{"id":10748,"date":"2020-04-26T06:02:35","date_gmt":"2020-04-26T06:02:35","guid":{"rendered":"http:\/\/emilynews.com\/blog\/?p=10748"},"modified":"2020-04-26T06:02:36","modified_gmt":"2020-04-26T06:02:36","slug":"news-commentary-1045-crypto-experts-suggest-a-downside-to-soaring-btc-value","status":"publish","type":"post","link":"https:\/\/emilynews.com\/blog\/?p=10748","title":{"rendered":"News Commentary #1,045 – Crypto Experts Suggest a Downside to Soaring BTC Value"},"content":{"rendered":"\n

Possibly Massive Societal Disruption.<\/strong><\/p>\n\n\n\n

Folks who invest in cryptos, or who are just holding them, tout the possibility that, in the near future, their value could go \u201cthrough the roof.\u201d  This would be wonderful if you\u2019re one of these people, right?  Maybe, maybe not\u2026<\/p>\n\n\n\n

The problem is that, in light of the present worldwide economic situation and the high level of debt experienced by many countries, a sudden escalation of the value of Bitcoin and other cryptocurrencies could very well be accompanied by a collapse or at least very serious problems with fiat currencies.  So, the question arises that, \u201cwhat good would millions of dollars\u2019 worth of cryptos be in a society that is coming apart at the seams?\u201d<\/p>\n\n\n\n

Here is an article by Nick Chong that recently appeared in NewsBTC<\/em> about this dilemma.  It is worth taking a look at\u2026<\/p>\n\n\n\n

There\u2019s a Brutal Twist Behind $1 Million Bitcoin Price Predictions<\/strong><\/p>

If you told an early Bitcoin adopter ten years ago that the cryptocurrency would one day hit $1 million, they would\u2019ve laughed. Ten years ago, a single coin traded for less than $1.00;\u00a0at times, it traded for a price well under a cent.<\/p>

But times have changed. Now, instead of getting laughed at, those predicting the leading cryptocurrency will hit seven digits are applauded. It\u2019s become a common sentiment in the Bitcoin market that the asset will eventually rocket higher, leaving all other assets in its wake.<\/p>

There is evidence to back these forecasts up, but one commentator recently reminded\u00a0Bitcoin\u00a0investors that the cryptocurrency hitting seven digits would come with serious societal consequences.<\/p>

Bitcoin Hitting $1 Million Won\u2019t Be Easy<\/strong><\/p>

As the global macroeconomic outlook has grown increasingly dire over the past few weeks, with the IMF going as far as to\u00a0claim the ongoing recession\u00a0is the worst since the Great Depression, calls for Bitcoin to skyrocket have increased.<\/p>

Contradictory as it may sound, the sentiment goes that as the ongoing economic crisis worsens,\u00a0the more flaws\u00a0in the monetary system that is the basis of modern society will be revealed, proving Bitcoin\u2019s bull case.<\/p>

Prominent investors, such as one of the earliest Facebook executives, Chamath Palihapitiya, say that the crisis will be such a boon for the cryptocurrency that it could trade at a price of millions in the coming years.<\/p>

While potentially true, it\u2019s a dangerous sentiment, according to one trader.<\/p>

Ceteris Paribus, an industry investor,\u00a0recently remarked\u00a0that he doesn\u2019t \u201ceven know if he wants\u201d a $1 million Bitcoin to happen in the coming few years.<\/p>

The trader explained that from how he sees it, it would require a \u201ccatastrophic collapse of the current monetary system\u201d for transpire, whereas fiat currencies will lose all their value within a short period of time, resulting in mass societal discourse.<\/p>

Ceteris Paribus explained that for Bitcoin to truly hit the purchasing power of $1 million \u2014 over 13,000% higher than the current market price \u2014 there will be an unpleasant transition \u201cif it comes this quickly.\u201d<\/p>

Even Still, It\u2019s a Popular Sentiment<\/strong><\/p>

Despite the issues that could result in a $1 million Bitcoin price, that hasn\u2019t stopped the topic from being promoted by serious analysts in a serious manner. Simply put, there is legitimate evidence to suggest a shocking shift to a new monetary standard will transpire.<\/p>

Ray Dalio, co-head of the world\u2019s largest hedge fund, Bridgewater Associates,\u00a0put it best in a recent interview: there will be a \u201cnew world order\u201d after this crisis.<\/p>

Raoul Pal, a former Goldman Sachs executive and the current CEO of Real Vision, explained that from how he sees it, the ongoing crisis is showing that there\u2019s a bona fire risk that there will be a \u201cfailure of our very system of money\u201d or at least a collapse of the \u201ccurrent financial architecture.\u201d<\/p>

Bitcoin, Pal wrote in a\u00a0recent research note,\u00a0is the solution\u00a0due to its position as the likely \u201cfuture of our entire medium of exchange system, and of money itself and the platform on which it operates.\u201d<\/p>

From how Pal put it, the risk that traditional financial systems will collapse is unavoidable, hence his assertion that Bitcoin will rally so far and so fast, even if that comes at the cost of discourse in society.<\/p><\/blockquote>\n\n\n

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Possibly Massive Societal Disruption. Folks who invest in cryptos, or who are just holding them, tout the possibility that, in the near future, their value could go \u201cthrough the roof.\u201d  This would be wonderful if … News Commentary #1,045 – Crypto Experts Suggest a Downside to Soaring BTC Value<\/span>Read more<\/a><\/p>\n","protected":false},"author":1,"featured_media":9422,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[139,3545,1874,3544,3546,3547,4121,3658,4122],"class_list":["post-10748","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-information","tag-bitcoin","tag-bitcoin-info","tag-bitcoin-insights","tag-bitcoin-news","tag-bitcoin-update","tag-bitcoin-updates","tag-btc-downtrend","tag-btc-price","tag-btc-uptrend","exalt-entry"],"yoast_head":"\nNews Commentary #1,045 - Crypto Experts Suggest a Downside to Soaring BTC Value - EmilyNews<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/emilynews.com\/blog\/?p=10748\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"News Commentary #1,045 - Crypto Experts Suggest a Downside to Soaring BTC Value - EmilyNews\" \/>\n<meta property=\"og:description\" content=\"Possibly Massive Societal Disruption. 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