Bitcoin (BTC) Makes Some People Rich but Many Also Become Poor

Carl Runefelt, who is better known as The Moon Carl, was only 24 years old when he started posting daily Bitcoin videos. The Swedish YouTuber has perhaps the fastest growing cryptocurrency channel in 2019, and yet after the 2017 bubble burst, it was not an easy task.

Talking to CNBC Moon Carl:  Bitcoin has done incredibly well in the past one year.  You can just see like a little bit more than a year ago, it was trading down at $3000.  Now it is more than 10 times higher.  Compared to Bitcoin, gold has nearly done nothing in that same period of time. So, I would already say that Bitcoin has been performing much better than actually any asset out there.

If you really zoom out, Bitcoin is an inflation hedge, Bitcoin is a new form of money. Bitcoin is the best form of money that humans have ever seen before. It is the scarcest asset in the universe. It is the only asset that has a finite supply where the supply can never be diluted.  And, this can only take place in the digital world that is why we have never seen it before.

So, with that in mind looking at Bitcoin on a weekly basis and monthly basis it does not make so much sense to me.  It is more about the next 5 to 10 years.  And, I think Bitcoin has a great chance to become the world’s reserve currency because as I have said it is the best form of money the world has seen before. And, fiat is the worst money we have ever seen before.

And, the whole value of all money in the world is close to 100 trillion dollars.  And, if Bitcoin achieves the best case scenario which in my opinion is becoming the world’s reserve currency, then Bitcoin could go to 6 million dollars per coin. But I would say in the next ten years.

Community Reaction: Not worried in the long term, but still curious to understand what is happening at this moment. Who is selling now?

Are you for real? Bitcoin will not be the global reserve currency. POW does not work, too slow and expensive. Remember and don’t you forget it XRP is King.

Bitcoin is like Gambling and it is a Matter of time-based Pump and Dump Schemes. With BTC your financial history and wallet balance are public information. This is not a workable form of money whatsoever.

Bitcoin makes some people rich but many also become poor.