Bitcoins current value in Canadian dollars is almost the same as it was US Dollars only a few weeks ago – Bitcoin $40,000 Canadian and $31,000USD – May 10, 2022,
The value of Bitcoin is currently deflating in Fiat Dollars and the reason I point to is that money printing has stopped and Bitcoins value is dependent on cheap fiat money and misallocations of resources. Currently, the Western governments have run out of reasons to borrow and spend, and making matters worse Progressive governments all over the world have decided to go to war with Fossil Fuels.
What can Bitcoin software offer you, that other software can not? I’m not sure, but at least for now, Bitcoin isn’t behaving like a Berkshire Hathway on a value scale. Being that I’m a dividend investor if an asset isn’t giving me cash flow, said asset better behave like a Berkshire Hathway which is also down, but not as volatile as Bitcoin.
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With Gold, I can consider it insurance, not so with Bitcoin, I’ll still own the gold in the event it doesn’t pay a dividend, but with Bitcoin, if the price isn’t at the very least being maintained and not appreciating, it’s useless. By useless what I mean to say is that technology is supposed to get better and evolve and if the price of bitcoin isn’t appreciating in fiat value, it’s time to move onto to cryptocurrency that at the very least can make financial transactions happen faster, safer and with fewer middlemen.
I like Bitcoin it served its purpose, but if it can’t go up in value, it’s time we take it out to the woodshed and shoot it. Monero actually looks far more stable than Bitcoin at the moment and in terms of using it as money, Monero is far better. compare the Bitcoin charts to the Monero charts and you’ll see what I mean. Software, and technology, in general, is made to evolve, Bitcoin is not evolving and if the price refuses to go up, to protect people from consumer price inflation, what good is it?
Technology is inherently deflationary, and by now Bitcoin should have been innovating itself to higher levels, instead, Bitcoin is behaving like the stock market and in certain instances, it’s doing worse than the stock market.
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Interesting times ahead