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RE: Bitcoin (BTC) Evening Update: Bitcoin's Crash Can Wait! New Target towards $15k or higher.
@haejin, you pose the question in this vid, can the altcoins rise if Bitcoin takes a nosedive. I think they, altcoins, can, because they are gaining in holder confidence because of the ideas they represent. It's a maturing of the market. To me, BTC is a currency, and a store of value. Some alts are currencies, but many more represent great business ideas as the blockchain grows as a utility. I think increasingly, alts will survive independently of BTC. Thank you, as always, for your TA insight. I don't own any BTC, but if there is a major correction, as in the 42% that has been alluded to by others, then I may get back in - and hold for long term. My opinion is not based on TA, but sentiment....
Such distinctions will be apparent after the major crash of cryptosphere. When the dust settles from a near extinction event. We will see which cryptos remain standing. Just like the dot com bubble. Most importantly, we would also have exited and sitting on piles of profits watching the massacre.
@haejin Any thoughts on holding bitUSD (bought, not borrowed) through the cryptocrash?
I like bitUSD. The genius of Mr. Larimer had it so that bitUSD has a 200% collateral. In other words, even with a +/- 200% variation in the price of BTS, the number of BTS assigned per bitUSD will adjust accordingly to provide stability. Absolute genius!
This is also the reason why I think Amazon and other merchants could see bitUSD as attractive because it provides a stable currency model. Merchants won't have to try and cash out bitUSD to FIAT like they do with other cryptocurrencies with high volatility. A stable currency provides greater confidence.
Now, when the Crash of CRASH comes, I would be almost all in FIAT USD and not bitUSD. The bitUSD 200% collateral won't suffice.
Even with a Stock Market crash, I would first choose USD or Treasury Bills (shortest term duration). Deflationary tsunami which will crash the market again as it always has, means USD becomes king. What causes deflation? Debt bomb bursts. Just like the housing bubble. Not sure what the next event or news migh be to trigger the crash. Note that my aggressive ETF portfolio has TMF which holds treasuries and this ETF will take you out of equities should there be a crash by being the highest % gainer.
From now to about 9 months or so, I think we'll see the DOW nearly double. The same for SPX. The Nasdaq 100 could triple! The equities are also entering its parabolic phase of the mania that started in March of 2009.
Your guidance through those troubling times will be a massive gift, indeed. I see a pathway, where one man transforms an entire planet. "Haejin's Heroes," they may call the first wave.