Price: $10,547 | Block: 651001
What Trump's Coronavirus Detection Could Mean for Bitcoin - There's a lot of Trump/Bitcoin news coming out. The media is great at finding any excuse to create click-bait. Reality is, this generation craves drama, so why not profit from it. The markets will most likely be volatile coming into the election regardless. Maybe Trump lets the cat out of the bag & shows the world the "Killer Virus" is nowhere near as bad as the media/governments portray it - would be quite amusing. In my opinion, Trump/Biden are both good for Bitcoin regardless. They're both caught up in the old mindset & fiat paradigm - keep printing money to solve all problems. It's probably best they keep printing, the faster the economy collapses, the better. Otherwise it's a slow painful burn to death. Either way it's inevitable, regardless of who sits in the White House, the Fed has to keep printing. All you need to know is, acquire scarce assets that cannot be inflated by the press of a button - I'm betting Bitcoin will become the most sought after in the near future. There's not much gold left to be bought. Central Banks are hoarding and manipulating the price of it. Also a bunch of fake gold was recently discovered in China - you simply cannot fake Bitcoin. You can't easily use it in commerce either, pfft they can have it.
Bitcoin Miners Saw 11% Revenue Drop in September - There's consistently fear in the media relating to the "BITCOIN MINING DEATH SPIRAL". This articles implies a negative tone to the mining industry & Bitcoin as a whole. Time & time again people fail to understand why revenue/hash-rate drops aren't actually a bad thing. They will most likely be short-lived due one of Bitcoin's genius features - The Difficulty Adjustment. If you zoom out on a 10 year Bitcoin hash-rate chart, you'll only see growth. There's a Game-Theory-Incentive for miners to continue churning when other miners leave. The Difficulty Adjustment lowers the strength of the algorithm, so more Bitcoin can be mined more easily. The opposite end of the spectrum - more miners & hash-rate = the harder it is to mine. On top of this, mining companies are incentivised to source cheaper & more renewable electricity to power their ASIC miners - This debunks the FUD of Bitcoin being a waste or energy. It's literally repricing & incentivising cleaner energy. They're also incentivised to build more powerful hardware. As you can see Bitcoin is like a living organism on the internet, complete driven by math. The other thing to consider, non-profitable miners with weak capitulating hands, are better off kicked out of the network. This creates a strong network of miners going forward & fresh demand. This adds to the boom and bust market that is Bitcoin. We're now in the phase of the market where the true believers are growing again at an astonishing rate. Simply put, less people are selling. You know in your heart how this plays out.
To end on a positive note, I couldn't agree more. Good advice.
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