Bitcoin has surged by more than 80% since hitting a significant bottom roughly two weeks ago. And it’s not just Bitcoin, the whole cryptocurrency complex has nearly doubled since bottoming.
Many digital assets perform the same functions that are carried out by the current financial system, but they accomplish similar tasks more efficiently and at lower costs. The cryptocurrency complex is bound to compete for market share with the current leaders in store of value and medium of exchange, including currencies and investable gold.
Bitcoin is going to play a crucial role in this dynamic as the predominant digital store of value and as the reserve digital currency of the world. Bitcoin (COIN) (OTCQX:GBTC) is trading above $10,000 once again.
The world’s most popular digital asset has surged by over 80% since hitting a significant bottom roughly two weeks ago. However, Bitcoin’s current valuation is only about $180 billion, slightly more than half of where it was just two months ago and still pales in comparison to the market value of assets such as investable gold and global currencies.
Bitcoin has the potential to become a trillion-dollar asset, but a few crucial elements need to line up favorably for it to get there. A big problem people have with Bitcoin is that it has no cash flow, no earnings, no dividend, no valuation, so it is not an easy asset to value. Read more from seekingalpha.com…
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