The Old Farts
One of the funniest videos circulating the web is one of an old fart yelling that Bitcoin is going to Zero! See the video below.
Kind of funny to think that the one thing he measures his wealth in, which is the US$, has gone to zero against Bitcoin during the time this fart stood on a stage yelling that Bitcoin will go to zero. Starting out in 2009 you were able to buy 20 Bitcoin for 1US$ and 10 years later the table has turned and today you can only buy ~0.0001 Bitcoin with 1US$. Going to zero cannot be more clearly shown than the graph below which shows the amount of bitcoin you can buy with US$1 on the y-axis and time on the x-axis.
Bitcoin You Can Buy With US$1
You actually have to plot the data on a log scale to see to what level of zero the US$ has fallen against bitcoin as seen in the below graph.
Bitcoin You Can Buy With US$1 - Log Scale
I for one don't think the trend will stop and within the next 2 years the US$ will be one decimal place closer to zero (vs BTC) and this is excluding the potential effect of inflation on this fiat currency.
I took a stab at where the price of Bitcoin will go in the next year or two, before we go into the next bull run, which is based on the cycle two trend. This is shown in the graph below and most of the back-work to get to this graph has been explained in my previous posts - The Bitcoin Trend.
After a good correction from around $14k it seems that we are on the path to hit the all time high by next year May (2021). We are currently 3 months away from the 2020 Bitcoin halving event and we all know what happens after that.
Bitcoin Price Action - Overlay on Second Cycle
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