After plunging 20% in the last few days from its $5000 highs – following China’s ICO bank, Bitcoin has bounced back to $440 today amid global turmoil…
As SHTFplan.com reported earlier, Rick Rule, the billionaire Chief Executive Officer of Sprott Global Resources, noted in his recent interview with Crush The Street:
Bitcoin to me is all positive… I’m a consumer of currencies and currencies are a medium of exchange… and the more competing currencies there are the better it is for consumers of currencies… I use U.S. dollars, I use Canadian dollars, I use gold, I use silver, and from time-to-time I use BitCoin.
The more competing currencies, the better the currency has to perform for the consumer.
But, Rule warns, just as we’ve seen historically with stocks, there will be bull markets, bear markets, bubbles and bursts. But astute investors who position themselves in the right blockchains or companies that operate them could see incredible gains. At the same time, however, he cautions that, at least for now, much of the market is based on speculation:
I don’t know [if it can go to $500,000 or $1 million per Bitcoin]… But I also think it’s possible for the market cap to go to zero if people lose faith in the algorithm… What happens in a market that goes from $450 where it was two years ago to $4500 is people only look in the future to directions gone in the past…
It’s an instrument of faith… Could it go to $10,000? Yes. Could it go to $100,000. I guess. Could it go to $0? Yes. Keep both numbers in mind.
Which brings us to the three faces of Bitcoin. As InternationalMan.com’s Jeff Thomas explains, one of them is likely to prove to be the correct one and the reader should consider them all, as each has a valid argument in its favour.
Whenever we see an image of bitcoin, it’s not presented as a blockchain, as it should be, but as a gold coin, which it is clearly not.
