Why Is Bitcoin Going Up? hello everyone Nick here Eric coming at you from downtown Minneapolis in Minnesota Walker Art Center beautiful day out today as you can see we got some great sculptures we're trying to take a step away from our computers get outside a little bit enjoy the day but we still wanted to come at you with some information so you guys aren't left out of the loop here and what we wanted to cover today was a very common topic are cryptocurrencies currently in a bubble? what we're gonna do here is I'm going to go a little bit with the devil advocates side Eric is going to go explaining more how we feel at Block Capitol Insider about this situation so let's start it off with my question Eric

cryptocurrencies were valued at around 20 billion dollars this spring and currently today they've had a pretty parabolic rise up to about 200 billion (correction) what would you say to people that say cryptocurrencies are in a bubble this is a parabolic rise it's not sustainable it's not it's not gonna continue yes we see how the prices are free trading is understandable they think this but we need to put clear something really important that most of the media don't speak sure and most of the people who criticize or qualify Bitcoin or cryptocurrencies as a bubble they don't measure is the utility apart from the monitor monetary utility let's say they speak about Bitcoin currencies crypto currencies all yes currencies but they means the blockchain technology that is something that one of the applications is as money as a currency then behind that there's a whole new world of development for digital content yes a software any kind of app applications it can go to edit identifications insurance so all that utility that is behind the blockchain technology is what is gonna sustain the value of this asset in the long run sure so these utilities bring value to cryptocurrencies but what do you say right now I mean Bitcoin currently holds a little over 50 percent of the market and bitcoin is a currency right so if Bitcoin the main currency is the one creating that large rise what's to say that that's not gonna drop off what's to say that that's not gonna go okay first of all we need to see VidCon as an asset not a Sakura Sakura see a currency is an asset that takes a period of time to be converted this asset into a policy Bitcoin Athena in that period is passing from being really illiquid to have really go to the quiddity that that's what I predict the technology became bit code the applications of the technology are huge the utility so and it's gonna sustain the value so what are you asking if Bitcoin as an isolated project of cryptocurrency a blockchain technology if it's gonna fail or not I don't think it's gonna fail but it could fail like any company country but we are not saying that the blockchain is gonna fail the blockchain technology and applications is something that is gonna revolutionize many markets that will happen okay so you're saying that we should look more a big point as less of a currency and more of maybe a storage of value an accent as an asset okay oh yeah endless applications in the digital market and as a currency is one of the application okay let's say that's a monetary application or utility of this technology sure but it's clear to know that the utility the non-monetary utility is much more important than the monitor utility so what do you saw people with the money for both ways what do you say to the people out there I mean I've seen this many times Jamie Dimon is a common figure maybe some of you have heard that these these mainstream people you know but they come out and they say that cryptocurrencies are fraud they're scam you know they're gonna not only had they have a great rise yeah people have made some money but the underlying like what you were saying those utility is too fake they're not real let's say they try to sustain their position and their perspective where they come from they come from a monetary system that is centralized that is not backed by any kind of music value think about all the intrinsic value with a spoke about blockchain surely utility it has apart from being a currency you know for developing software applications in any kind of data systems and they come from a system of paper money which doesn't have any kind of market value and many of them of these people that criticize we conduct they'll get benefit of the system that's unusual and about central bankers private banks politicians mainstream economists sure so for them is easy to speak about Bitcoin only about the digital non-existent value currency that you can even touch it's easy to compute people like this way but they never speak about the fundamental behind that is the blockchain and how it works and how can be applied to the real economy sure so that change everything so basically we mean one of the things you're saying is we always have to be very aware of who is saying what and what is their interest for saying that I think that's that's a really good point here it brings up there and it's something that I think we all need to remember to tell ourselves is you know who is this individual where are they coming from why are they saying that and what interests do they have by saying yes which interests that's the most important part absolutely because if we think and we see where was born Bitcoin and cryptocurrency it was exactly after this monetary system failed yes right at a guard right after this big debacle and big crisis that we had with money all of a sudden we have Satoshi Nakamoto releases Bitcoin and we have a little bit of in our opinion of saving grace and we'll see only the future will tell so expect our guys all righty guys thanks for coming out and listening to us today we hope you enjoyed the video we love you guys we wouldn't be here without you if you guys have anything else you'd like to add go down in the comments leave a comment leave a link whatever also if you guys would like to discover the three key aspects to cryptocurrencies click the link below or up top I'm not sure where it is but yeah click that anyways guys thanks for coming out we'll see you next time see you next time