Bitcoin Exceeds $19,000 and Still Growing According to Analysis by Bo Williams
Bo Williams, the financial market expert, commented on the latest Bitcoin moves in the live of the “The Great Investor” challenge. With 24 years of experience, Bo has worked for many investment firms and is the founder of the PhiCube method of technical analysis.
Bitcoin Sustains Accelerated Value
The investor claims to believe in a $500,000 scenario over the next 2-3 years. Last week according to crypto news today, the cryptocurrency reached the historic value of $19,000. According to Williams, the whole world is looking for an asset that actually serves as a store of value, and BTC can supply this demand.
“I say this because we are about to reset the global financial system. It will be digital and will erase the more than 200 trillion dollars in debt the world has today. It is not sustainable to continue with a debt-based world monetary system”. It is a big bitcoin news now.
With the unilateral breach of the Bretton Woods agreement by the United States in 1971, the dollar lost its backing in gold and became based on the good faith and trust of the government. However, according to Williams, “unfortunately governments do not represent what the people really want“.
Bitcoin Limited Scarcity and Unique Characteristics
Bitcoin, on the other hand, is an asset with limited scarcity and several unique characteristics.
“The number of bitcoins is limited and the world economy is only growing, [to the point] of having hundreds of trillions of debts worldwide,” he concluded.
Using his world-renowned method, Bo compared Bitcoin to Magazines Forbs 400. The store is a phenomenon on the Stock Exchanges and has risen more than 1,000% in 8 years.
The Magazine’s MGLU3 ticker paper has been above all green lines since July 2016, having corrected few times since then. Williams calls these lines PV, or “no sell,” as they indicate an asset’s uptrend.
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