You are viewing a single comment's thread from:
RE: It's Official: "Long Bitcoin" Is The Most Crowded Trade On Wall Street
Thanks for posting this. Very interesting stuff.
It is encouraging that they dont think there will be a recession although that could be the contrarian play...when everyone else is looking up, it goes down. The stock market is holding up in spite of calls the past few months for it to crash. It still could but the bull is holding on.
I find it funny that not everyone is long BTC, just everyone thinks everyone else is long it. At this point, I dont think much Wall Street money is in crypto yet. It is starting to filter in but is nowhere near the norm.
Finally, the money managers do not see BTC as overvalued it seems since it didnt appear on their list. Perhaps it just wasnt in the question.
If everybody in Wall Street were long BTC prices would be 50x what they are now. Bitcoin is a very limited asset. They all think the other people in the room are the suckers hahaha. Saludos Taskmaster!
It's a fact many hedge funds are long Bitcoin. It's a big reason it's up from under $1000 earlier this year
I agree it's not everyone but to say none are otherwise it would be 50x higher is just foolish. It's up 40,000.00 x since 2011
It is overvalued given a better crypto could easily take its market share lead.
Bitcoin at $200K....well that isnt the most outlandish projection delivered in the past couple months.
The more I analyze the potential here, the more I keep coming back to the same point: BTC has a lot of room to run. Store of value versus gold, money versus currency markets, app on a platform like FB and AMZN...total market cap versus other investements....it all leads to tremendous growth.
Unless, of course, it completely collapses which isnt likely.
BTC is utterly overvalued. Blockchain is utterly undervalued. BTC is nothing but a steam engine or better example; Internet Explorer. Hopefully we'd see at least some of that money invested in great products like Dash, NEM, Factom, MaidSafe, Monaco, NEO etc.
Cryptos are there to serve and fulfill the needs of people. It's not something to park your money wishing it to grow. We don't need digital gold. We need digital cash. We need DAO. We need decentralized services. Not something to park money to get rich.
Exazly ! Also bitcoin isn't a safe place to park things in a recession, it hasn't even existed in one yet. I support and hold bitcoin , that said Its crazy how blind so many are assuming it will not be replaced by a better crypto just because it was first. It will likely be the MySpace to a better Cryptos Facebook
Most of the top 100 cryptos are already better than BTC. Bitcoin was the minimum viable product. Check out Dash, NEM, PIVX or even Digibyte. They are all simply better. I only got into blockchain this year and I've never held any BTC for holding purposes. It has utterly weak fundamentals. BTC actually had negative adoption this year (https://www.dashforcenews.com/bitcoin-abc-lead-dev-2017-is-the-first-year-with-negative-bitcoin-merchant-adoption)
I should also mention that I only have contempt towards the BTC devs. Dash is heaven in comparison. Wall Street never bets smart. If they did we wouldn't have had a dot-com bubble or the housing bubble.
https://www.dashforcenews.com/scaling-ticking-time-bomb-blockchain-currencies-must-face/
I guess it all depends on where you live. I can use cash anywhere in my country. I can use my debit card anywhere in my country. I can use a CC anywhere in my country. My savings account gets about a -2% ROI assuming you believe the governments inflation data. The gold market is more manipulated than Caitlyn Jenner. Equities market at all time highs while the US president and Kim Jung crazier than his dad square off all just makes me nervous. Real money hasn't even began to flow into CRYPTO yet but it is coming!