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Bitcoin Surges: Why?
Posted
August 9, 2021
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August 9, 2021
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8:08Now PlayingBitcoin is back up but cryptocurrency continues to be an extremely volatile currency. So why is Bitcoin surging? Check out this video to learn all about it.
Welcome back to Bold TV with Philip Michael. Be sure to like, comment, and subscribe to Bold TV for other crypto news, and all things Bold.
Joining Philip Michael today is tech expert and Starship Capital Managing Partner, John Meyer. We talk all about Bitcoin.
Why did Bitcoin surge in value?
Bitcoin surges this week. Why? The first thing that drove the value of Bitcoin back up is a rumor about Amazon that they will be accepting cryptocurrency as a means of payment in the future and that Amazon would be developing their own cryptocurrency. According to Meyer, while Amazon outright denied creating their own currency, they did not deny ever accepting cryptocurrency as a means of payment. He says the Bitcoin insiders and cryptocurrency insiders all say that the biggest driver in the value of these currencies is mainstream adoption. Amazon may be the best company to instill this mainstream adoption of Bitcoin and other cryptocurrencies.
How will Bitcoin go from a currency that we use as a method to store our money to something we are comfortable spending?
Meyer believes that by bringing in these big companies, we can do exactly that. First, by having companies like Amazon accepting Bitcoin as a means of payment for all things including something as basic as toilet paper. Secondly, once major payroll providers powering the payrolls for most companies offer Bitcoin as an option to get paid, which would be another big driver of mainstream adoption.
Will Bitcoin be the market leader for cryptocurrencies?
Meyer thinks Bitcoin is here to stay. As long as there are miners running, Bitcoin won’t be disappearing. Similar to the story of Napster, Meyer believes it is likely that a mainstream company will need to develop their own cryptocurrency and use their distribution to instill mainstream adoption. Facebook attempted to do this with Libra but due to scandals like the Cambridge Analytica scandal and others, Facebook wasn’t the best company to do this. Meyer predicts Apple may be the company to successfully do this in three or more years.
Do you think Bitcoin will return to its $60,000 high from earlier this year?
According to Meyer, there is enough institutional money out there for Bitcoin to surge in value. With more and more young people getting involved in cryptocurrencies, this in combination with the institutional side will be able to bring up the value of Bitcoin. But the problem is if it continues to rise to bubble territory, how do we protect these investors who will get hit with huge losses once the bubble pops.
What do you think the future of Bitcoin is? Let us know in the comments below!
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