Author: Nick Chong

Over the past week, Bitcoin (BTC) has managed to embark on a strong recovery, gaining some 10{520ebc7d04367f10067c097a94259816cd1e6df76ec40212834858ca2e1af940} after a brutal drawdown to $9,300. Despite this, one indicator says that the cryptocurrency is still well overvalued, potentially by upwards of 35{520ebc7d04367f10067c097a94259816cd1e6df76ec40212834858ca2e1af940}. But does that mean Bitcoin is going to fall to its “fair value”? No, unlikely not. Here’s why Bitcoin Price Above “Fair Value”  Due to the fact that Bitcoin doesn’t generate cash flow, provide dividends, have a fixed yield, or abide by any other traditional instrument’s premise, investors have long struggled to fairly value the cryptocurrency. Related Reading: Inverse Bitcoin Price to Yuan Correlation Sets a New Record The best idea so far has been to give Bitcoin a “fair value” …

Akon — you know, the artist behind songs like “Don’t Like Me” and “Lonely” — is a fan of Bitcoin. Related Reading: Why Once a Bitcoin Skeptic CNBC Anchor Became an Enthusiast This week, the (dare I say) legendary music producer took to the “The Breakfast Club”, a prominent radio show followed by literal millions, to talk Bitcoin and cryptocurrency. And interestingly enough, he seems to have digested what makes decentralized forms of money better than their centralized counterparts. In other words, he’s “woke”. The Currency of the People “Cryptocurrencies are actually much more stable than fiat money” may read like any old tweet from a Bitcoin maximalist, but this was the opening declaration Akon made during his interview. As …