Bitcoin Price Surges Above $6400
Bitcoin prices are flying high, once again, as the cryptocurrency continues to thrive, creating one of the most hyped investment opportunities of all time. As of today, Bitcoin surpassed an all-time high of $6400. It officially hit the price point of $6,415.28 earlier in the day, however, it has backed down a bit over the past few hours, which is rather typical of Bitcoin when it surges.
Since October 29th, Bitcoin’s average trading price has been above the $6000 mark. Bitcoin price was below $1000 at the year’s beginning, causing many to label the investment an extreme case of speculative investment. Searches for how to buy Bitcoin have spiked in search engines as the Bitcoin purchasing has begun to go mainstream. There are even cases of people buying homes using Bitcoin.
Bitcoin now has a total value of $106 billion. Bitcoin cash, the split cryptocurrency, showed a decline in price.
The Bitcoin train has shown little indications that it will slow down, with top investors now saying that Bitcoin price should have no problem reaching $10k in value, and even $100k in value. But some financial pundits, including Warren Buffet, remain skeptical over the matter of Bitcoin and other cryptocurrencies. However, it seems “denial” of Bitcoin is becoming more and more a river in Egypt, as some might say. Jamie Dimon, the CEO of Morgan Stanley, railed against Bitcoin, however, Bitcoin’s price surged following Dimon’s lashing. Russia squared off against Bitcoin, demonizing the cryptocurrency, only to soften rhetoric and eventually issue CryptoRubles in hopes of preventing Bitcoin from overtaking their own economy. China banned Bitcoin ICOs which resulted in a massive Bitcoin price surge.
In some ways, big banks and prominent governments seem to be growing concerned that apocalyptic Bitcoin rhetoric only serves to increase consumer demand for the currency. Something that’s clearly not the goal.
In the case of Bitcoin’s most recent upticks, it remains a mystery. It is possible that one massive investor has purchased Bitcoins and subsequently driven the price up. There doesn’t seem to be any news worthy of spiking the price (both positive or negative). Bitcoin seems to continue to trend upwards in price no matter what the circumstances be. And that could be due to the “Trump effect” that has many people believing in alternative options in sociopolitics. Currency is, without question, the chains the rule the people of the world. The United States dollar is a fiat currency that allows for big central banking manipulations of world economies. There are no limits on the amount of paper dollars which can be printed (or not printed) as a way to manipulate inflation.
With Bitcoins, such manipulations are an impossible venture, leading many to believe that central banks fear cryptocurrencies and will do anything to provoke fear in using them, or regulate them to their death. The latter, of course, has failed if we look to China as an example. One thing is for sure, Bitcoin has the attention of the mainstream media now. And investors on Wall Street have begun to take Bitcoin a lot more serious.
For preppers, understanding Bitcoin is essential. Currency prepping is of the utmost importance. Clearly, Bitcoin wouldn’t be valuable with a downed power grid. However, Bitcoin could serve as virtual gold if the stock market crashed. And that’s what prepping is all about, options and back up plans that protect us from dire events.
Author: Jim Satney
PrepForThat’s Editor and lead writer for political, survival, and weather categories.