By Tobi Loba
Rhythm, a popular Bitcoin maximalist that shares tons of nuggets on Twitter in support of BTC on daily basis, recently suggested that Bitcoin is “monetary insurance” in corroboration with the tweet of Anthony Pompliano about the first cryptocurrency.
Obviously, Bitcoin (BTC), the largest cryptocurrency by market capitalization has not been generally accepted due to its seemingly unpredictable price trend, especially with the price action it exhibited lately.
This alone is fueling the critics and pessimists of Bitcoin. Many of them believe that BTC is ending back to zero in terms of market price, leaning their points on the fact that Bitcoin seemingly rests on nothing.
However, these have not dissuaded Bitcoin maximalists who believe in the future prospect of the digital currency. They keep rallying support for BTC on top of their voices on daily basis, using virtually all means of communication.
Bitcoin is Monetary Insurance Says Rhythm
The thread was started by Anthony Pompliano, a well-known Bitcoin maximalist and Co-founder at Morgan Creek digital. As his usual habit of promoting the use cases of BTC on the micro-blogging platform, Twitter.
In his point, he stressed the notions of fiat maximalists who generally believe that the US Dollar cannot be negatively impacted by inflation, tagging it as the riskiest in the whole of the financial system.
He said, “The fiat maximalists think there is no chance that hyper inflation could ever happen to the US dollar. They get really mad when you bring it up. This belief is probably the single most mispriced risk in the entire financial system. The definition of a black swan event.”
This tweet attracted tons of responses. Rhythm also reacted to Pompliano’s assertion as always. In support of Bitcoin’s goal and objective, he pointed out that virtually everyone has insurance for their cars, houses, life, pet, and others.
He then shared that none of these people has insurance or ready for possible government failure. Conclusively, he said, “Bitcoin is monetary insurance.” His point is possibly from the decentralized nature of Bitcoin and other general beliefs surrounding the cryptocurrency.
Everyone has insurance for their car, house, medical care, life and even pet, but no insurance incase their government fails.
Bitcoin is monetary insurance.
— Rhythm (@Rhythmtrader) December 6, 2019
Challenges to Huddle for Bitcoin (BTC)
Bitcoin (BTC) was created by an anonymous personality, Satoshi Nakamoto. The digital currency came to existence in 2009, purposely to serve as a safe haven as the global financial crisis ranged back then.
Regarding value, Bitcoin was more like nothing when compared to other assets like precious metals such as Gold. But as time advanced from its emergence, BTC kept coming to limelight due to its consistent price increase but was not actually trending like other assets.
The history of Bitcoin has totally changed today. The awareness about its decentralized and boundless and no bounds nature is spreading to all corners of the earth. Institutional recognition and investment it has accrued are really helping its growth like never before.
Its growth over the space of ten years seems to have challenged many countries with the highly valued national currency, which called for the ban or restriction of the digital asset in the grossly affected countries.
Many factors have influenced the price of BTC over the years. The operation of regulatory bodies over the digital token in some densely populated countries such the United States, China and Indian have contributed their parts to the advancement of Bitcoin, whether positively or negatively.
So, Bitcoin as the leading digital coin has quite a lot of challenges to hurdle before it could clinch the coveted mainstream adoption or be allotted with the recognition it somewhat deserves.
The situation of Bitcoin (BTC) in the Market
Bitcoin has not really undergone a major price downtrend or uptrend in the last 24 hours. It keeps hovering above $7,000 support level, how long it will maintain this support for fresh positive trend cannot be ascertained.
There are growing expectations among Bitcoin investors and traders for its usual price action it has failed to display lately. At the time of filing this report, Bitcoin is trading at $7,456.10, with a 0.58% price upsurge on 24 hours basis.