Just last week, I shared that Bitcoin will eventually hit 500 K USD per BTC based on comparison between Gold and BTC market capitalisation. Within a few days, the price went up which was something that I was caught at a surprise. The action came to a slight stop and hover around 17, 500 USD to 18, 000 USD. This is likely to form the next resistance before it shoot up even higher or maybe retreat for a while.
I am deeply concerned about this rally as there seems to be no valid reason behind it. I doubt it is due to the Paypal news or Square news as they are long over. It is also likely not triggered by Gold as the price movement is not as huge.
A possible reason I feel will be due to the fact the rise of stable coin. They have recently come into the picture quietly for the pass few years and there are already a few version of it. USD, EUR and even SGD. As stable coin is pegged to their actual fiat currency, they will be a great source of liquidity. More and more countries are coming up with their stable coin and it will likely cause a stir in the market. I foresee that each country will eventually have their own stable coin which will pegged to their fiat. It will then be followed by the stable coin been utilised to flip Bitcoin and other Alt Coin which will cause the price to move even higher.
It is rather difficult for trader to buy stuff using Bitcoin directly but with Stablecoin, the potential is higher as it will be pegged to their fiat. Example if I am in Singapore and some E-commerce store allow me to use SG stable coin, then I will be able to exchange my Bitcoin for the stable coin and then use it to shop online. This will be a huge booth not only to the crypto realm but also the E-commerce realm.
I shall continue to hold my Bitcoin and some Contract. Not sure where I will be heading to next from here. Though Bitcoin is sort of like a gamble to me but I am not gonna go in big. I am still quite wary of it. Thus I don't expect huge gain and ended up like those Bitcoin Millionaire.
I am also holding onto some E-commerce shares I am long with them. I shall stay humble and take my baby step.