Bitcoin My Gift to You in 2017
Why I'm Long Bitcoin and Short Steem going in to 2017
Simply put, “time-to-ramp-up”, or gain momentum. I continue to build Steem, in my purchases, in my account and through curation, votes, posts and comments. I am a “Fan of Dan” (and @ned) – and I hope they are encouraged by this post.
Bitcoin has been “off to the races” over the past month, and I love this 'pull back' however brief it may be at the end of 2016. What a 'Holiday Gift' to the Steemit community. As Bloomberg points out, it “crushed every other currency.” in 2016.
Bitcoin in 2017 I believe will bring the “new eyeballs” to the cryptocurrencies, markets and platforms in the form of on-boarding, faster than anyone can shake a stick at, previously. Watch the “Vocabulary” and terminology change in media sources as Bitcoin 'Shoots the Moon' in 2017.
Why this is a “Good Thing” for Steemit? Viral “mainstream media” exposure to the masses! As Bitcoin brings “consensus” to the market place of ideas and financial backers ramp-up in this 'can't be ignored' wave of buzzfeed, economy of scale begins to grow.
Simply put, I can buy more Steem, converting it to more SteemPower with a rising long position in Bitcoin, than I can buying Steem outright currently – with all it's “Growing Pains”. This is reality. (Like it or not)
“When the genius points to the moon, the fool looks at the finger.” - @luzcypher stated in his post:
https://steemit.com/bitcoin/@luzcypher/bitcoin-vs-gold-why-i-believe-bitcoin-will-pan-out-to-be-more-valueable-than-gold IMHO a “Must Read”.
So as this “Holiday Pullback” happens (people taking Christmas profits), it should be 'off to the races' again for Bitcoin. Hey, there's worse places to find yourself, I.E. the stock-market come Jan. 2nd or in the middle of the Bond Bubble of 2017. So Merry Christmas to All & remember, “Do your own homework".
Image Credit 1: https://www.cryptocoinsnews.com/bitcoin-images/ (Free Images)
Image Credit 2: Coindesk.com
Image Credit 3: izquotes.com
Image Credit 4: @hexdek16
Bitcoin is clearly in a bubble, there as been a degree of flight from fiat, but owners of Bitcoin are showing an increasing reluctance to sell. After all who wants to be holding large amounts of Venezuelan Pesos at the moment. The same is true of other currencies seen to be under the control of heavy handed governments. The demonetization being carried out in India leaves few willing to be left holding the rupee in cash or in banks. Few who hold Bitcoin will give them up for a weakening currency.
The upsurge of Bitcoin above the USD 900 has been driven by last minute investors trying not to miss the boat. Expect demand to fall back below the USD 800 level as the market calms in the face of memories of previous Bitcoin market collapse.
The new year will probably be peppered with announcements of moves to regulate Exchanges and introduce controls of the type money transfer services face.
ColdMonkey mines Gridcoin through generating BOINC computations for science...
Bitcoin is gaining traction in the minds of the masses. I hear your thoughts and we can all be wrong. I would like to see the price of an option to buy Bitcoin at $5,000 in 2 years time - exotics are needed for this burgeoning market
That's a great thought indeed. My personal "Swag Theroy" is we will see a test level of $5K near September 2017, with a 'Bear Trap' pull back, and then a continued growth pattern - less than 2 years. ...But again I am an optimist, with realistic expectations.
I'd have to respectfully disagree with you, understanding that it's not an investor driven event. (Unless you count the population of China & India which just over 3 Billion, as "Investors") ... Dwindling supply, high demand, the 'fear' talk of regulation, and suppression during the beginning phase of Bitcoin drove down pricing (that and a lack of knowledge & understanding @ that time). Today, eh... "Not so Much"! As well it still is trading "sideways" so 'No Bubble'. Video:
I'd have to respectfully disagree with you, understanding that it's not an investor driven event. (Unless you count the population of China & India which just over 3 Billion, as "Investors") ... Dwindling supply, high demand, the 'fear' talk of regulation, and suppression during the beginning phase of Bitcoin drove down pricing (that and a lack of knowledge & understanding @ that time). Today, eh... "Not so Much"! As well it still is trading "sideways" so 'No Bubble'.