Bitcoin investors were convinced the moon launch was in effect and $80,000 was right around the corner.
But because those two assets, cash and bonds, were such bad investments relative to other things, there was the movement to those other things still, and then the government outlawed them— I mean, things like gold.
“Maybe it’s impossible to put a timeline on it, but I honestly think this is something we will see in the next few years if not in the next few months.
“Your nation’s money can be frozen by the West at a moment’s notice,” says LunaFi founder and CEO, George Porchester.
Bitcoin is under duress that it has never been under before, and it is from powerful governments and their FedCoin dreams that are leading it.
And since adopting Bitcoin as legal tender last year, it has become the subject of a bill in the Senate.
“The problem with centralized systems is that they create a psychological distance between those with authority and those without,” says Temujin Louie, director of marketing of the public blockchain protocol Wanchain in Singapore.
“Lagarde warned of Russian oligarchs using cryptocurrencies to avoid sanctions, however there is little evidence to support this,” says London-based Jacob Kowalewski, chief strategy officer at t3rn, which describes itself as a smart contract hosting platform.
Bitcoin values doubled between 2014 and 2016, going from around $400 in September of 2014 to $800 by December 25, 2016.
For those who love the Bitcoin Moon analogy, and all its hope and promise, the world’s biggest cryptocurrency took off in March 2020 and gave them a reason to feel validated.
At best, they can freeze wallets, that people can then open up on other platforms, or switch to other cryptocurrencies not on the government’s radar.
“If people trust Bitcoin technology to transfer $100,000 of one Bitcoin to another person, then it is not unfathomable that Bitcoin could be worth $100,000,” thinks Mikhail Karkhalev, an analyst at cryptocurrency exchange Currency.com.
“I think, for now, markets will continue to be range-bound this year,” Taylor predicts.