Ian King is Still Bullish on Cryptocurrencies

When Banyan Hill editor Jeff Yastine interviewed cryptocurrency expert and trader Ian King last year, the cryptocurrency markets were going wild, reminding him of the late 1990s boom in Internet stocks, which he used to trade from his dorm room. Ian King points out that anybody who had bought bitcoin in the last six months was up 500%. However, he says, that is not the culmination of the bull market, just the beginning.

Ian King points out to Yastine that institutional money was just beginning to flow into cryptocurrencies. That meant they would not reach their peak for years. That’s a lesson he learned while trading on Wall Street. King says that’s why people who have not yet bought any should go ahead and buy some. 2017 was definitely the year bitcoin became widely known by the mass public, but most people still did not own any. And even fewer people understood it. Therefore, bitcoin and other cryptocoins still have a long way to go higher in price. They won’t reach a peak until ordinary investors pore their money into it because they are suffering from the fear of missing out. Read more:https://banyanhill.com/bitcoin-expert-ian-king/

Cryptocurrencies are different from other forms of money because the blockchain allows transactions to proceed even without trust. Say somebody has a 10-dollar bill and wishes to exchange that for a widget. The owner of the widget accepts the $10 because they trust the money. They know they can deposit it into their checking account at the bank. Or they can use the cash to buy something they want. They know that if the the bill is counterfeit, United States Treasury agents ready to track down and arrest the criminals. They know that if the customer uses a check, it’ll be backed up by the customer’s bank and accepted by their own bank. They do have to trust that the customer has at least $10 in their checking account. If they accept a credit card payment, they know MasterCard, Visa or Discover will make it good to them. If it’s done through Pay Pal, that payment processor will make sure it’s good.

Bitcoin eliminates the need for all those third parties. And it does away with the fear the cash is counterfeit or the check will bounce. The distributed blockchain record will verify the customer has enough Bitcoin, or it will not approve the transaction. That also eliminates a lot of fees for checks, credit cards and payment processors. Read more about Ian King at tumblr.com for more updates.