This essentially loses coins on purpose but in a way that spawns new value. After a strong rally from the lowws the Bitcoin market is very bullish. Seven compelling factors that are driving Bitcoin higher. Next Article -- shares link Add to Queue. Image credit: via MarketBeat. Thomas Hughes. February 1, 6 min read. More from Entrepreneur.
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A big reason is growing acceptance and legitimacy, as institutional investors and big names like David Tepper and Stanley Druckenmiller sink money into the asset, and platforms like Cash App and PayPal allow use of the currency. On its legitimacy, Denier gets philosophical. While Bitcoin bears argue that the currency will fail because of its arbitrary value, Denier points to gold's inherent value as a rebuttal.
It's not like we use gold to build buildings. It's just that someone a long time ago said 'this metal is really valuable and I want it,' and everyone jumped on board and everyone believes gold has this amazing value," he said.
Same thing with bitcoin, it's a collective consciousness where people say 'yes, that has value to it. Further on this point, he highlighted the fact that most of bitcoin's supporters tend to be younger, and therefore will prove to be an increasingly relevant force in legitimizing the currency as time goes on. Denier also said that the risk of inflation in fiat currencies is a tailwind to bitcoin. Inflation has become one of the main themes on Wall Street in recent months, as monetary and fiscal policy remain loose in the near future.
But bitcoin can be a risky investment in the near-term with its high levels of volatility. So can any individual asset, as some GameStop investors may have experienced in recent days. Denier shared his three biggest pieces of advice for young investors just getting started. He first recommends that they put their money into what they know, like their line of work or study. I'm going to buy some Home Depot stock,'" Denier said. Second, Denier recommended being willing to take the time to learn about markets and investing.
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It will never produce cash flow. What is the reason that it went up and something percent this year? I don't know. I will say that Tom Gardner pick this as his bagger over the next decade. He said bitcoin. Because this has absolutely no track record and we're not going to get held accountable for anything. I'll say bitcoin outperforms the stock market in Jason Hall: I am going to say I don't know.
I'm going to hold on this. I really I'm. To Brian's point, this is why I don't own bitcoin. When I look at any investment I try to think about the things that drive its value. For stocks for companies as a long term investor, its cash flow. Companies that can grow their earnings overtime and by owning that company the value that I own goes up with it over time or goes down sometimes. It's not because it has this really great use case. I know there's a lot more nuance in that because the money printer goes brrrr, you think about all of these trillions of dollars being added to fiat currencies.
The idea is this is something that there is a very limited known maximum supply of, and the number of US dollar continues to go up. That's part of the idea. But what are they worth, what can you do with them? I know with bitcoin if somebody manages to get whatever the little identifiers are, they take it. There are so many things about it that put it in that "too hard" pile for me. That's why I'm holding because I don't know what's going to happen. A lot of the things that are going to drive the value of bitcoin, I think are going to be sentiment.
Sentiments are going to be underpinned by the economy, our ability to move beyond the Coronavirus, return to normal. Who knows, I don't know? Lou Whiteman: I think you hit on a key thing though. As we all know there's much of chagrin of I think it's Williams Jennings Bryan. The dollars aren't really based on anything either anymore. The dollar is the perceived value of what someone else feels it's worth, the agreement. With bitcoin, the bull case is, it really doesn't matter it's not backed on anything if people are willing to accept it for goods or if there can be a mutual agreement on what it's worth and that is playing out.
But PayPal , there's a lot of companies moving toward legitimizing it. My real question is, what need does it serve other than dark, semi-legal, illegal -- even if it can be used, what need does it replace that the dollar doesn't do better, and when does that happen in terms of widespread usage?
But as people start to make it easier to get trade for goods and stuff, I think that is the bull case that it becomes legitimate on its own. Jason Hall: I think that will completely undermine the investing thesis because at the end of the day people don't want to own a currency because you know what currencies do?
They hold value. They are predictable. You know how many of that currency is going to take to go buy a gallon of milk or put gas in your fuel tank. I think that would immediately underpin people wanting to own it because it's not going to go up. If it goes up, that is deflation. Jason Hall: I think it's a disservice to continue to call these cryptocurrencies currencies because their use case is never going to be as transactional products.
Last thing I want to say because we can talk about this for an hour, because I think this is important to your point. The counter is the US dollar has a hell of a lot of things backing up its value, the entire output of the United States of America and the backing of the US government. That's still worth a lot. You know how you know that's a lot? Because of the trillions of new dollars that have gotten thrown into the economy and there's massive demand for those US dollars that have been soaked up.
Just like that, they've just been soaked up. Is there a price to pay down the road? None of us know what that price is going to be though. Bitcoin held a 66 percent share of the total cryptocurrency market in There have been calls for the crypto market to be more regulated because money is created and transferred without the actions of monetary authorities. Bitcoin price from October to February 10, in U. Loading statistic Download for free You need to log in to download this statistic Register for free Already a member?
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