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It seems to me that bitcoin will now move up. The Ichimoku indicator showed the intersection of the Tenkan and Kijun lines. This is a bullish signal.

In the second episode of StormGain Answer Time, Keith Downie met up with Newcastle United players Allan Saint-Maximin, Jamaal Lascelles, Fabian Schär, Matty Longstaff and Karl Darlow to get some great answers.

Watch and find out what who knows about crypto, about hard work or maybe a little bit of luck, best moments on the pitch, and much more...

Cryptocurrencies started life as an obscure internet phenomenon that nobody really thought would ever catch on. They were complicated, shrouded in mystery and only a handful of nerds actually knew how to use them. Fast forward a few years to the boom of 2017/2018 and that had all changed. Talk of Bitcoin was everywhere as prices rose by over a 1000% in a matter of months. And though its value (along with that of the other big coins) has come down significantly since then, it served as a kind of watershed moment. It was no longer just about price speculation – people actually started to believe in blockchain and accept it as the future of money. And with big corporations, governments and central banks all looking to integrate crypto into their day-to-day operations, it’s safe to say that digital currencies are now well on their way to becoming mainstream.

As with any zeitgeist, everyone seems to have an opinion on crypto one way or another. This naturally includes celebrities and other prominent people too. And for better or for worse, the internet revolution means that all of these can be dug up in seconds by anyone with a cursory knowledge of Google… which today is just about everybody. So, with that in mind, here are a few choice quotes from a selection of famous people on the future of Bitcoin and digital currencies at large. Enjoy!

It’s the economy, stupid!

Our first quote is from none other than Nobel Prize-winning economist Milton Friedman, and it is particularly interesting since it is one of the only statements about digital currencies made before any were actually created:

‘I think the internet is going to be one of the major forces for reducing the role of government. The one thing that’s missing but that will soon be developed, is a reliable e-cash.’

I think you will agree that Professor Friedman really showed his intuitive genius with this insight, given in his 1999 interview with NTU/F. With Oracle-at-Delphi-like predictive skills such as these, it’s clear why he is widely accepted as the best economic mind of a generation.

Money talks

In at number two, we have a man whose name is synonymous with business acumen and knowledge. Of course, we’re talking about Microsoft founder and the world’s former richest man Bill Gates. Granted, he didn’t quite have the same foresight as Friedman – but to be fair to Bill – he was slightly busy building and managing the world’s biggest tech company. So, what did he say?

‘Bitcoin is a technological tour de force.’

Short, sweet and to the point as ever. While Bill is talking about a specific currency rather than crypto in general, his words can now be taken to encompass the wide range of blockchain-based architectures that have sprung up since he made the statement back in 2013. However, it should be noted that he did advise against investing in the coin once prices reached the dizzy heights of late 2017, and has since spoken out about the flagship cryptocurrency numerous times.

Crypto virgin

Another redoubtable figure in the world of commerce is Richard Branson and, while he isn’t exactly what you would call a crypto head, he definitely has a nose for good investments. So, let’s see what he had to say:

‘Well, I think it is working. There may be other currencies like it that may be even better. But in the meantime, there’s a big industry around Bitcoin.  People have made fortunes off Bitcoin, some have lost money. It is volatile, but people make money off of volatility too.’

Now, despite this quote being from the early days of digital currencies, the Virgin emperor was still able to see that it isn’t just Bitcoin that can make you rich, there are lots of other coins out there with potential for big growth.

Just Google it!

While the above personalities are undoubtedly people you would do well to listen to when it comes to money, they aren’t exactly what you’d call technical experts. Eric Schmidt, on the other hand, is precisely that. And he clearly believes in the power of the technology attached to the biggest crypto project to date:

‘[Bitcoin] is a remarkable cryptographic achievement […] The ability to create something which is not duplicable in the digital world has enormous value […] Lots of people will build businesses on top of that.’

Schmidt made this statement back in 2014 when Bitcoin was worth a smidgen over $600. When we look at the rollercoaster ride that ensued in the following few years, it’s safe to say he was right on the money. Not only did ‘lots of people build business’ on top of Bitcoin, but an entire industry sprouted up, making many people very rich in the process.

Potential threat to your system detected

Another shining light in the tech biz is cybersecurity superstar and crypto enthusiast John McAfee. His reputation as a massive advocate of digital currencies precedes him – but biased or not – we have to give credit where credit’s due. Speaking as early as 2013, McAfee said:

‘You can’t stop things like Bitcoin. It will be everywhere and the world will have to readjust. World governments will have to readjust.’

As we see an increasing number of governments discussing and introducing crypto regulation, and even traditional central banks issuing their own virtual currencies, there’s no denying that the antivirus mogul demonstrated some incredible foresight to call it as early as he did.

The party’s over

Our final quote is from a little-known figure, but it takes on a special significance given his political background. Rick Falkvinge is most famous as the founder of Sweden’s Pirate Party. Despite garnering a lot of media attention, the party never made it into the Swedish Riksdag, but it did have success in the European elections and Falkvinge himself was even employed by the European Parliament. His view is simple:

‘Bitcoin will do to banks what email did to the postal industry.’

Before 2017, many would have scoffed at such an idea, but they aren’t laughing anymore. With each passing year, it seems as though traditional fiat currency is becoming more and more irrelevant and it’s hard to see a future where money isn’t totally digitised.

What next?

These visionaries all saw the digital revolution coming from miles away. That’s probably why they have all been so successful in their own individual rights. You might have missed the initial boom of 2017/2018, but the transition isn’t yet complete and there are still opportunities to earn on crypto. In fact, there are plenty of pundits predicting that Bitcoin will rise above $100,000 in the coming months and years. Not least because digital currencies are gradually evolving into a new breed of haven asset. And with threats like the coronavirus and general global economic decline, a stampede to safe harbours is definitely on the cards. Given the close correlation between crypto assets, a rise in Bitcoin will likely mean similar growth across all the major cryptocurrencies. This being the case, there’s never been a better time to register with a reliable, secure platform like StormGain and throw your hat in the crypto ring, so to speak. So, what are you waiting for? Create an account today and be ready to profit from the next boom!

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 It’s now been over a decade since Bitcoin made history as the first digital currency, and so much has changed in such a short time. A whole industry has sprouted up, complete with exchanges, brokerages, trading platforms and even a dedicated news sphere. What started as a single coin has now evolved into a veritable marketplace with thousands of cryptocurrencies and digital tokens available to trade at any time of day or night. Despite peaking in January 2018, crypto is still currently gaining in popularity, with more and more new actors entering the market every day.

But for many ordinary folks, cryptocurrencies are a complete mystery. It’s unclear to them what determines their value, and predicting future price movements seems akin to a dark art. Therefore, what are the factors that impact the value of a given crypto coin and how can you anticipate where the price is headed?

Well, cryptocurrency prices are predominantly determined by how valuable consumers consider them. Nevertheless, there are also certain objective phenomena that definitely affect their worth. So, without further ado, let’s take a look at what factors impact crypto and what drives prices up or down.

Supply and demand

It might seem like Economics 101, but supply and demand really do play a massive role in the price of a given crypto coin. In fact, in the absence of currency boards and central banks, crypto prices are predominantly influenced by the asset’s availability versus demand for it. The harder it is to obtain, the higher the price will be and vice versa.

Let’s look at the example of Bitcoin and XRP (Ripple). BTC’s supply is capped at 21 million coins, with less than 4 million left to be mined. This is one of the reasons Bitcoin was able to rise so prolifically: demand went through the roof, while supply remained the same. XRP, on the other hand, has a cap at 100 billion. At the time of writing, almost 43 billion are in circulation, leaving a lot of coins left. That is one explanation as to why XRP’s value hasn’t gone over $3.

Mining

Another factor that influences cryptocurrency prices is how hard it is to mine the coin in question. The term mining is used to describe the act of validating transactions and adding them to the blockchain. Bitcoin, for example, is extremely difficult to mine at present, meaning it isn’t as profitable as it used to be. There are already several mining pools that are dedicated to mining the remaining bitcoin and the more miners there are, the more difficult it is to mine for yourself, thus pushing the price of BTC higher.

Luckily, changes in mining difficulty are largely predictable. As we have seen, mining will become harder as the number of remaining coins shrinks. It is, by its nature, a very gradual process and it is highly unlikely that a cryptocurrency will suddenly become significantly more difficult to mine overnight.

Politics and regulation

Cryptocurrency regulation varies greatly from country to country. Some governments are so welcoming of crypto that it has even been deemed legal tender. Others, however, have gone as far as to ban it outright. As more countries begin to look at how to regulate cryptocurrencies, the number of transactions could be affected. If a government takes an overly restrictive stance, it could negatively impact the price of a coin. Conversely, with better regulation, more people might be encouraged to adopt crypto.

Another interesting dynamic we’re seeing nowadays is cryptocurrency emerging as a new type of haven asset. Many ordinary people from countries in crisis, such as Venezuela, are turning to Bitcoin as a way of protecting their savings from the ravages of hyperinflation. Thus, political and economic instability could soon become predictors of cryptocurrency price rises.

Utility

All the most popular cryptocurrencies have some sort of practical application. If a coin serves no purpose, it will generally tend to have a lower price. Bitcoin’s purpose is to be a peer-to-peer cashless system that could make digital money a reality for the masses. Ethereum allows people to create their own decentralised apps and conclude, execute and manage smart contracts. Meanwhile, Zcash is one of the only coins that allows users to retain total anonymity when making transactions. If a cryptocurrency has no practical use, this will probably be reflected in its price on the market.

When looking at altcoins as an investment, it’s crucial that you narrow your search down to those with real utility. Then, if there is a call for a function which your chosen coin can perform, you can be fairly sure the price will eventually rise. A good example is IOTA. Once the Internet of Things (IoT) becomes a reality, demand for this coin is almost certain to rise – and with it, its price. While it won’t help you predict short-term gains, it’s certainly a great barometer of long-term growth potential.

News and media

Both positive and negative news can greatly influence a coin’s price. For example, if the media starts reporting about a recent hack that occurred, it’s most likely going to drive prices down. On the other hand, covering the rising adoption of a coin can result in prices going up.

The only problem with using news to pre-empt trends is that you have to act fast. By the time you hear the information, the market will usually have already priced any impact in. It’s much better to combine trading with the news of more general sentimental analysis and solid technical analysis of the current market situation.

The long and the short of it?

As we have observed, cryptocurrency popularity (and value) is affected by numerous factors and it can be extremely tricky to anticipate where the market is headed with any degree of accuracy. There’s a reason crypto has such a reputation for volatility. To avoid missing out on your chance to profit, you need to be poised to strike when the time is right. A good place to start is by opening and funding a trading account on a reliable platform like StormGain. That way, you’ll be primed and ready to go the moment you see a trend emerging. Good luck and happy trading!

https://stormgain.com/news/can-we-anticipate-cryptocurrency-movements