Bitcoin Credit Bubble Part 2: Central Bank Credit Expansion

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Bitcoin's underlying software code was split on Tuesday, generating a new clone called Bitcoin Cash. Many write that the cryptocurrencies market is a bubble that will soon burst.

Do you agree with this opinion? How do you see the future of bitcoin and other crypto-currencies? I do not believe that cryptocurrencies are a bubble. In fact, after years of skepticism I finally feel Bitcoin and the rest of the crypto market is ready to take the next step in the evolution of both financial markets and the internet itself.

We bias our analysis of events based on what has happened in the past and the most likely outcome day-to-day. But, adherence to it during chaotic times can be devastating. Those saying that cryptos are why bitcoin is not a bubblebitcoin isle a bubble are suffering from normalcy bias. They cannot or will not see that the reason Bitcoin broke out of the fringe ghetto of the internet in and I was there to see itis because our monetary and political systems are becoming rotten and corrupted.

Cryptos are a catastrophic mutation, in an evolutionary biology sense, born why bitcoin is not a bubblebitcoin isle of extreme need to build a better money than the debt-based one currently in the process of failing. I believe that government intervention into markets is nothing more than barriers to trade which mis-allocate capital and incentivize rent-seeking behavior.

We are reaching that point in these next few years. It could begin as early as with a blow-out of sovereign debt why bitcoin is not a bubblebitcoin isle the eurozone and a loss of faith in the European Central Bank and The Fed to control it. This is what the cryptos are reacting to now. Simply put, this is capital flight. The crypto bull market, which is one of the most powerful things I have ever seen, is the digital canary in the fiat currency coal mine. It is warning us that confidence in the banking system is failing.

Government issued currencies are only as strong as the viability of the governments backing them. When confidence in them fails, so do the currencies. With the advent of new blockchain technologies, new cryptocurrencies will be capitalized to solve specific problems or fill particular niches.

Ethereum is one solution for building next-generation distributed applications that can automate and perform common tasks of vital importance — permit issuance, mortgage application, account registrations, etc. There are others on the way. That fork demonstrated to the world that disagreements between parties in this new world of distributed, voluntary systems, can be worked out with minimal pain and no lawsuits.

Quite a remarkable thing just occurred. The people screaming bubble are simply talking their book, as always. I wish you a good day and inspiration to create in our community! EOS There are others on the way.

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