Sticks and stones may break my bones but words can never hurt me. There is somebody out predicting bitcoin at $2m by 2026. Is this even possible? I think the answer has to be yes.
Investor and founder of Real Vision, Bitcoin advocate Raoul Pal has shared a bullish Bitcoin chart with his followers, showing two things the BTC community should be grateful for in the current 2023 year.
$2 million per Bitcoin by 2026
Pal stated that the first thing is that since 2013 the flagship cryptocurrency has demonstrated astounding growth as its price increased by a jaw-dropping 275,000pc – BTC gradually rose from $15 to the current $37,253, according to the chart.
Compared to Bitcoin, gold has increased by less than 50pc, rising from $1,250 in 2013 to the $2,000 price level now.
Real Vision CEO referred to BTC as “the best-performing asset of all time”. The second thing to be grateful for, per Raoul Pal, is the log trend that Bitcoin continues to move in. The logarithmic chart shared by Pal shows that by 2026 Bitcoin may surge to hit $2,000,000 per unit.
Two things to be grateful for:
Bitcoin – The best-performing asset of all time +275,000pc since 2013). A stunning log trend we should be thankful for too… pic.twitter.com/aEr82t3ATm— Raoul Pal (@RaoulGMI) November 24, 2023
Over the past two days, Bitcoin has increased in price by slightly over 8pc as it soared to top the $38,000 level briefly, adding more than $1,000. This massive rise happened as Argentina elected a pro-Bitcoin far-right president Javier Milei.
At the time of this writing, BTC is changing hands at $37,876 on the Bitstamp exchange.Raoul Pal, 24 November 2023
Part of the reason for thinking bitcoin could climb to some insane-seeming level is to look at what it has already done. Then there is the fixed supply and the absence of fundamentals. There is no way of knowing what the right price for bitcoin is so why not $2m.
It does make it tempting to have a little bit of exposure. So many people have said so many times that bitcoin is a crazy bubble and it is still there, still standing, still trading at an amazing level.
What is bitcoin? Here is what the New Scientist said.
Bitcoin is a digital currency which operates free of any central control or the oversight of banks or governments. Instead it relies on peer-to-peer software and cryptography.
A public ledger records all bitcoin transactions and copies are held on servers around the world. Anyone with a spare computer can set up one of these servers, known as a node. Consensus on who owns which coins is reached cryptographically across these nodes rather than relying on a central source of trust like a bank.
Every transaction is publicly broadcast to the network and shared from node to node. Every ten minutes or so these transactions are collected together by miners into a group called a block and added permanently to the blockchain. This is the definitive account book of bitcoin.
In much the same way you would keep traditional coins in a physical wallet, virtual currencies are held in digital wallets and can be accessed from client software or a range of online and hardware tools.New Scientist, undated
Strategy – Buy Some Exposure to Bitcoin
In the pipeline is the iShares Bitcoin Trust, an ETF, to be launched by fund management giant, Blackrock, designed to make it easy to invest in bitcoin. It could open the floodgates for retail money to pour into bitcoin overwhelming that fixed supply and sending the price to goodness knows what heights.
The chart looks good with only the third buy signal since 2015 on my long term, 6m candlesticks, chart.
I am not sure it is entirely logical but I am going to add bitcoin to my innovation portfolio. It is all about technology after all and if the price did reach seven figures the implications for the world economy would be staggering.
I suspect it may all be part of a growing lack of faith in governments and bureaucrats which is entirely shared by me. The new president’s plans for Argentina (taking a chainsaw to government) could have been written by me and were in a recent alert. I don’t go with the abortion rules, which I think are outrageous, women should decide about their own bodies, but other than that let’s build that bonfire.
People imagine that having health and education ministers must improve outcomes but why should they. It is like bank regulation. The more banks are regulated the more problems they cause for the world economy. Democracy has become a licence for busybodies to stick their oar in – well, kindly b****r off is what I say.
It’s a bit like censorship. After the war the great and the good were convinced that the great proletarian masses needed to be told by their betters what they could read and watch. Turns out that was b******s. The great and the good know nothing the rest of us don’t so kindly stop interfering.
Bitcoin is a way of waving two fingers to central banks and governments. No wonder so many people love it.
Bitcoin. BTCUSD. Buy @ $37,691