You don’t really need us to tell you, but the Bitcoin universe is filled with intrigue, excitement, and a big dollop of uncertainty. The world’s most prominent cryptocurrency has legions of investors and enthusiasts worldwide. Yet, despite its undeniable impact, Bitcoin is also a hub for conspiracies. We’ll explore some today, before going over the top tradeable events this week.
As a decentralised and anonymous asset, Bitcoin is surrounded by intrigue and conspiracy. One of the most famous ones is that the token’s creator, Satoshi Nakamoto, is actually a wealthy individual or group concealing their true identity. The real guy, gal, or group has never been identified and that only drives people crazier!
Another popular theory links Bitcoin to the Illuminati, a secret society rumoured to exert significant influence over global events. Dan Brown, anyone?
Some believe that Bitcoin might have been created by a government agency, such as the CIA or NSA. The idea is that they wanted to either control or monitor the flow of money on a global scale.
A more fantastical theory is that Satoshi is a time traveller from the future who created Bitcoin as a solution to a financial problem that will occur in the upcoming years. Woahhhhh!
The conspiracies surrounding Bitcoin are part of what makes the asset legendary. Yet, it’s also one of the things holding back crucial attempts to legitimise the coin, a key step in securing the mass adoption of crypto as a viable currency.
Pushing boundaries: Will Bitcoin Reach $100k?
At the time of writing, a single Bitcoin will set you back around $36.5k. Bitcoin is having a storming year, so far. Its price has risen over 119% since the end of 2022.
Bitcoin price, 1 year
Despite that climb, BTC still has a long way to go to reach its incredible all-time high of $66,953.34 that it hit just over 2 years ago. Will it continue to rise past that point and finally hit 100,000 USD?
We clearly don’t possess a crystal ball, but Bitcoin supporters firmly believe it will get there, pointing at its historical price capacity and growing adoption as evidence of its potential. They argue that as Bitcoin gains wider acceptance and institutional investment, its demand will continue to rise, driving its price upwards.
But, it’s a double-edged sword and BTC critics highlight the coin’s inherent volatility and regulatory uncertainties as potential obstacles to reaching that or any other lofty milestone.
It is important to remember that Bitcoin is a highly speculative asset, and its value is subject to significant fluctuations. As always, we recommend exercising extreme caution before taking the plunge.
Now, let’s hear from you!
What do you think of Bitcoin? Do you think it will break the $100k mark? Where will it stop? Tweet us your thoughts2 at @_contentworks!
Top fundamental events week commencing 20.11.23
Here are all of the key events in the markets this week.
No major events are scheduled
● AUD — RBA Meeting Minutes
● CAD — Inflation Rate YoY
● USD — FOMC Minutes
● GBP — FOMC Minutes
● USD — Durable Goods Orders; UoM Consumer Sentiment Index
● USD — Thanksgiving Day
● EUR — German HCOB Manufacturing PMI Flash
● JPY — Inflation Rate YoY
● EUR — German Ifo Business Climate
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The Contentworks team