Bitcoin started as an experiment near the end of last decade, and now, it has cemented its place as a store of value, a payment method, and the present and future of money. It is the most valuable of all cryptocurrencies, and it is not close. Investors all over the world are now seeing BTC as a resource to hedge their funds and protect them.
But according to a high-profile individual, its uses and applications can further expand. The editor in chief of renowned business and finances publication Forbes, Steve Forbes, recently referred to Bitcoin as a “high-tech cry for help” that is continually fed by a lack of trust in traditional currencies.
As Trustworthy as Gold: Is it Possible?
The executive expressed his thoughts whilst speaking to Ark Invest CEO Cathie Wood at her firm’s podcast. There, Forbes observed that Bitcoin has a challenge in the medium and long-term: becoming as trustworthy as gold, something that has been very difficult to achieve given that gold has earned its place and done it for centuries.
Forbes correctly observes that the price of Bitcoin tends to fluctuate a little too much for most people’s tastes, saying that the asset is considered “steak one day, dog food the next.” However, he showed a great deal of knowledge about the world’s premier crypto asset and hot it could fit in the future of finances.
Forbes added that Bitcoin has “performed a very important role in helping people in distressed situations around the world: getting around governments that want to control you and starve you and hurt you.”
Authoritarian regimes can affect the everyday’s life of their citizens, but until now, those societies have come to learn quite a lot about Bitcoin. For instance, BTC is a big deal in Venezuela despite the current political unrest; this is because it provides a way to own one’s finances.
A Positive and Surprising Stance
Forbes’ thoughts about cryptocurrencies and digital assets were mostly positive in his presentation, which is mildly surprising given that he made his fame in a more traditional setting. That kind of support for crypto assets is not commonly seen from a person that thrived in a different, older financial landscape.
At the moment of writing this piece, the price of Bitcoin kept sliding and was exchanging hands at $8,151, which would be a decrease of 1.74 % considering its value in the last 24 hours.
A Similar Forecast
According to a prominent news site specialized in crypto assets, another financial institution, in this case BayernLB (a bank from Germany) implied that BTC would be making a giant leap next year, which is music to investors’ ears. The cryptocurrency surpassed $13,500 at some point this year, but is now under $9,000 in its latest correction. However, the surge could be bigger in 2020.
The financial institution recently published a research in which it detailed that the upcoming BTC halving effect has not been considered in its current price yet. It also said that a “vertiginous price of around USD 90,000” is a possibility in 2020.
By Andres Chavez