Bitcoin is closing in on $15,000USD - why it doesn't really matter.
Some people are in shock, but I'm not surprised. As we discussed earlier, this is just supply and demand in practice.
People can shout Tulip bubble all they want, or they can be worried about what seems like a much too fast growth. But the fact is that the growth we're seeing right now is not particularly fast. It's just increasing demand for something that that is very very very limited in supply. It is not like gold or silver which almost everyone on this planet owns a fraction of. Everyone has a gold ring or a silver necklace. The mass adoption has happend throughout the centuries. But in the ultra modern age we're in now, with crypto currencies - this adaption will only take years or even months.
As more people see other people making huge amounts of money on Bitcoin (and other cryptos - but mainly Bitcoin right now, as Bitcoin is where everyone starts) they want in too. They join forums, they speak to friends and they learn the basics. And they also realize they can buy 0,0001 Bitcoin and not a whole one. So the price of ONE Bitcoin is totally irrelevant.
Some people seems to stare themselves blind of the price of ONE Bitcoin.
And they cannot even fantasize that one Bitcoin can be worth 100,000 or 1 million. Then instead what they do is call it a Tulip Bubble. Which is literally insane.
Tulips can be grown into eternity. So can a paper bill known as fiat currency. As long as you've got electricity you can print as many as you want.
Bitcoin? 21 million hard cap - and guess what? The inflationary period is soon coming to an end. This means, that as each day passes, I am more and more inclined to actually - based on reason and facts - believe that Bitcoin, ladies and gentlemen will in fact reach those high numbers - and that Mcafee doesn't have to eat his own testicles on national TV.
But even if it doesn't go to $100,000 or 1 mill - look back at where we came from. I bought Bitcoin at $1000, and I was skeptical I would ever make anything. I did not have enough knowledge then - except that I figured there was something to this "blockchain technology". As the price went up, I learned more and more - which is the case with all of you I suspect, and will be the case with everyone investing in Bitcoin. Now, about a year later, my investment in Bitcoin has definitely changed my life. I own dozens of cryptos, and Bitcoin has given me a 15x return.
And I don't believe for one second that this is over. As we argued the other day, less than 0,1% still own Bitcoin. And the average wallet contains almost nothing.
Right now, with this momentum - it will fly past the gold market. People couldn't believe it when it flew past gold in the price of dollar. But people are not very smart. Of course it flew past gold in dollar value. Sure, one ounce of gold is just $1300USD, but the gold MARKET, the mcap of gold is still 30-40x larger than Bitcoin at 7$ trillion. Bitcoin is now at 200 billion.
Those are facts. Remember those facts as Bitcoin keeps on raising. There is no reason Bitcoin will not become bigger than gold. It's got much more utility and it is modern and brilliant. And there is no stopping it.
Which prices are shocking you most today:
BTC, IOTA or SBD ???
Not IOTA! I sold quite a lof of IOTA with an insane profit yesterday just at the top. I suppose I sold 25% of my holdings, which was my initial investment PLUS another 200% or so. I bought Substrateum and ETHOS for that :)
BTC I'm not surprised at all of..like I argued. It's going to continue upwards into figures most people will be crosseyed from watching. I wont.
SBD surprised me the most perhaps. I don't understand the sudden interest and pump, and it seems to be going and going. I know that it has been listed on a korean exchange and can be purchased with Fiat..but yeah..I'm neutral. It's great what's happening with steem and SBD though..all in all. It also seems detached from both BTC and other coins.
Bitcoin is almost supernatural
Not really..it's very fundamental :) It just challenges us to think logically, and as I said..the price of Bitcoin is actually not very relevant. Its still incredibly cheap and a very small market.
Good post ! Those that compare it to the Tulip Mania obviously don't know what they are talking about. It's the supply one should focus on like you say and that is very small when we look at the demand.
Let's say the whole population of China would move to Denmark, I wonder what would happen to the house prices ? Hehe maybe not a good comparison. But it's supply and demand.
What is interesting with crypto is that soon everyone that is carrying a smartphone will get into the market. But that's small money compared to the institutional that is comin poring in. At this point the sky is the limit
ya can't grow more bitcoin so there is no way for the supply to go up to meet the demand the supply is math and set out so as the demand goes up so do the price. So we are going for a fun long ride.
We definitely are hehe
It will truly be a once in a.. not generation, but historical event that is taking place. Those who did not enter the cryptospace will regret it for the rest of their lives, while those who did will become very very rich. This is unstoppable at this point. Its a tidal wave. It happened too fast. They cant do anything to stop it, because it has all ready attracted so many clever people. Everyone wants in. Haha. Its beautiful.
Beautiful indeed hehe 😂I have been thinking about people that found Steemit early on. That have been living in this crypto world how many sweet deals they must have made early on. But anyway I am thankful to have found it at this point and there are many more roller coasters to ride hehe
There is still a bunch of great investment opportunities to be made. If 0,1% owns a Bitcoin address. How many do you think owns other cryptos? 0,01%? This will be the future, and there is money to be made everywhere right now. Steem and steemit is golden right now as well.
It sounds like a cliche HERE, but we are very early. We keep repeating that in here, but this is a ecco chamber. People outside have no clue what cryptos or steemit or steem is :)
It's the trut we are early in the market. For us a lot of things that are already "granted" other haven't heard of. If they heard of anything it's bitcoin and that's where it ends. We are getting juicy Steem dollars by chatting lol and buying other cryptos. So yes we are a bit ahead and I am very thankful :)
In sortly time 1 satoshi is 1$ :-)
Hope so! :)
Am I off in my math or did you just estimate that the market capitalization of BTC will be two-quadrillion dollars "in shortly time"? That would be over 10,000 times the size of the worlds current largest company. I'm as bullish on BTC as most anyone, but wow.
I truly do not understand what reasons make you comparing the "largest companies"to a GLOBAL border less permishenless open neutral utility (asset) of crypto ?
This is like I would compare a Google, Facebook or GeneraL Motors to my dads county side farm or my neighbor's flower garden.
Not quadrillion? Trillion. I think Bitcoin should at least be at the same level as the hold market - 7,7 trillion USD. Right now were 30-40 times smaller than that.
Bitcoin indeed has utility and value and will have more and more - unless we stop going modern.
Thats not in the human nature. We will always go forward. But sure, there can be some obstacles..like the regressive left and communism/socialism that inhibits innovation and technology. But lets just hope that more people understands what freedom really is.
I agree. Many people are so illusive that they only look at the price of bitcoin. But what about the rest? Market cap? Trading volume? Bitcoin can be at a million dollars, but if there's no market, it's still worthless.
Even at $15k, bitcoin is still at its infancy. It is comparable to a young toddler just trying to learn how to walk and the mum and dad who both saw the day he was born becomes super excited. Surely, for bitcoin the journey has just begun.
The price is nearly killing me in indecision though! Every morning I wake up and think if BTC reaches $xx,xxx then today I will sell some. But I watch the price continue to go up and I can't pull the trigger. I have other coins, but have paid for those by adding more, not by scraping the profits off all of the coins I have (which are all in profit). I just want to keep them all and not scrape off the top - but then I feel like I'm leaving money on the table. Oh the indecision!
And reading your article makes me want to pour more into BTC!
I know how you feel, but you MUST look at the fundamentals when your feelings starts to take over. At this point I don't give a s anymore. I'm 36, I dont have a mortgage, I have a sweet car, I'm in good shape, a family, things to do. I don't need 50K or 100K. I don't give a shit about that. It's either fucking rich, like I just bought a Lambo-and I don't even care -rich, or I could be poor. I don't want to make an effort to settle for something in between. Thats easy. Thats just holding a job and putting your money into sound and safe etfs funds and wait and then maybe you have some extra money five years before you die.
Thats why I wait. In 10 years Bitcoin is either worth nothing, or it is worth at least a million dollars per coin. Life is cool either way. I've tried both..poor, normal and rich. They all are what you make of it. They can all suck or they can all be great. It has nothing to do with the stuff you have or the money you make. If you cant enjoy a lambo, then it doesnt matter if you can afford one. If you CAN enjoy a lambo, but cant afford it..then you can enjoy other things that are free just as much.
Now, thats the secret of life right there - for free!
This is not investment advice though..make your own decisions :)
We got used to celebrating every new 500 or so in value, then every new thousand in value, but now that's like daily so we must adjust and celebrate every 5000 or 10000. And at one point that will become daily as well. After that I don't know what we will be celebrating BUT WE WILL BE CELEBRATING
Get ready to celebrate 15k on Gdax nå (OKcoin is probably all ready at 16k :) )
Nothing surprises me anymore.