Becoming a Bitcoin Billionaire

I would be careful getting into Bitcoin at this late stage of the gold rush unless you really have loose cash to waste, but this linked article is interesting and Simon Black points out some valid aspects to consider.

After the South Sea Bubble-like rise of Cryptocurrencies that happened during 2017, just the fact Bitcoin itself has not disappeared and still remains up near the US$10K mark shows that it has survived the mainstream crash that came not long after Bitcoin was launched into Wall Street on the Futures Markets in December 2017, and there is still more to come on that front according to this article.

From here, with only 21 million Bitcoin in existence it makes some sense to hodl what you have, if you already have it and grab a little more if it takes a big dip.

The initial frenzy of it hitting the mainstream in 2017 is now easing up, the public are getting wise to the sales pitches and sentiment sellers, those who rushed in when it hit US$20K are now having to accept they were hot headed. The fall came, but it didnt fall back as far as I thought it would. I admit I am pleasantly surprised, I had written it off, but then if you are an old hand you would know Bitcoin has died a thousand times before. Bitcoin is still telling us it is here to stay.

People are getting used to Bitcoin being around, the Banks no longer act like they fear it in quite the same way, Wall Street has taken the reigns despite the belief in many quarters that Bitcoin is decentralised. Only a fool would believe that now. Bitcoin technology is just the next form of money and just like cash and gold before it, the Banks will rule the day. They want you to think they fear it, that's what made the plebs want it so bad. Come on kids, you think these finance guys are stupid? This is the game!

Blockchain technology is still in its infancy and Bitcoin too, not to mention the entire Crytpocurrency world, but beware because there are definitely sharks in the waters and more come in to feed every day.

If you do plan to buy some, make sure you learn how to properly first and the end result must always be that you, and only you, own the private keys and you store them safely. Be that a hardware wallet like the Ledger or Trezor, or if you print the keys off and put them in a safe deposit box. Just don't leave it with a third party and don't leave it on an exchange.

There is every reason to fear Quantum Computing when it eventually arrives because it will be so powerful it will revolutionize computer processing all over again. Potentially a Quantum Computer will be able to crack every password on the internet in seconds. If one manages to hack Crypto private keys then it wont matter where you store the private keys because the network itself will be vulnerable, and then all that value will return to zero faster than you can say whathefuckjusthappened?

Bitcoin has passed the big test as far as I am concerned, the fact it was not destroyed by the arrival of Futures markets to take it over, the fact the Banks are having to accept it is not going away, the fact it is still powering on at an incredible price says to me that barring any unforeseen disaster, Bitcoin is going to be a valuable item one day, hell, it already is.

The cry of "hodl!" has never been more meaningful. If you have some, hold onto it. Only 21 Million Bitcoin will ever exist, and though you can trade in fractions of it, even so. Accessibility along with human sentiment and human nature suggest that there is a good chance it will become even more valuable than it is now.

If you doubt me consider this quote from the article I shared above from Simon Black 's recent business meeting with some pretty top end finance heads.

"..At the end of his remarks, he told the audience unequivocally that “Bitcoin will go to $40,000 this year.” (And some attendees in the room actually bought Bitcoin based solely on this statement…) Certainly there’s some data to support the assertion. Various cryptofinance companies are working on ways to open up more investment in the sector to large banks and institutions. Right now, crypto is dominated by small investors. If you want to by $1,000, or even $1 million, worth of crypto, you can. But if you’re a large fund with $50 billion under management, and you want to buy hundreds of millions of dollars worth of cryptocurrency, it’s REALLY difficult. The infrastructure doesn’t exist. Not yet. But they’re working on it."

and think on the implications of what will happen when large investors can buy Bitcoin in large amounts. Look what happened with Gold, the Federal reserve bought it up to control the price. Why would this be any different. It's in the mainstream now, it's in the game.

The first big mainstream crash has come, and Bitcoin has survived with flying colours. The big guns are still loading up the weaspons and figuring out their ways to grab the lions share, I think the main event has yet to happen.

If you are in the game with some skin, even if you bought it high at $20K and have since suffered the shame of indignation silently, every good trader knows that pain comes with the game, its the main thing you feel most of the time, but you wear it. It's my hunch that it wont really matter what you bought it at, when the big guys finally get in to buying Bitcoin itself (not the Futures, stay away from them!) but when the big guys get their big guns into the game, hodling could very well be the play to win.

Bite down on that urge to sell when it goes up a few K, and let's revisit this story in a few years time. til then...