Bitcoins are not backed by any government. Hello, isn’t that the point? Gold and silver aren’t backed by any government either (although they used to be used to back the now truly “virtual” currencies that are only backed by armies and constitutions, which history shows have been known to fail).
If BTC suddenly collapses, get into stocks quickly, because a trade deal with China is almost sure to follow in a day or two. Then of course the Dow will fly! Will it happen? It seems a low probability for now.
However, the supply will fall, so the amount of BTC coming onto the market will halve so that normal bitcoin buying pressure will in effect double.
It’s easy to forget that most BTC there will ever be is already out there (about 80%) and what’s more, a huge amount of BTC mined, is already lost. My guess is about 15%-20%. All that leaves bitcoin as a tiny asset class ready to grow through more demand and less supply.
With interest rates going to 0% or less around the developed world and governments oiling the printing presses once again, crypto will also soon be a place where people look to ride out the risk of inflation and once again there is not a lot of market cap to hide with.
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Craig Wright. Satoshi Nakamoto is the name used by the presumed pseudonymous person or persons who developed bitcoin, authored the bitcoin white paper, and created and deployed bitcoin's original reference implementation. As part of the implementation, Nakamoto also devised the first blockchain database.
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