Forecast: Continued acceptance is driving demand for Bitcoin. From recent price moves, Bitcoin is being compared to the Tulip Bulb Mania. True or not?
Via Seeking Alpha
Bitcoin's viability and allure are what is pushing up the price of the cryptocurrency. Anyone holding on to their fiat currency sees their purchasing power erode year after year. Why? The very same reason tulip bulbs make for a bad store of value: If the price of tulip bulbs moved higher, farmers would produce more. If the purchasing power of the US Dollar increased too much, the Federal Reserve would print more. And, Americans accept that as being acceptable.
Instead of questioning the viability of Bitcoin, naysayers should start to question the actions of their government who continually erode the ability to purchase products from hard-earned money.
In the past year, Bitcoin moved from $800.00 to nearly $8,000.00, a multiple of 10. Given the draw and attention of Bitcoin, its store of value and its use as a medium of exchange, Bitcoin will continue to draw more and more users. Two more years of value growing at 10-times, and Bitcoin would be printing $800,000.00. Then, it is just a small step to Bitcoin $1 million.