Bitcoin price 040722

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(Edited)


Time for another update, a snapshot in time. Today is July 4th 2022!

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https://bitcointicker.co/

Already the price has dropped to $19,669 USD. When is a good price to buy?
We are still in Andreas Antonopoulos's first network effect-- BTC price discovery.

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Bitcoin has been to the Moon and back. What the heck is it even worth now? The market is still trying to figure this out. And some are still trying to understand, what can you even do with Bitcoin? As Peter Schiff says, it doesn't earn yeild. It's not Gold, why would it have any value at all?

Try and send a million dollars worth of Gold halfway around the world. The real question that gold bugs should be asking themselves is, what use is Gold anyways? I like Silver myself, but Gold is useless. Even though everyone knows it has value, you can't spend it on things you need like food.

You literally can't. Try and show anyone a Gold or Silver coin and they just don't get it. Mark Dice did a great video skit where he tried to get people to take a Gold Coin or a Chocolate Bar, and they always take the Chocolate. Only for a short time was there any money in my currency.

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There is a train coming, and humanity is staring into the headlights. The writing is on the wall. Things have changed, and they aren't changing back. Every day the legacy financial system floats on a puff of smoke and tragedy after calamity we continue the cycles of boom and bust. Just 22 years into the new millenium and already we seem to be repeating the cycles of death and destruction of the 20th century. Can we escape this pattern of abuse by embracing a decentralized digital economy?

Bitcoin hit an all time high of $69,044.77 USD on Nov 10, 2021 (8 months ago). There are 669 days until the next Bitcoin halving, when the block reward drops to 3.125 BTC every 10 minutes. Between now and then, 602,375 BTC will be mined. Bitcoin's inflation rate will also drop from 1.74% to 0.84% making it an extremely attractive currency. Google tells me that "The Canadian dollar has lost 96% its value since 1915" which is cool. Since I live in Canada and it should matter what its value is.

This month it was reported that "Canada's annual inflation rate accelerated to 7.7% in May" 2022
https://www150.statcan.gc.ca/n1/daily-quotidien/220622/dq220622a-eng.htm?HPA=1

"Excluding gasoline, the CPI rose 6.3% year over year in May, after a 5.8% increase in April. Price pressures continued to be broad-based, pinching the pocketbooks of Canadians and in some cases affecting their ability to meet day-to-day expenses."

Bitcoin is a technology, a protocol. Pandoras box opened long ago, and we are seeing the effects.

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Some countries are taking a huge gamble. It might pay off, but when BTC is falling it can feel like catching a falling knife to buy in this environment. Still you should consider that when BTC fell from $18,000 at the start of Jan 2018 and fell to $5000 in December of 2018, that would have been a great time to buy. Even at $18,000 if you were to wait just 3.5 years. This is just an observation.

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Don't listen to me. Do your own research. Do not buy BTC unless you really want to.


Speculator Snapshots

First a look of at the top 20 coins by Market Cap on Messari

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Bitcoin and Ethereum still take up most of the trading volume, but there are now around 44 Coins with over a Billion dollars in market cap. I consider that to be a significant thing because it was only a few years ago when this was a much smaller crypto solar system.

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Using CoinGecko I pulled the feed for the top 38 coins and graphed the price change %'s.

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That is perspective on how much volume each "top coin" has traded in the past 24 hours.

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Yet here is all the value locked up in these top 38 coins.

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CoinMarkets tell me that 40.53% of overall crypto value is in BTC. For the past few years I have been watching the dominance fall. I still wonder if it will rise over 50% again, I suspect yes. If it doesn't then we are in a multi-chain paradigm. However I still believe in Bitcoin and it's not over.

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This is still just the beginning.


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3 comments
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08/07/22 21948.71

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Will BTC go higher than 22160, before it drops to 20837?

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Ride the wave

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