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Bitcoin Hits Another All-Time Price High

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In case you hadn’t noticed, the price of Bitcoin is on the move again. After settling in a trading range over the past month Bitcoin has made new highs over the past week, and it’s interesting to think about what the move might imply.

Coindesk shows Bitcoin trading as high as 3522 on August 8, and the move comes at a time when political turmoil seems to grow by the day. Last week the Wall Street Journal was reporting a proposed plan by the Pentagon to arm the Ukraine, and now this week brings escalating nuclear threats between Donald Trump and Kim Jon Un of North Korea.

Perhaps the explosive trading activity we’ve witnessed in the crypto currency space this year is similar to what would be happening in the precious metals markets were it not for the banks ability to suppress the price by writing paper contracts.

What’s interesting is that when you speak to supporters of the cryptos, and perhaps most importantly those who have actually invested, they’re generally concerned by the rampant money printing. Not just by what they see going on with the Federal Reserve in the U.S., but with central banks around the globe increasing the money supply at shocking rates.

Keep in mind that had you suggested back in 1980 or 1990 to go to negative interest rates or that central banks would be buying stocks and toxic mortgage bonds by the trillions, no one would have believed you. What’s taking place as we speak is not by any means normal.

So to think that the the new highs in Bitcoin are a reflection of growing political and monetary concern certainly seems plausible.

Factor in that most people don’t even know another person who owns a Bitcoin, let alone owns one for themselves, and I tend to think we’re looking at something that’s going to be a part of our monetary future as opposed to a bubble that’s anywhere near bursting.

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