Several sources have stuck with bitcoin, claiming that a sudden rise is inevitable. Several charts have singled bitcoin out for a monster breakout, and analysts point out bitcoin’s competition
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, which are vulnerable to inflation and related problems.Erik Grill of
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explains:“There is a limited supply of Bitcoin, and recently that supply has been reduced, while the demand continues to rise. Bitcoin is typically traded against currencies that continue to increase in supply (printing more money) which will make the value of bitcoin relative to these currencies’ increase in value over time.”
For the 77th time: Increased value of an object of barter does not in itself prove the object's utility as currency. That's like arguing that an increased value in baseball trading cards means baseball trading cards are about to replace money.
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