An overview of the cryptocurrency revolution going full throttle, and my long-term forecast of Bitcoin. Original blog post on November 2, 2017:
http://bit.ly/2lP0zRtWilliam Stickevers -
http://www.williamstickevers.comTRANSCRIPT:
Today for the first time ever Bitcoin’s price passed $7,000 soon after 10:09 UTC, giving the first decentralized digital currency a market capitalization over $116 billion. The combined market cap for all cryptocurrencies is also at record highs, sitting at $188.5 billion.
Also, one of the world’s biggest US cryptocurrency exchanges Coinbasereports.com, in its daily usage update, stated that there were 11.9 million more Coinbase users as of November 1, shortly after the CME announced it would introduce bitcoin futures by the end of 2017. This announcement by Wall Street’s leading global exchange for options and futures to introduce Bitcoin to the derivative market is a major step in its evolution to becoming an established asset class.
Meanwhile, a stunning report was published by Deutsche Bank credit strategist Jim Ried titled “The Start of the End of Fiat Money?” that explores if the basic premise of the fiat currency system – since the U.S. Dollar was removed from the Gold Standard in August of 1971 – has become essentially unstable and prone to high inflation due to monetary and fiscal irresponsibility by the US Federal Reserve Bank (FED), the Bank for International Settlements (BIS), and financial deregulation and massive market manipulation by global central banks and Wall Street financial institutions that facilitated the elevation of asset prices on the exchange and real estate markets.
The shocking punchline in the report to institutional investors was the concession that the fiat money system will be seriously tested over the coming years as the prospect of financial crisis continues to increase as emerging geopolitical risk continues to accelerate and intensify. Due to the emergence of economic nationalism abroad, further “exits” from the European Union, escalation of Middle-East conflicts and spreading Islamic terrorism, North Korea’s nuclear weapons ambitions, Russia and China seeking to assert their authority in world affairs, China’s initiative to end of the U.S. petrodollar as the world’s reserve currency, and the continuing growth of financial bubbles compounded by record amounts of global debt. Therefore, Central Banks will likely need to... [Continue reading at
https://williamstickevers.wordpress.com/2017/11/02/cryptocurrency-revolution-going-full-throttle-bitcoin-hits-7000-usd/]
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https://www.youtube.com/watch?v=-1uKw3-kuA8