Bitcoin - Too Far, Too Fast?

in bitcoin •  2 years ago 

Content adapted from this article : Source

Authored by Peter Tchir via,

As Bitcoin surges above $9,250 on the open this Sunday, I have to admit to having some real trepidation at these levels.

I have been a proponent of the view that Bitcoin and cryptocurrencies would benefit from the launch of ETFs and futures. My view is that allowing for easier 'adoption' of Bitcoin will help fuel its growth as it lets new investors participate indirectly.

I should not limit that theory to just more traditional ways to invest, like ETFs and futures, but should also include easier ways to establish wallets and to own Bitcoin (and other cryptocurrencies) the 'traditional' way. There are a growing number of 'easy' to use guides to getting Bitcoin (I have glanced at many but haven't followed through to verify how well they work of don't work).

I am convinced that ease of access and the potential for more mainstream products linked to Bitcoin has helped fuel its surge.

But now, I am concerned it has gone too far, too fast.

I have three major concerns that could slow the price rise or even cause it to have a significant correction (yes, I am converting from bullish Bitcoin to at best neutral).

Here are the three concerns:

1. Are all the ETF and Futures launches a 'sell the news' event? Basically the question is, while I believe that easier adoption will lead to inflows, how much of that is priced in? Have speculators loaded their electronic wallets with Bitcoin hoping to capitalize on the expected gains to the point, there won't be more expected gains? Understanding when something is 'already' priced in is difficult at the best of times, let alone with something as complex and growing exponentially like Bitcoin, but, I can't help but wonder. I have felt a switch in discussions I'm having over the last few weeks. A subtle switch, but one where the Bitcoin bulls seem more eager to name ever higher price targets, while the agnostics seem more willing to do work and think about it more, rather than in a rush to get some money into Bitcoin. The sort of behavior that may be indicating a 'sell the news' type of environment.

2. There are becoming too many competing investments which are causing some investors to question how 'real' the existing ones are. Yes, I understand that ICO's aren't necessarily dilutive, if you can purchase them with Bitcoin, but it does start to appear odd when it seems like virtually every day, someone or some entity is announcing some new variation on the theme.

3. Fedcoin, the potential for the Fed could be classified within concern number 2, but is really only part of a larger, separate concern - that governments or central banks will push back. I read this week, along with a lot of other people, an article describing that Bitcoin was now worth more than McDonald's. While that sort of article is designed to 'shock' investors, especially more conservative investors, I think it represents a larger, growing concern that the 'establishment' has surrounding cryptocurrencies. Whether the concerns are more focused on the potential for illegal funds to enter the system, taxation, controlling 'pump and dump' schemes or making your own job more difficult to manage, I'm sensing they are rising to the surface again. I think we have hit another tipping point where to expect a response to attempt to slow down the growth and valuation of crytpocurrencies should be expected. Something that has risen almost a 'ten-bagger' in less than a year is bound to attract attention. Bitcoin rebounded strongly after the China crackdown, so this fear might be over-rated, but a more organized government or central bank crackdown shouldn't come as a surprise to anyone. The bigger question, in my mind, is whether Bitcoin can withstand that - but that is a question for another day.

I am torn, because my thesis of 'ease of adoption' seems to be playing out and in general it is a long way from being fully played out, which by itself is supportive of greater price appreciation. But, at the moment, my concerns are winning out and I'd be taking some chips, or bits, as the case may be, off the table.

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meh... this is only the beginning... the market isn't strong enough even to support another coin besides btc as easily tradeable across platform... as every shady government tries to eat up all of the assets of it's citizens and millionaires look for new ways to hide the weath, bitcoin will grow stronger.... and theeeen... once another coin proves strong enough to ride belong btc and is tradeable for any other crypto like btc is, then we will be somewhere... 10k is just scratching the surface... think of it like this... BTC is now one of the major world currencies, just like usd, or yen, or the euro... it's just a 'bit' newer...


I agree. Hopefully the crash of all the other fraud coins doesn't hurt bitcoins reputation too badly. Although i am sure they will try tar it with the same brush


well... is bitcoin a security? or not? that's the great debate... the bigger threat it becomes, the liklier the us to play that card.. idk enough about the technicalities to say one way or another... I feel safe with steem re: securities law..


Agreed being a security would be messy for people who admit to owning it. Hopefully government gives innovation a little more time before they try crushing it with bans or regulations. I am an amateur on steemit and have no well thought out views regarding it's future, but I am hopeful


it is the universal currency now. If you have dollar you can purchase everything and every currency. Now it is happening with Bitcoin, if we have Bitcoin we can purchase all crypto currencies, and i think after some days we will purchase all commodities also.

That's a good work really your all post is helpful I appreciate it @zer0hedge 👍👍

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@zer0hedge thank you for being the SteemIan reporting arm of #ZeroHedge (so to speak) I really appreciate this as I love ZH and is good to see somebody posting the gists of the juicy articles concerning our space.

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nice post.
upvote me


A picture worth has a thousand words. should be upvoted this comment.


thanks bro @awanawan

i think it is not too far, however too fast. if this going to touching 20000$ then it is too fast not far still i think. When it was on 1000$ we were also thinking that it is too far.

Nice post! What will happening, if someone resteem your post?


its good @zer0hedge

It seems the regulators never learn their lesson. China cracks down on bitcoin and it ends up going up. This is something they cannot control. Each day brings more decentralized stuff. Ultimately, the exchanges will be decentralized to the point where any country's regulation is meaningless.

ICOs can be tempered yet it seems what is done so far has amounted to nothing but become a pain in the ass for legitimate coins. The scammers will always scam.

Bitcoin's rise is definitely beyond imagination. Who would have thought about this soaring rise in it's price.
Trust me, some other promising crypto coins are coming up with a staggering growth in the nearest possible future.
Let's predict this way...Most persons believed in digital currencies having seen bitcoin's recent growth.
Lots of persons have now known ICOs to be next money spinning crypto opportunities. Some ICOs might compete with bitcoin.
Besides, I personally believed ICOs was the reason for bitcoin's growth in the past week.

Personally, I'm holding and accumulating daily with mining as icing on the cake. I really have learned from ETH's roller coaster in the spring that I just need to care about units, not price. Fiat price has become irrelevant to me, which ultimately helps me sleep better and enjoy the action, versus care about the value. I'm not trading and not buying with my coins, so there's no reason I'm concerned. Hope this helps with some perspective if you're not talking about trading. These are poker chips to me, which I'm confident will appreciate in price and utility over time where I would use them as a currency then.

No concern, that's all speculation. Bitcoin goes forward, the better it is to get it now, because the value will jump the sky under the clouds.
Other strong currencies will send the same boom, there is no reason to wait, this is the beginning of a new revolution and evolution in the world of money.


Agreed. I think we still not lost the opportunity before he touch 20000$

what about the steem dollars.....@zer0hedge (70)
please make a post on steem dollars also because bitcoin is too costly . ithink wes hould concentrate on steem dollars