Not that BTC's price in USD is all that matters, but the thing about long downward fiat price trends in Bitcoin is that they always turn into long upward price trends which push the fiat price to new all time highs... because the fundamental reasons for Bitcoin's existence still haven't changed.

While Bitcoin's price has captivating qualities and excessive influence on our emotions, remember that the fundamental reasons for Bitcoin's existence have not changed. Until those fundamentals change in a material way, then I'm bullish on the price long-term. It's important to focus on less volatile metrics that are more fundamental to Bitcoin's investment thesis. Here is a quick list of fundamental reasons for Bitcoin's existence:

1) The Fed continues to monetize government debt and bailout banks.

2) Bitcoin continues to add blocks roughly every ten minutes with every satoshi 100% completely and accurately accounted for.

3) Miners continue to push hash rate higher. Although you'll notice that difficulty and hash rate are currently stagnating, which we have seen happen repeatedly throughout Bitcoin's history.

4) Developers are building out more infrastructure.

5) The US govt will continue to run budget deficits and increase the debt through excessive spending on military, welfare, and govt pet projects.

6) Financial surveillance continues to increase as governments encroach on human liberty around the world.

7) American consumerism continues to change and shape our environment in ways that we may not understand until it is too late. Bitcoin is a check on consumer culture.

8) 6 billion people around the world exist outside the US-centric banking system. Bitcoin will accept them onto its financial network no questions asked... Banks will deny these people financial services until they comply with the banks rules and meet certain net worth requirements.

Submitted December 17, 2019 at 07:20PM by the420chronicler https://ift.tt/35tj54k