going back and forth.  Fortunately, Bitcoin price fluctuations are much less dramatic compared to the last time I wrote about this.

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