Bendik Norheim Schei, the analyst, stated, “Everyday Bitcoin stays ahead, it becomes less likely that any other cryptocurrency can compete as money.” The new research states that Bitcoin Dominance in terms of its value is more than 90%
The future of the Bitcoin is uncertain because it falls as quickly as it rises. This week the Bitcoin traded sideways, and it touched lows which were a lot below $10,000 during the middle of this week.
The price of the Bitcoin is hovering around $10,130, and Altcoins have suffered minor losses. Bitcoin continues to be the crazy invention, which spoiled the show of metals, which are considered as Holy Grail assets for value investment.
BTC has recently outperformed Gold and has lead both Gold and nearly 500 points of Dow action. While it is now true that Bitcoin is considered to be the new Gold, the thing is that what is good for Bitcoin is also good for Gold.
Donald Trump is exerting pressure on China, which is considered bullish for Bitcoin.
Trump recently wrote, “For many years China has been taking advantage of the United States.” He further stated that China costs America “Hundreds of Billions of Dollars” every year.
On August 23, 2019, Trump Tweeted, “For many years China (and many other countries) has been taking advantage of the United States on Trade, Intellectual Property Theft, and much more. Our Country has been losing HUNDREDS OF BILLIONS OF DOLLARS a year to China, with no end in sight….”
The market reacted to Trump’s tweet. The Yuan lost, and the stocks tanked. The relative value versus the USD, including that of Bitcoin, surged.
Alex Krüger, the cryptocurrency economist, tweeted: “Today was the first time BTC reacted sharply real-time to a Trade War breaking headline or USD/CNY [daily] fix.”
Bitcoin indeed benefitted from Trump’s views against China. Now Bitcoin “looks like it wants to catch up.” Per Luke Martin, analyst.
The Bitcoin mining reward will become inconsequential in 120 years, and the mining reward will be somewhere near 0.00000001 BTC, or about 1/100 of a penny, considering the current exchange rate.