Bitcoin looks like it will go on a second consecutive weekend of bullish price action, thanks to persistent buying activity from North American traders on Friday, preparing the way for Asian markets to consolidate volume.
As of now, afternoon time in West Europe, Bitcoin is creating a daily high at USD 9,336, with technicals looking like it could spell a Sunday going forward to test good old resistance of USD 10,000.
Altcoins as well are getting a breather, naturally, with Ether finally spending a week over USD 180, and NEO now looking very strong above USD 11. Lisk was the only other coin that experienced a loss since the past day, if you overlook DOGE at 0.1% loss.
The good takeaway for traders, regardless of what happens tomorrow, is that Bitcoin finally recorded its first monthly gain this year since June, although with the new monthly lows also recorded in October, traders will be reminded of how much can change in the space of days.
With US politicians and presidential candidates making it more and more in the news these days for crypto, one does not get surprised anymore if Bitcoin keeps being in the same headline as US politics. And now, the latest news to come out from the Land of the Free is that Ron Paul has finally got himself his very first Bitcoin.
The ex Texas Republican congressman and current presidential candidate apparently got the gift of Bitcoin from a board member of the Bitcoin Foundation Bobby Lee. Lee, who is also wallet Ballet Crypto founder, announced the gift to the public today, in the form of a gold-plated Ballet Crypto Bitcoin wallet. The wallet was customized specially for Paul, and was loaded with 1 BTC (over USD 9,000 worth today). He said:
“It was a special serial number AA000820 to match his birthday! And he loves the #Gold color.”
This was a clear reference to the ex-congressman’s love for the yellow precious metal. Paul is also a known and vocal critic of the Federal Reserve — the US version of a central bank — and has always spoken highly of gold, although he has also said he welcomes the advent of crypto and blockchain as he believes that competing currencies are good for finance. Paul, who accepted the gift at a Litecoin summit, said: “We are all #libertarian — personal liberty and #freedomofmoney.”
Had a great discussion at lunch with Dr. @RonPaul and @SatoshiLite in #LasVegas today, during the @litecoin Summit 2019.
We are all #libertarian — personal liberty and #freedomofmoney. pic.twitter.com/STgwYCv0YS
— Bobby Lee – Ballet: Simple & Elegant Wallet (@bobbyclee) October 29, 2019
Not all US politicians are in favor of crypto, of course. Current US congressman Brad Sherman is one who believes that there shouldn’t be any other currency competing with the US dollar. It is this belief that leads him to think that Bitcoin should be banned. He has said:
“Cryptocurrency either doesn’t work, in which case investors lose a lot of money, or it does achieve its objectives perhaps and displaces the U.S. dollar or interferes with the US dollar being virtually the sole reserve currency in the world.”
Whatever the opposing thoughts on money and the US dollar, the shape and health of the US economy is beginning to get even more in doubt, with the US debt now crushing the USD 23 trillion mark.
According to the website US Debt Clock, this mark actually means that every US citizen owes USD 69,724 in debt, with the debt to gross domestic product ratio is 106.65%.
The US national debt just hit $23 trillion.
There's now 23,000,000,000,000 reasons to buy bitcoin.
— Rhythm (@Rhythmtrader) November 1, 2019
Some users have taken to Twitter to point out the interesting fact that at a capped supply of 21 million units, every Bitcoin will represent more than USD 1 billion in debt, and this number is set to be growing each year, with the US Federal Reserve itself calculating that debt will grow even bigger by 2025.
Is it really 23 trillion reasons to buy Bitcoin? Keiser Report host Max Keiser has already said to Hackernoon yesterday that central banks are contributing to the unbridled success of Bitcoin and other digital assets. He uses the example of the US Federal Reserve’s quantitative easing monetary policy and his perceived effect on Bitcoin value:
“It bottomed when the Fed signaled ‘Infinite QE’ recently at around $3,300 BTC. Global Central Banking is about to go bust. […] All fiat money will die.”
True or not, we have at BitcoinNews.com analyzed and we still do not think that economic collapse either at the state level or regional, never mind global, would cause Bitcoin to boom (or bust), but in any case, a bad state of health for fiat can’t be a bad thing for Bitcoin.
Image Courtesy: Pixabay