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RE: Could Bitcoin Hit $1-Million By 2020?
It is interesting that the conversation has changed from whether bitcoin is real or not to which crypto will win. I think the alts will win the transaction space because of their speed and inherent lower cost. But Bitcoin remains the trusted entry and exit point for most which means it will at least get the benefit of the bulk movement from Fiat into crypto. That keeps it in demand for some time. $50,000 is my near term "wouldn't it be great" thought. At $1 Million i worry about the distribution of wealth issues. Not sure how many Bitcoin Roger Ver still has.
Still depends on when near term is though.. If it's by the end of this year? I dunno.. it would have to go quite parabolic still. Right now I wouldn't dare to really bet on how high it will go in the short term. The market seems way enthusiastic.. price doesn't look like it wants to drop much at all. Once we breach $5000 the whole world is going to go insane. At some point maybe next year the FOMO will be unstoppable!
I guess we should always define our terms. For me long term is greater than 10 Years. Mid term is 3 to 5 years. Short term is anything less than 1 year. Perhaps in this world I should look at redefining my terms since everything changes so quickly. I have a personal goal of doubling net worth every 3 to 5 years from all sources. Cryptocurrencies are becoming a valuable contributor in a very short time.
Ahhh, no man, in crypto the numbers are different.
I view at it more like:
Short: 1-4 weeks
Medium: 1-6 months
Long: longer than 6 months
greater than 10 years is folly in a sector as new as this... And you'd be doing yourself a disservice looking at that length of time when there is so much to be had when looking at a shorter timespan.
Ha ha OK I will step it up. I have only invested a small amount of money in crypto so far and I should be doing more. I have invested a lot of time in it though and that mainly through Steem. I am one year old now so that could be my new definition for long term. I actually think that should be my minimum period anyway because of the IRS rules on capital gains. Tax returns are going to turn into spaghetti if I have to trace my way through all of the trades that I am inclined to do when my outlook is short only.
I think as long as you don't convert it to fiat, and switch it between crypto's, there is no taxes in the meantime to do. Like, the USDT on exchanges isn't actually dollars... it's a crypto that's worth 1 dollar. So if you sold Bitcoin for USDT you did not actually sell for fiat and thus did not make capital gains? I dunno.. I am not an expert and I am not sure there's even clear rules on this yet