Crypto Expert Predicts Bitcoin Will Hit $100k
Rich dad said, “The most successful people in life are the ones who ask questions. They’re always learning. They’re always growing. They’re always pushing.”
Conversely, rich dad said, “The losers in life think they have all the answers. They can’t learn because they’re too busy telling everyone what they know. They can’t grow because they’re too busy telling everyone else where they need to grow. They can’t push because they think they’ve already arrived.”
Over the years, I’ve taken rich dad’s lessons to heart and tried my best to always ask questions so that I can learn, grow, and push myself to become more successful. I do not take where I am in life for granted and I do not think I have all the answers.
This is why even though I hold financial education webinars, write books and articles, and speak with the media, I still watch YouTube, read many books, and pay attention to the news. I always have something to learn, and the world is full of teachers.
My greatest teachers and mentors are successful for a reason. They’re willing to put in the effort required to always keep learning. They understand that financial success is not a sprint but instead a marathon. They get out there and put their feet to the pavement day in and day out. They stay humble. And they have an insatiable curiosity.
If you want to be successful in life, you could learn a few things from them. Because when it comes to investing, there are three methods to choose from:
- Keep up with the change.
- Keep ahead of change.
- Get passed up by change.
Why? Because in the financial markets, nothing stays the same. The rules are always changing. To be a winning investor, you’ve got to change as the markets change. And that means always learning.
One of the areas I find most important today, and most challenging, is in the area of cryptocurrencies. They are so new, so volatile, and mutating so fast that the learning is at the speed of light.
Ancient money and modern money
Throughout history, “money” has been many different things. Money has taken the form of seashells, colored beads, feathers, live animals, and large stones.
Today there are three types of modern money. They are:
God’s money: Gold and silver
Government’s money: Dollars, Euros, pesos, etc.
People’s money: Bitcoin, Ethereum, ZipCoin, etc.
Central banks are run by the “controlling elite”. These elites do not like gold because central banks cannot print gold.
Central banks do not like Bitcoin and blockchain because people’s money does not need central banks.
Central banks print government money.
Government money has no integrity.
God’s money and people’s money have more integrity than central bank money.
The rising price of gold in 1971 and Bitcoin in 2018 are the rumblings of profound global changes, shifts in global financial tectonic plates, which will cause financial earthquakes and financial tsunamis all over the world.
Bitcoin and other cryptocurrencies are now challenging the hegemony of the U.S. dollar and other fiat currencies.
I do not trust government money. It is fake money. And I do not trust myself. I know I do not know everything. I do not have all the answers. I cannot predict the future, but I know I must prepare for the future.
Bitcoin came on the scene in 2009, just as the banking system was on the verge of collapsing.
One giant advantage of cryptocurrencies and blockchain technologies is trust and security outside the banking system. The other is transparency and verifiability. You know exactly how much there is and how much is being produced every day.
In May 2020, a historic event cut the daily incoming supply of Bitcoin from 1800 Bitcoin per day to 900 Bitcoin per day—a sort of quantitative hardening—opposite of what the Fed is doing by printing trillions of dollars.
There is only 21 million Bitcoin that has ever been created and in the beginning, every 10 minutes, 50 of them were distributed into the circulating supply. That was cut in half, four years later.
So after four years of 50 Bitcoin, every 10 minutes, it got cut to 25, it then went for four more years and then got cut to 12 and a half. And then with the halving in May, it went from 12 and a half to 6.25.
And because there is a capped supply, it is becoming harder and harder to get on a daily basis. And so as long as demand stays the same or goes up for that asset, the U.S. dollar value should appreciate.
Bitcoin is completely decentralized meaning that nobody can manipulate the market and there is not any single point of failure. It will be interesting to see how long the Central Banks will tolerate the competition from cyber money before there is a showdown.
With the current economic climate, and the US Dollar experiencing increasing inflation pressures. Bitcoin and other crypto-assets likely to rise in value as capital flees to assets that will not lose value.
Just like gold, there are models you can follow to predict the price an asset will move based on certain circumstances.
Over time, the prediction model becomes more and more accurate. Just using that model, you can see where, for example, gold will start every day. And with that price, you can predict what demand will be as well.
Applying this to Bitcoin, when the supply is known with certainty, modeled with the prediction for demand, some experts are predicting that Bitcoin will hit 100k by 2021.
So why are young people gravitating towards this asset? It’s pretty simple, billions of people are trapped in a central banking system owned by the mega-rich—a system that can be manipulated by interest rates and printing more fake money.
The central banks are not elected by the people and do not have to answer to the people. That is why gold and Bitcoin are a threat to central bankers. Bitcoin is a threat to those who print fake money.
The Fed and Bitcoin miners have a lot in common: both manufacture money. That is why cryptocurrencies are a threat to the central bank monopoly on fake money.
Editor, Rich Dad Poor Dad Daily