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Bitcoin is childish, but it is nevertheless revolutionary
Jeff Berwick, the so-called Dollar Watchmaker (a skeptical of the US-based fiat system), recently sat down with BlockTV, an emerging crypto-centric media outlet, to discuss his optimistic view of Bitcoin (BTC). It should come as no surprise that Berwick was optimistic about decentralized cryptocurrencies, especially considering his apparent aversion to the currency issued by the government, but his comments still had credibility.
@DollarVigilante Jeff Berwick says we have almost reached a #crypto below and expects a & # 39; explosion of 2019. #bitcoinsummit #bitcoin pic.twitter.com/FMoeWJt7Rk
– BLOCKTV (@BLOCKTVnews) 9 January 2019
In a shortened version of BlockTV's interview, Berwick first noted that Bitcoin once long touted as a way for consumers to "be their own bank" is well known as a non-intermediary currency (rather than a resource for criminals), it will probably achieve revolutionary traction. He added that the fact of being able to essentially store BTCs (private keys) in your head, even without government or banking control, can only add to this paradigm shift. Berwick explained:
Once some people understand too [Bitcoin’s potential]I could not even imagine where this movement could go.
However, the fiat skeptic said that within it, the cryptocurrencies are still in a fairly childish state, despite the recent tenth anniversary of the first block of Bitcoin. With this in mind, Berwick noted that although many consumers have eliminated cryptocurrencies, especially since the 2017/2018 boom and bust cycle, it is likely that it was just a small blip in the big scheme of things.
The decentralist is not the only industry expert who believes that BTC at $ 20,000 is just the beginning of something big. For previous Ethereum World News reports, Angel Versetti, CEO of blockchain startup Ambrosus, noted that the true bubble of cryptocurrency is when this asset class reaches an aggregate valuation of $ 15 trillion to $ 20 trillion.
Berwick, like Versetti, hinted at the feeling that this technological development is changing games, and is still underestimated by a long-term perspective. The interviewee of BlockTV, who claims to be able to survive and prosper "during and after the collapse of the dollar", noted that "nothing can stop a good idea". Even more so for an idea that keeps "the currency out of the hands of governments and central banks."
And this idea has already begun to take hold. For our previous reports, TIME Magazine praised the cryptocurrencies, particularly BTC, as a way to allow average Joes to get out of the sights imposed by authoritarian-centric entities.
Berwick noted that he expects this thematic development to continue in the future, especially as governments continue to struggle to keep their jurisdictions under control.
Institutional money to flow into a crypt
Dollar Vigilante has continued to touch its short-term forecasts for this market, which has been beaten to hell and back in recent months. Berwick noted that although it can not be 100% certain to predict developments in this sector for 2019, he expects prices to hit (or are approaching) in general.
Yet despite his appeal, he noted that cryptocurrencies could remain in a calm phase until the end of 2019, echoing the analysis made by other analysts, including Filb Filb and Murad Mahmudov. However, Berwick noted that with the arrival of institutional money (which is not necessarily a fan), through platforms such as Bakkt, a potential Bitcoin ETF and the future proposed by Nasdaq, "it will completely change the game". He explained that as soon as institutional money begins to flow, cryptocurrency prices will explode as a whole, as there are alleged trillions waiting on the sidelines.
He added that with stock markets on the edge of the "biggest ever collapse," as expected by a number of decentralists, cryptocurrencies will likely outperform.
Title Image Courtesy of Bruno Van Der Kraan
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