Bitcoin is Back: The Media Reacts
Bitcoin is Back: The Media Reacts
All aboard the insanity train next stop the asylum..... You can't help but to realise that the media plays such a large role in not just the Crypto sphere but the investment space in general. Afterall it was the constant news stories of mainstream news that promoted rags to riches investments in Bitcoin. After a series of spotlight news segments thousands of people flocked to the digital currency in the hopes of being the next "make it".
But just as the media hypes up the sector so too does it destroy what it created and you might recall that around a month ago if that, media outlets started promoting articles that Bitcoin was dead.
If you have been around for a few years you'd know by now that this is not new and that it is a constant thing once, no doubt some journo that invested in the currency loses money. They write a soppy article and need to declare to the world that the digital currency is dead.
More Stories incoming
Just like the many articles of "Bitcoin is dead" now comes a new wave of "Crypto Killing it" stories which will no doubt pump the price of Bitcoin although the recent stories are looking at more the NFT space. Although many articles are now commencing to circulate reporting on the fact Bitcoin is making a return.
Return is such a loose word because it's only been a month since declared "Dead" with no medical certificate provided.......
It is hard to dispute the current market boom as Bitcoin has surged passed $US20,000 and it happened in a rapid succession and although it isn't anywhere close to it's peak COVID price point in 2021 which also coincided with positive mainstream media stories it may be preparing it for another similar run.
image source: Melbourne's West
Leo Finance Delivering the News
The news of a Bitcoin return is expected but also some what good for Leo Finance the decentralised news site built on the Hive Blockchain which is home to a growing number of free lance journalists skilled in delivering crypto and financial news from around the globe.
If you have been following my blog for quite some time now you would have read my earlier post Bitcoin is not dead, despite people who bought in at the top saying it is which broke down the current market expansion within the investment sector and how private firms were growing their crypto offerings of Bitcoin and Ethereum.
I also took a deeper dive into what I think the top 3 cryptos will be this year in Bitcoin, Ethereum and BNB what 2023 has in store given the current state of centralised exchanges and liquidity pools it is likely that Bitcoin, Ethereum and BNB will remain and grow into stronger assets.
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Gold Performance
Bitcoin isn't the only investment option that is providing fruitful for people who got in early and we touched on Golds likely price point this year in Gold to breach $US2000 per ounce.
Since publication Gold has continued to rise daily and it is now sitting at $US1922 at time of writing and closing in fast to the $US2000 price point, a price point many are stating will be the new bottom.
Given inflation globally is still out of control many people are seeking opportunities to hedge their funds and the two options emerging are Gold and Bitcoin. This position is unique to the 2021 bubble which was brought on by COVID and nothing else for people to spend money on. But now with a financial crisis fast approaching which will see many nations enter a recession many will be looking for alternatives to the current fiat system.
This is where Gold and Bitcoin will do well and I think that Gold will be reaching a new all time high possibly reaching the $US3500 point which will equate to $AUD5000.
Given that people will be angry with the current financial system it may create the perfect environment for Bitcoin to finally breach $US100,000. But only time will tell.
What are your thoughts on this years market? am I close? pop your thoughts and opinions in the comment section below.
Image sources provided supplemented by Canva Pro subscription. This is not financial advice and readers are advised to undertake their own research or seek professional financial services.
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Thanks for the thoughtful and interesting perspective that you share in this article. 😊
I think that over the next couple of years, people will be more concerned with saving their fiat money for basic needs, rather than shuttling them into cryptocurrency or other high-risk assets. There will be a number of people who hedge their funds with cryptocurrency because of their belief in them as actual media of exchange, but for the most part, that's not going to be average Joe's primary concern. Once the downhill glop stops hitting Joe, and Joe is able to get back on his foot, hold a steady job, and earn a livable income, he'll be more inclined to buy into cryptocurrency again. This might take a bit of time.
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This is what BTC was made for it's going to be interesting to see how it preform during these uncertain times
Exactly right. We can see gold mooning nicely and Bitcoin making moves up.
I am having a strong feeling this will be a false trap
2023 is already shaping up to be pretty exciting
I am still a little skeptical and I think we are still a bit sideways bound until I see it stay at the current prices longer. I don't think it's worth being risky and jumping in due to FOMO. It's kind of crazy how the media always says "BTC dies" or "BTC is back".
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I think you are right!
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How good is gold going! I managed to grab 2 ounces last year and popped them in a vault. I'm hoping it hits $AUD4500 which I will then sell and pay down some of this debt I incurred throughout COVID from my house build. It would greatly help me and my family. Sad to do it but need to focus on getting rid of debt.
Spot pirce for gold today is $AUD2786.49.
Yes, I agree. The mortgage is fine, but focus on eliminating REVOLVING debt.
!LOL
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Boom. I rekon by July - Aug new all time high of $4000 - $4500 many are tipping it won't drop below $3000 once it hits that price point. Soon it will be profitable to recycle Gold and Silver from electronics if this keeps up. This may lead to a rich man and poor man gold. Much like Bitcoin and Bitcoin Cash 🤣
I think it’s a good time to stack and post, plowing profits back into your stack.
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