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A group of Bitcoin influencers is offering their take on the BTC future, as well as the future of the global macro economy as Chainlink (LINK) soars to new all-time highs.
In a new episode of What Bitcoin Did podcast, Nic Carter, Tuur Demeester, Robert Breedlove and Alex Leishman agree that a widespread economic shift is brewing around the world, which will ultimately benefit BTC.
Carter, a partner at Castle Island Ventures, says he thinks a cascade of currency failures is coming over the next two years.
“What I think is likely to happen in the next 24 months is a wave of sovereign currency failures similar to the Asian financial crisis in the late ’90s, similar to the post Soviet Union, when a lot of sovereign currencies failed. You see it at times of dollar strength. You see it at times of global dislocation. It’s regional. It’s contagious. We’ve begun to see some distress in some sovereign currencies when there’s a lot of debt.
The world is very indebted in emerging markets and unfortunately, I think it’s going to immiserate tens or hundreds of millions of people. And for some of those people, they will be able to use crypto financial rails to exit their sovereign local currency and they can go to Bitcoin. They can go to the US dollar. There are stablecoins on these rails. So I think this is going to be a big story for the next year.”
Adamant Capital founder Tuur Demeester says increasing debt will cripple economies five to ten years in the future.
As for Bitcoin, he says traders need to prepare for another massive rally that will set everyone’s hair on fire.
“I think Bitcoin is a self-directed insurance policy. There’s a unique opportunity to get some exposure to that and there’s so much said about crypto and to me, the essence is just buy a little bit, start with that and then make a plan about storage, how you’re going to store it.
And also think ahead, like are you going to diversify that storage. The first time you buy, you store it in one place, but then I think it’s a good idea to think about storing it in different places. Because there is no FDIC. It’s not insured. If you lose your keys or if a company goes bust, it’s game over and you have to re-buy your Bitcoin. So think about that.
Also, make a plan for the price. Bitcoin prices, Bitcoin rallies are nothing like you’ve ever seen. Prices go up 10x, 100x in short periods of time. So you want to think beforehand about what you’re going to do when that happens.
Also, think about tax consequences. If you have a plan about selling, make sure you know the tax consequences of what you’re doing. Because a lot of people got burned in 2017.”
In other trending Bitcoin News today:
Chainlink (LINK) Surges 39.5% to a New All-Time High – Here’s Why
Today the price of Chainlink (LINK) soared by more than 34% to reach a new all-time high at $8.48 and also notch a market capitalization of $2.5 billion.
Three key factors that likely pushed the price of LINK to a new record high were: high-profile partnerships, price discovery, and the strong momentum that currently drives the altcoin market.
On July 6, the price of LINK surpassed its previous record high at $5.31 and officially entered a price discovery phase, which typically leads to a “fear of missing out” rally among investors.
Once price discovery occurs and the asset begins to rally to a new peak, the probability of an extended uptrend rises.
Within seven days of LINK recording a new historic high, its price rallied by more than 40% from $5.31 to $8.48.
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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.
Show Notes / Resources:
https://cointelegraph.com/news/crypto-winter-could-really-be-over-as-new-bitcoin-starts-to-bloom
https://cointelegraph.com/news/chainlink-link-surges-395-to-a-new-all-time-high-heres-why
https://dailyhodl.com/2020/07/13/tuur-demeester-says-massive-bitcoin-rally-will-set-our-hair-on-fire-as-crypto-leaders-predict-future-of-btc/
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