Most people first heard of Bitcoin when it shot to a price tag of $20,000 in 2017. It’s rise from just under $1,000 to hit a high of $10,000 by the end of the year, caught the eye of mainstream media, corporate investors and largely the ordinary investors. During the rise, the hugely misunderstood asset for the first time enjoyed positive publicity. This marked its greatest rally yet, placing the icing on the cake, which had been a 200,000,000% increase over its nine years. So, while the 2017 surge had been impressive it was just a small portion of the total increase in its last nine years.
The 200,000,000% price increase according to one economist makes Bitcoin ‘the fastest and highest rising value asset ever’. When Bitcoin was first released by Satoshi Nakamoto, it was worth nearly nothing. Fast forward a decade later and it is threatening to become the native internet currency. Its fast rise has defied any bubble or successful company.
Bitcoin is a completely new animal, different from all before it. Your old toolbox for analyzing bubbles, currencies, and stocks doesn't work on it.
My explanation for this rise is that bitcoin's difficulty adjustment makes it a truly unique monetary asset built to rise fast. pic.twitter.com/VGoGhS1DsK
— Saifedean Ammous (@saifedean) March 24, 2019
The economist, Dr. Saifedean Ammous, stated:
“Bitcoin is a completely new animal, different from all before it,” he explained. “Your old toolbox for analyzing bubbles, currencies, and stocks doesn’t work on it.”
This could well explain why every time someone has challenged Bitcoin, the asset has gone on to make them look stupid.
Bitcoin Suffering A Major Set Back, But New Report Says Its Time Buy
Although 2017, was Bitcoin’s best year, 2018 saw the asset lose a lot of its value. After starting the year in the highs of $19,000, the coin suffered several setbacks seeing it end the year below $4,000. This drop tested the patience of investors, seeing many of them jump ship despite the assurance of many analysts that Bitcoin would make a comeback.
Well, four months into 2019 and we are beginning to see Bitcoin making moderate moves in an upward trend. So, are you stuck in between buying or not to buy? A new report by Adamant Capital says its time to buy. According to the firm, the risk-reward ration of Bitcoin at the moment is the best of any asset in the world.
Though Bitcoin has been stuck in a bear phase for more than a year, according to the report and by most technical charts, this is coming to an end. The crypto winter is over. The report says that Bitcoin holders are already consolidating in anticipation of the next bull run. The accumulation price range is $3,000- $6,000. With Bitcoin currently hovering around $5,300, the phase is nearing the end. Time to buy, the next time you blink, prices might be to the moon.
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