People are asking themselves: Where’s bitcoin headed?
Depending on one’s appetite for risk, the answers vary considerably. Many are disillusioned or just plain freaking out about the #covid19 collapse and are considering where else household and business wealth assets can be placed…
According to what you read (CryptoTwitter, Mainstream Media, Fake News Sites), there are 3 main possible outcomes for Bitcoin as the COVID-19 pandemic hits the world economy and threatens to crash global asset markets.
Last week, we asked our GPIB audience to give us some feedback about where they think bitcoin is headed, and why. Of the three main opinions, each harbours its own sure-sounding certainty about why that particular outlook is correct. Let’s go into these three reasonings in more detail, and report what people are saying:
1. Bitcoin’s Going Under
Its performance is closely connected to other markets as per the recent Mar 12 market dive
0% Agreement – No-one in our community shared this view. It doesn’t look like it’s a popular opinion (in our circles anyway).
2. Bitcoin’s Going To Level Out
It’s part of a bigger picture, and like other asset classes such as gold, it’ll likely recover
CD: 🤔 somewhere between 2 & 3. I think it might still be more than a matter of months. User experience needs to improve before wide adoption happens.
ML: Bitcoin ‘s price will go up if only because of the halving but it won’t be what most people perceive as a safe haven. The price will still be extremely unstable
JN: 2 or 3, more likely 3 because of the impact of Covid19 in the US, which overtook China on cases today. Not sure what it will do the USD…
3. Bitcoin’s A Safe Haven
Once people realise how shaky cash is, it’s destined to become a major asset class in just a matter of months…
IL: #3 but the timing will be longer. The traditional institutions are fighting fires for the next 12 months… They may have a little bit of time for new ideas. Retail is also fighting fires. The pathways are getting better but still not where they need to be. Keep up the good work GPIB, it’s people like you who are driving adoption!
LT: 3. As many people are forced to stay home and credit markets freeze up, many are coming to terms with the consequences of cheap money and potential for significant inflation and are looking for the exits. More people will have more time to learn about the safety and resilience that bitcoin and other cryptos provide.
KC: Bitcoin is here to stay, the price will go up and down but it’s not going anywhere! GPIB is a great way to invest monthly and not worried about chasing the price.
HS: I will go for option 3 but at the same time following the fundamental economic rule of demand and supply. The price is down now because of less demand, but it’s the only currency that stays safe as it has no jurisdiction.
JQZ: In the short to medium term, would people (people familiar with Bitcoin and new comers) start to move significantly more of their wealth into Bitcoin, given the current economic conditions?
SS: Fell in love with bitcoin for its potential to transform how we use authority socially.
So what we can conclude from this varied and interesting feedback?
There are a few main themes;
- We need more user-friendly options so you don’t then have to be a ‘brainiac’ to participate in the ecosystem. For example: on-ramping –EARNING– such as buying bitcoin or Bitcoin Wages becoming more widespread and off-ramping –BURNING– such as selling or spending Bitcoin have to become easier before bitcoin adoption can truely flourish.
“Once things in the crypto world are ‘tap-and-go’, then it’s going to be a whole lot easier for more people for feel comfortable joining in.”
GPIB intentionally has been working to make this transition really easy for all people be they investors, techies or regular wage earners. Literally all we have to do, whether we’re getting a regular wage or are self-employed, is
- Register on the website
- Arrange for regular payments to go to GPIB
- Receive Bitcoin regularly in our wallets each payday
- Simple, easy and automatic (and the website is quite pretty too I’d say)
More People Are Moving To Bitcoin
In the short-to-medium term, more people are moving their wealth into Bitcoin and its crypto cousins. This has accelerated recently given the shaky grounds our current zero interest rate financial system (together with their brrr money-printing machines – google it, quite funny). We know it’s going to become more and more obvious that Bitcoin is an alternative haven that is outside the ‘legacy’ financial system. This trend is expected to span decades, but the question begs: will you be at the beginning of those decades, or at the end? For $50 a week, (which you’d probably spend on a pizza anyway), it’s worth giving it a try for yourself and your family.
A Money That Has No Jurisdiction & Is Borderless
It’s always interesting to see features of Bitcoin that give it value to different people. A money that has no jurisdiction and is borderless is definitely up there. In the current situation, Government printing machines are whirring and buzzing (creating our future tax debts), with an unprecedented $6T of US dollars being generated, then circulated into the US and the world, economies.
These are dollars our children’s children will have to pay for in taxes. Debt that will keep us all stuck in the current cash-debt trap for generations to come… We’d like to teach children another way. Another series of ways if that means leaving the bank-based debt economy behind.
Sophie Amat, a crypto-writer and advocate for Bitcoin and cryptocurrencies from a philosophical viewpoint, has this to say:
“Highly disruptive times call for disruptive solutions. 11 years ago a GFC forced a rethink for value payments peer-to-peer, and Satoshi birthed [the] BTC (Bitcoin) white paper. Today a COVID19 pandemic creating an institutional driven recession, in the interests of public health, has us question:
What are the investment asset choices that the broadest spectrum of the public can tap into to diversify in times of crisis?
BTC and crypto are now serious considerations whereas 12 yrs ago they did not exist.
Go BTC! Go Crypto!
Buy and store some if you can. (Not financial advice – personal opinion)
If you’re considering getting involved in some way in Bitcoin and learning more about cryptocurrencies: exciting, if volatile, digital currency markets, then there’s no better place to start than Get Paid In Bitcoin.
Just register on the website, decide how much you want to contribute each payday (the amount is totally up to you) and see how your Bitcoin phone wallet (ask us if you need to learn more about how to set this up) grows each week. Even with a downturn in the market, there are plenty more days when the balance is unexpectedly higher than you realise. *You’d never see this kind of unexpected growth in your bank account!
(*Do your own research and be mindful of your own capacity and appetite for risk, but definitely decide for yourself the answer to Where’s Bitcoin Headed?)
Register here: Get Paid In Bitcoin