Bitcoin is worthless according to the New York Post, but maybe they are wrong

Despite the negative pressures the price of Bitcoin has recovered the losses of the morning and in the second part of the day it seems that the market is going positive, at the time of publication there is a loss of 0.6 percent. The market has managed to return again in the $ 6,650 area, a definitely positive signal, it is indeed very likely a second attempt to breakout the resistance in the area 6,700 – 6,800. Exceeding these operating levels would project the price of Bitcoin to the next target which is presumably set at $ 7,000.

According to a prediction made today by Tom Lee, one of Wall Street’s gurus regarding Bitcoin, the price of cryptocurrency can reach 22,000 dollars by the end of the year, the analyst made this prediction by evaluating the cost needed to extract a bitcoin through mining, recent statistics indicate that $ 7,000 is needed as a cost of electricity and hardware that will go up to 9,000 in the next period and given that the price of Bitcoin statistically has always been 2.5 times more the target for the end of the year (22,000-25,000) was set at a high price. In our opinion, however, this argument isn’t entirely correct, for various reasons, first of all the energy cost for mining activities varies from country to country, in some countries can cost 4,000 dollars in other 7,000, we also believe that a prediction based only on this factor isn’t reliable.

Bitcoin is subject to a wide variety of factors that influence the price. In fact Bitcoin is a cryptocurrency that is born and lives on the internet, in fact, internet users give life to Bitcoins but at the moment there aren’yìt relevant use cases, recently an article in the New York Post signed by Mr. John Crudele said that the bitcoin is not worth anything because:

“It is a game of trust that is valuable only because people are convincing other people that it is worth investing resources and therefore worth zero, it is only a matter of time because they realize the real value”.

In contrast, we say that bitcoin is worth $ 6,500 today, and is the currency of the future, it is useful for making almost instant payments.

People, thanks to Bitcoin and other cryptocurrencies, ETH, XRP, BCH can make and receive immediate payments without going through the usual channels that enrich the usual suspects, that’s why Bitcoin and cryptocurrencies are inconvenient, perhaps for someone, but at the end the future of Bitcoin is a reality, Bitcoin is here to stay regardless of the price fluctuations, still rather savage, but the most attentive will certainly have noticed that we are going towards a “stabilization” compared to the past.

About Paolo Cianfriglia 28 Articles
Paolo is a financial analyst who likes to analyze and write about financial markets, especially abuot the fast-growing cryptocurrency markets. He writes for several websites and corporate blogs and at the same time offers advice to investors who are not yet familiar with the dangers related to the digital currency markets. Strongly motivated by the interest in blockchain technology, he loves sharing the news of the sector. Email Address: paoloweb@altcoinews.it

Be the first to comment

Leave a Reply

Your email address will not be published.


*