Bitcoin mining has been going full blast for a while now, and in the process, it has become a profitable way to earn a few bucks. It’s not the best way to earn money, but it’s certainly not a bad way either, as long as you have a decent phone and internet connection. If you’re looking to earn that extra buck, then this post is for you.
It’s been almost 3 years since I first published this piece on CoinTelegraph in March 2013, but bitcoin is still young and it’s not stopping its growth. With the debate over the future of bitcoin behind it, many of bitcoin’s most ardent believers think the time has come to take bitcoin mainstream, and turn it into one of the world’s reserve assets—not just a digital currency. ~ ~ ~
Greg Foss, the founder of PeerStreet, is a man who believes in the future of bitcoin. The digital currency is new, and it has had an incredibly volatile ride thus far. But Greg is confident in its potential, and he believes it will eventually be the reserve asset for many people.
The global financial asset market is now valued at just over $900 trillion dollars, and Bitcoin could reach a market worth of $45 trillion dollars if it could capture only 5% of all reserve assets. Greg Foss, a Portfolio Manager and seasoned high-yield credit trader, utilized this to make his argument for bitcoin reaching a value of $2 million. Many experts have shared their views on bitcoin, but Greg’s math-oriented and macro viewpoint is something to think about.
Greg sees bitcoin as a commodity that can be used to represent natural resources and oil for some of the world’s biggest producers. Bitcoin will become a de facto worldwide “asset” if oil and other natural commodities are priced in bitcoin. Greg knows how essential it is to hedge against the debt spiral and embrace bitcoin for the greater good, having spent more than 25 years pricing and trading corporate credit-related structures.
Greg discusses how adding bitcoin to national reserves is a win-win scenario for nations like Russia in a recent YouTube live broadcast hosted by Anthony Pompliano. He also believes that the US Dollar is “Programmed to Debase Fiat Currency,” meaning that it isn’t worth the same as precious natural resources. As many nations begin to seek for alternatives to US-related assets, the dollar’s worldwide position is no longer the same.
With bitcoin’s growth, it may be the greatest option for many nations as an emergency backup. Greg further emphasizes that this will only happen if a significant number of businesses and nations, such as El Salvador, embrace bitcoin. We also believe that green bitcoin mining will become a reality sooner rather than later, thus the pace of growth once businesses realize bitcoin as a store of wealth will be incredible.
We also saw Elon Musk remark at The B-word conference yesterday that Tesla would most likely start accepting bitcoin payments. We can expect bitcoin’s growth to increase at an inconceivable rate in the next years as more businesses follow Tesla and Square’s lead.
However, in order for it to reach $2 million, it must symbolize energy, and nations must regard bitcoin as part of their national reserve. Finally, Greg mentions that his reasoning for bitcoin may be incorrect in the future, but that he respects the math underlying bitcoin’s probabilistic analysis and believes it has a lot of value.
Karthikeya Gutta, a crypto writer and freelance contributor for ItsBlockchain, was born and raised in India. With in-depth analysis and research, he covers different areas of the sector. His enthusiasm for blockchain and the crypto ecosystem stems from his belief that it has the potential to transform the world and benefit millions of people.
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If you haven’t heard of him, Greg Foss is a well known commentator on future of Bitcoin and blockchain technology. Greg recently said that he believes if Bitcoin can achieve a 5% share of all global reserve assets (that is, the amount of money that is held in global reserve across the world, excluding government, central banks, etc.) by the end of 2023, it will be the next JP Morgan Chase.. Read more about bitcoin news and let us know what you think.
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