Re: Calling it now - 10/7/2014 - We will be up another 2-5% by 8PM EST on 10/7/2014
The people on here that don't believe anyone would want to use Bitcoin as their main source of currency have never lived in the third world where currencies devalue 20% or more a year, every year. This is where my faith in BTC comes from. There is major potential in these markets.
I'm beginning to wonder if you're a troll whose strategy is to mock the bulls?
Have you lived in a third world country? I spent months in the horn of africa, and very few of those people have any appreciable savings, aside from their home and livestock (if they're fortunate). you think they're going to put it into a currency that loses 70% a year like bitcoin in 2014?
Are you for real?
Have you heard of mpesa?
Ok, now that I'm done with that other dummy, it's time to circle back to this one.
M-Pesa is issued by a central agency and pegged to the national currency on a 1:1 basis. Biiiiig difference.
Kenyans can count on their money retaining its value. Bitcoin users can't, and if a poor soul living in Kenya had bought bitcoins this year rather than M-Pesa, he and his family may have starved to death!
Yes, if someone hypothetically in Kenya had bought bitcoin at the top of the last bubble they would have lost money. It is volatile. Noone is suggesting it will immediately take over the role of fiat currency for working capital of the ultra poor. But it is likely to become a modern digital gold in the coming years, both trading as a commodity on the markets, accessible by ETF, but also useful as a transactional global currency by the poorest in africa.
Try and see the bigger picture if you dare.