The Biggest Misconception of Bitcoin & the Cryptocurrency Bubble..💭💭🗯
Is Bitcoin in a Bubble??
Bitcoin has come up a long way this year. Starting the year close to the $900/US mark and hitting lows in the $700's. Now in the past month pulling back to about $3,700 today, from an all time high of $5,000 USD!! What a run Bitcoin has had and congratulations to all the holders, even from just this year and after the pullback, that is a heck of a return.
All we hear about is Bitcoin being in a bubble, not in a bubble, could be in a bubble and so on. I do think Bitcoin has had quite a run and do not think it is in a bubble but I do think there is a bubble here.
Let me explain...
Bitcoin's market potential is massive and they have a ton of growth within there grasps to capture. Since it is very new and a completely new industry in finance and currency, it could continue to march forward into much higher highs just based on more users and money flowing in. It is VERY possible!!
Steem is fair value imo but could pull back due to market conditions. I have been waiting for 0.80/200 Million market cap and under to start loading up. I believe it will reach this some point this year.
Where is the bubble?
The bubble is in the Cryptocurrency market. Over the past month, ever since Bitcoin made it's freshest new highs of $5,000 and pulled back. The alt-coins have been steadily moving lower while Bitcoin is consolidating in still very high prices relative to the year.
As a trader in the stock market for over 7 years, when I look at all the other coins and there market caps, I shake my head. So many of these coins if not 80% of them are completely overvalued, if they should have any value at all. What needs correcting is the over inflated alt-coin market, which is making the industry look "toppy" in valuations.
Banker's Calling Bitcoin a Bubble
Why I believe the big bankers are calling Bitcoin a bubble and fraud even though they do say, they believe in it also, almost all of them. I think they are saying so because they know the alt-coins are in a super bubble, that needs to pop and can happen at any moment. This will present a buying opportunity for them to load up as much Bitcoin as they possibly can, as BTC will drop some due to overall blood in the streets.
There you have it. Bitcoin is not in a bubble but can breakdown at any moment due to the inflated alt-coin market and the bankers/governments will try to do this, to purchase more of BTC and there favorites, especially once there is any momentum.
All my opinions here
@bitdollar
Help support me on Steemit by engaging on this post!
My Previous Posts
We shall see! Lucky I got in for free here on Steemit :) Thank you for the engaging food for thought!
Me too!! Been waiting to buy in some Steem but I am fine with making it here for my time also :D.
Good to see you @soulsistashaki!!
Crypto + currency. The problem, as I see it, is that Bitcoin the investment vehicle is destroying the usefulness of Bitcoin the currency. And if Bitcoin is no longer useful as a currency then what value does it have?
Nice post
I totally agree with you that the Altcoins are in a bubble. Very soon a lot of Altcoins will exit the market due to the impending crash . The lack , the community and usuablities to sustain them thereof!.
We are definitely going to move into the era of consolidation, merging of like Coins and the extermination of non competitive Coins due to unfavourable market forces.
Its coming folks, just prepare for it!
Totally agree. Thanks for sharing!
I think you could be on to something @bitdollar!
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by bitdollar from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews/crimsonclad, and netuoso. The goal is to help Steemit grow by supporting Minnows and creating a social network. Please find us in the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.