In this article we are going to take a look at Bitcoin’s 24 hour volume and then discuss how Bitcoin has immense intrinsic value.
Nothing should be considered investment or financial advice. Enjoy the ride.
Bitcoin Volume At All Time Highs
There is a lack of discussion surrounding the recent Bitcoin volume highs we have been seeing across the market consistently. For comparison, Bitcoin’s 24 hour volume was peaking between 14 to 16 billion during the 2017 bull market surge which Bitcoin saw price levels of over $19,000.
Today based on Coinmarketcap’s data, Bitcoin’s 24 hour volume is surging easily above these levels daily. The peak has reached levels over 30 billion USD which is a huge mile stone for liquidity behind the market marker. To quote a famous entrepreneur, the star off the TV shark tank, Kevin O’Leary, said that once Bitcoin just reached over 1 billion in market cap it was a worthy investment. Now, we are doing 30 times that in transactions a day.
With Bitcoin consistently posting volumes over the former peak of the 2017 bull run, there is little pressure to ever send it back below the psychological $10,000 levels. On top of this, the infrastructure surrounding Bitcoin has continued to grow rapidly as adoption gains traction across the globe. At this rate, McAfee might get to keep his genitalia.
Bitcoin Has Intrinsic Value
The largest argument against Bitcoin’s value historically was that it held no intrinsic value. Obviously this is false, because not only is the concept and utility of a digital currency valuable, but the underlying technology of blockchain is world changing.
Here is a good comparison I found of gold, fiat, and Bitcoin from cryptonews.com.
This gives you a good idea of the value crypto (Bitcoin) holds in comparison to traditional physical stores of value. If people say Bitcoin has no intrinsic value, then nothing does at this point.
Blockchain Solves Problems
The world of data has been at risk to hackers, technological failures, and manipulation since computers were invented, but now this will all be coming to rest. Once blockchain is implemented into modern industries there will be no denying the need for a decentralized ledger as traditional hacks become useless. Most importantly is that the most secured distributed ledger on the market will undoubtedly be Bitcoin by far which will drive its data storing utility structure.
With the liquidity of Bitcoin growing, the network expanding, diminishing supply from the decreasing block rewards, infrastructural market being built, and constant utility, there will never be a day when Bitcoin loses all of its value.