Bitcoin Price Prediction & Forecast - Bitcoin Price is speculated to reach $ by End & $ by Get expert opition on short-term and long-term bitcoin price prediction, and learn what will be the value of Bitcoin in and ! Aug 04, · Research Paper Makes the Case for a $ Million Bitcoin Price - Coinjournal. Close. Posted by 3 years ago. Archived. Research Paper Makes the Case for a $ Million Bitcoin Price - Coinjournal. The value of anything is purely perception amongst users of whatever that thing is. The concept that something can have a pure underlying. Aug 04, · The $ Million Bitcoin Price The author of this research paper eventually asks the reader to consider bitcoin as the dominant world currency. If such a consideration is deemed acceptable, then the author believes that correctly valuing bitcoin is a simple exercise of estimating the total value of all the world’s money, which leads to the $5.
Bitcoin a $5.8 million valuation pdfTechnical Paper Predicts Bitcoin Price to Reach $ Million Dollars
There are different views whether Bitcoin could reach a higher value or whether we are in a bubble. We do not have an answer to this.
Does it have intrinsic value or not? BTC prevents the blockchain from malfunctioning. Blockspace created by a healthy blockchain gives BTC its intrinsic value.
He gives several reasons to think in this way. First, he says that merchants prefer to use one currency and not two. And why would they prefer Bitcoin over the US dollar? Well, the second reason is that there is a selective intolerance towards the US dollar. That applies to criminals, tax avoiders and other individuals and enterprises not following the law.
There is a third important reason to believe that Bitcoin can be widely adopted. As we are living in a more globalized world, people tend to travel more and move among different countries. The US dollar and other fiat currencies are only accepted in specific countries. Bitcoin could easily be accepted everywhere. The paper keeps explaining how Bitcoin could become the dominant world currency. Whether this is plausible or not, we are not able to determine it.
How would bitcoin be able to deal with all the transactions? At the moment, the Bitcoin network is facing different problems with its fees and transaction times.
Coinbase is the most popular fiat-to-crypto on-ramp in the U. Further, exchanges like Coinbase are centralized and custodial platforms, meaning that when your bitcoins are stored on the platform, they are technically not yours as they can be frozen like with a bank account.
Crypto-to-crypto exchanges solely offer trading in and out of different cryptocurrencies, with prices of altcoins pegged to Bitcoin or stablecoins like Tether or USDC. However, these exchanges sometimes offer excellent trading experiences and can be used to access other cryptocurrencies widely not available on fiat on-ramps.
Binance is one the leading cryptocurrency exchanges in the world and is a centralized crypto-to-crypto platform. The differences between centralized and decentralized exchanges are essential for several reasons. First, centralized exchanges have custody over your Bitcoin, just as a bank retains custody over your fiat funds.
Second, these exchanges are prone to targeting by hackers, and the sheer scale of hacks on exchanges in was astounding. It is best practice never to store your Bitcoin on an exchange, even a decentralized one. Conversely, DEXs are useful for direct exchanges between counterparties, without an intermediary.
Unfortunately, many DEXs do not have enough trading volume to be as liquid as their centralized counterparts, and recent directives by the SEC towards EtherDelta may discourage operators from continually running DEXs outside of legal jurisdictions.
OpenBazaar and Bisq are open-source marketplaces without registration and an emphasis on privacy and security. Volumes on decentralized marketplaces are substantially lower than their centralized counterparts, but they are rapidly gaining traction among privacy proponents and users seeking better security assurances.
Similarly, Bitcoin volume metrics sites like CoinDance indicate that decentralized exchange platforms are growing in use in countries with problematic inflation and economic conditions, especially Venezuela. These platforms offer censorship-resistant avenues for citizens in countries like Venezuela to buy into crypto and fiat currencies that are much more stable than their local currencies.
Access to investing in Bitcoin has never been more abundant, but there are still significant strides that need to be made for access to reach its ideal levels that support a global, decentralized value system. Most investors in Bitcoin reside in countries where Bitcoin is more of a speculative investment or part of a professional focus rather than stemming from direct needs for an alternative medium of value.
In countries like Venezuela, Zimbabwe, and Argentina, the situation for investing in Bitcoin hinges more on a legitimate need to seek alternative currencies due to adverse economic conditions. Increasing access to such areas of the world is an important initiative, and several developments may broaden access outside of solely the proliferation of decentralized marketplaces.
Bitcoin ATMs are one avenue to grant easier access in localities, often available in convenience stores and supermarkets. You can even buy Bitcoin at Coinstar machines in select locations in the U. However, the regulatory frameworks for these services are complicated, and unclear in the U.
Other alternative means for investing in and using Bitcoin include emerging projects focusing on Bitcoin vouchers and credit sticks. You can top up a Bitcoin account by simply using the Azteco voucher like you would for topping up a phone, and the details are available on their website. Similarly, OpenDime is a service where users can physically exchange Bitcoin credit sticks. The credit sticks are secure USB sticks that contain the private key within the device itself.
Such functionality enables Bitcoin to be transferred between parties locally with assurances that the private key is not compromised as long as the stick is sealed. Users can even pass around the stick multiple times. OpenDime has some intriguing long-term implications, and its emergence in economies with weak economic conditions will be something to watch closely. Financial instruments using cryptocurrencies are also on the rise, with services like Celsius Network and BlockFi permitting users to take out loans with their crypto holdings as the underlying collateral.
Moreover, lenders on Celsius Network can earn interest through their P2P lending pool that is paid by the borrowers, paid out directly in the crypto that their deposit was made in, including Bitcoin. More advanced Bitcoin users who are familiar with its second layer — the Lightning Network — also have the future potential to earn BTC through relay fees and watchtowers. Watchtowers are services that monitor the Bitcoin blockchain for their clients to identify transaction breaches on the LN and issue penalty transactions.
The first can be freely altered by the FED at will. Any commercial bank can turn any HPM banknote into ten demand banknotes, and each bank has a strong incentive to convert as many as possible, as each conversion increase bank profitability directly.
While 17 Setting aside the investment banks, which are another matter. We have no space here to fully unravel this complex topic, other than to say that the FED also began paying interest on all excess reserves, which turned these, somewhat, into bonds as if these reserves were actually loans made back to the FED.
Thus, it is still as if banks have taken every opportunity to lend out their reserves some modern reserves merely come pre-lent. Despite the fact that nine out of every ten dollars in circulation was created by a private commercial bank19 , each individual bank can do nothing to actually alter the money supplys grand total if one bank doesnt multiply a HPM note by ten, another bank will.
Thus, control of the money supply and the power of the printing press lies with the FED. Therefore, the counterfeit expansion of the money supply requires only that sufficient pretext, excuse, deception or corruption be supplied to the FEDs board of directors. In practice this is most often achieved via an assertion that the FED must unconditionally ratify the budget deficits of the US Government, even if the budget is economically unjustifiable or otherwise preposterous.
While the process is quite complex and convoluted, the main conclusion is simple: if the government spends more in a given year than it collects in taxes, the difference is made up via counterfeiting. This act forced all citizens to sell their gold to the FED at a rate of This event occurred near the end of the interwar period Initially, this period was char- acterized by free trade and strong leadership under the victorious Allied Powers for example, as in the Washington Naval Treaty , and therefore strong economic growth as in the roaring 20s.
However, it was later characterized by cultural and economic insecurity in the form of globalization and the Great Depres- sion , which led to strong policies of nationalism and in many cases total economic self-sufficiency. The regional autarky of this period echoed that of the medieval feudal period. Both periods saw a shift in the preferred monetary technology trading partners felt that their stored-value would have greatest durability if it resided in the goodwill of their immediate neighbors, where it and their lives would be best protected from looters.
While citizens found direct conversion from USD to Gold to be impossible after , it was made indirectly possible by the Bretton Woods system following WW2, if one were able to route the dollar through a foreign government. Initially, these conversions were very rare, as foreign nations were economically and militarily dependent on the US.
However, by the s most countries had recovered, and the US had become fiscally imprudent. Thus a global gold standard reigned in America until , interrupted only by WW2 and the autarkic economics of total war.
It was replaced by the modern era of floating exchange rates and quasi-nationalized banking. And it may take many election cycles for political change to have impact, as the incumbent typically wins rendering the election largely inconsequential. Nonetheless, following the transition to the banknote era, Washington DC managed to change quite rapidly. Banks print new money, but.
Kaiser spent most of his 70 years living in Washington DC, and more than 50 years at The Washington Post, where he rose to the position of managing editor. In the table below, I have taken figures from Kaisers book on the rise of US lobbying , and framed each in terms of compound annual growth rate CAGR. I compare each of these to control rate from the St.
Louis FED over the same time period. Table 5: Sustained, consecutive years of above-average growth would indicate that the economy is reorga- nizing to promote the underlying activity over other activities. Specific exerpts, concerning the Schlossberg-Cassidy lobbying firms invention of the earmark in , by getting Congress to pay for a new nutrition research facility at Tufts University emphasis added :.
In years to come this kind of legislative provision would become so common that it acquired a widely used nickname an earmark But in this was an unusual idea. Were going to try to help them out. I want you to work with these guys. Manna from heaven. We now have what would turn out to beyou know, like a prospector finding the first nugget with gold in it. Greenberg [respected science writer] asked [in ] if the firms clients get their moneys worth [Do] your customers retainers come back many-fold?
In every case, many, many fold, Cassidy replied. They rep- resented money spent on science that would not have been spent. The Schlossberg-Cassidy firm could deliver these many-fold returns because they had inadvertently rediscovered the gold mine of the Gold Era not in the ground, but instead in the halls of Congress.
Cassidys claim that these earmarks hurt Figure 3: A metric of bipartisanship in the Senate. Polarization was very high during the post-Civil War Reconstruction Era , and declined slightly during the Gilded and Progressive Eras before falling sharply during and between the two World Wars However, the distance between moderate Republicans and moderate Democrats has widened consistently since their divergence in Matthew Gentzkow published a report Polarization in  surveying a wide array of polarization indicators most from onward emphasis added :.
We are less likely to find people holding liberal views on some issues and conservative views on others, or to meet a liberal Republican or conservative Democrat. We dont see those on the other side as well-meaning people who happen to hold different opinions or to weight conflicting goals differently. We see them as unintelligent and selfish, with views so perverse that they can be explained only by unimaginable cluelessness, or a dark ulterior motive.
Either way, they pose a grave threat to our nation. The book Polarized America is summarized  as follows: the authors find that polarization and income inequality fell in tandem from to and rose together dramatically from on. Each year is the most polarizing of all.
In the US presidential cycle, each of the candidates themselves asserted that their rival was an outright criminal and shouldnt even have been allowed to run. It was unknown if many of electorate even truly accepts the outcome Not my president!
In contrast, Senator George McGovern, Chairman of the Select Committee on Nutrition and Human Needs, is quoted  as saying I think its fair to say that we never had a partisan quarrel on that committee  p54 something which is today almost unimaginable. I will cite Ferguson  p11, emphasis added :. Politicians in both parties enrich themselves and betray the interests of the nation, including most of the people who vote for them.
Yet both parties are still able to mobilize support because they skillfully exploit Americas cultural polarization. Thus, the very intensity of the two parties differences on values issues enables them to collaborate when it comes to money.
In an academic survey conducted as early as , 44 percent of the consultants interviewed reported that their clients were uninvolved in deciding which issues would be emphasized in their own campaigns. Two-thirds said the candidates played no role in determining the tactics of their campaigns. If you could win voters alliance with your opposition to gun control or gay marriage or flag burning, or by being tough on criminals and terrorists, who needed solutions to big national problems?
Polarization can shield politicians from the electoral consequences of their misconduct. In fact, any misconduct that is monetizable would now paradoxically help a politician win re-election. The offense need only be mixed with a dash of incremental extremism. Ferguson is hardly a member of the fringe he has a B. This wealth presumably freed him to follow his lifelong passions of scholarship and film-making, as he then spent a decade at MIT, Berkeley, the Brookings Institute, and so forth before making the documentary Inside Job.
Keep that in mind, as you read these excerpts from his book Predator Nation  emphasis added :. The sale of academic expertise for the purpose of influencing government policy, the courts, and public opinion is now a multibillion dollar business. These people will have a major say in whether you get published, get a job, or get tenure. I was contacted by a large number of students and faculty But most universities still have no public disclosure requirements at all, and few if any have any limitations on the existence of conflicts of interest or of income from such sources Reporters at the New York Times, Fortune, and other major news publications are strictly prohibited from accepting money from any industry or organization they write about.
Not so in academia. The author did not indicate, anywhere in the paper, that he had been paid to write it by anyone, let alone the Icelandic Chamber of Commerce. The Federal Reserve, through its extensive network of consultants, visiting scholars, alumni and staff economists, so thoroughly dominates the field of economics that real criticism of the central bank has become a career liability for members of the profession One critical way the Fed exerts control on academic economists is through its relationships with the fields gatekeepers.
For instance, at the Journal of Monetary Economics, a must-publish venue for rising economists, more than half of the editorial board members are currently on the Fed payroll and the rest have been in the past. I would date it to maybe the mids, says University of Texas economics professor and Fed critic James Galbraith. The generation that I grew up under, which included both Milton Friedman on the right and Jim Tobin on the left, were independent of the Fed.
The Fed also doles out millions of dollars in contracts to economists for consulting assignments, papers, presentations, workshops, and that plum gig known as a visiting scholarship. Try to publish an article critical of the Fed with an editor who works for the Fed, says Galbraith. And the journals Milton Friedman, in a letter to [Robert Auerbach, a former investigator with the House banking committee] argued that the Fed practice was harming objectivity You and I know there has been censorship of the material published.
Equally important, the location of the economists in the Federal Reserve has had a significant influence on the kind of research they do, biasing that research toward noncontroversial technical papers on method Paul Krugman, in fact, has gotten rough treatment.
Ive been blackballed from the Fed sum- mer conference at Jackson Hole, which I used to be a regular at, ever since I criticized [Alan Greenspan], Krugman said [in ]. Nobody really wants to cross him. But one clear problem was the so-called Greenspan Put. Alan Greenspan famously promised that if the stock market went down, he would inject money into the economy and lower bank interest rates. In this way, an unexpected decrease in interest rates causes asset prices to rise, which Greenspan used to give stockholders a free do over on bad stock market investments.
Executives at large financial institutions trivially extracted money from Greenspans put using what Nassim Taleb called a blowup strategy.
From his congressional testimony  following the financial crisis emphasis added :. VaR encourages low volatility, high blowup risk-taking which can be gamed by the Wall Street bonus structure This is the profile for banks losses in , , and and many hedge funds. Such trades pay extremely well for the traderbut not for society. I am under oath and I will say exactly something that I want to be on the record. I was a trader for 21 years, and every time I said What if we blowup?
The government bails us out. And I heard that so many times throughout my career I heard that so many times By pairing this loss event the blowup with Greenspans put, executives at large financial institutions had constructed a portfolio that couldnt lose.
The taxpayer, correspondingly, inherited a portfolio that couldnt win. The Senate was a very different place then [s]: small staffs, members [of Congress] did so much of the work themselves Polls and the political consultants who depended on them shaped what the clients should say, even what language they should use to say it The objective was not to govern effectively, not to lead, but to win.
The pollsters and consultants certainly did create demand for expensive services To pay for these services, politicians had to raise ever- greater amounts of money The permanent campaign turned politics into a relentless struggle for power.
Dale Leibach The Hill [Congress] cant exist without downtown [the lobbyists], and downtown cant exist without the Hill. Its the largest, most democratic bazaar in the world. And its all about money, going in both directions. So has the substance. The intellectual firepower in Congress declined sharply during my years in Washington . Lawmakers who read books, have their own ideas, care about policy issues and believe in government have become rarer than Redskins victories.
Perhaps this is why we also experience an opposite complaint that government is too small, or not doing enough. Despite reckless federal spending overall, when examined in specific the spending seems meagre and unsatisfying. A governments most productive investment, after safety, is in infrastructure. The share of scientists with NIH grants in is half of what it was in , reducing public defense against plague and disease.
For primary and secondary public schools, real inflation-adjusted spending per student grew at an annual 4. Even an annual rate of 1. Todays older Americans are the most well-educated in the world, but todays younger Americans are not even close.
We might explain this paradox in two parts. First, by noting that two-thirds of the federal budget excluding interest is spent on entitlements such as Social Security These expenses take the form of checks that are written to specific individuals they are not truly public goods at all.
Second, we note that the modern election can determine the fate of a theoretically unlimited amount of money. Because of this, elections warrant the recruitment of professional election-winners, and these professionals will exploit every advantage they can find namely the use of public money for electoral bribes and kickbacks. For this modern type of politician, advocating for the public good would be a distraction at best, and a severe handicap at worst.
We certainly do not claim that there is a direct, unbroken line from the use of Banknote Money to the phenomena of excessive campaign spending or financial crisis. Instead we claim motive and opportunity: there is always an incentive to counterfeit, and as an empirical matter the public has allowed professional election managers to capture our governing institutions, and sell these to the highest bidder.
Banknote waste differs from other types of monetary waste in that it is much harder to perceive, by virtue of the complex nature of banknote creation. In contrast, Bitcoin mining directly consumes electricity, and gold mining obviously requires engineers, machinery, armed guards and so forth. At first glance, it seems incredible that impoverished hunter-gatherers would devote some of their precious time to the manufacture of silly beads and shells and other collectibles.
All of these activities are wasteful, in a narrow sense, but in a broader sense they maintain the infrastructure required to promote and sustain cooperation. These are social activities we engage in them because we are not alone. Mineral commodity profilesgold, Statement before the united states senate committee on homeland security and government affairs, Deeper into credit card debt with no regrets this holiday season, The Federal Budget in An Infographic, Global Wealth Report , Kasper the gamer talks pro gaming, foregone conclusions, and sixteen year old remittance corridors, The bitcoin volatility index, The secret, dangerous world of venezuelan bitcoin mining, Predator Nation, 1 ed.
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