I Am Bullish On BTC And Why I Sold Some Of It Last Night: HINT: Think STEEM
Please bear in mind I do not give financial advice only telling you what I am doing.
I am not one of those people who believes BTC is in trouble. While those who are bearish on BTC have valid points about the speed of the network and the cost of transaction, I really do not think any of that matters. Wall Street is on the way and they speak a different language. ROI, liquidity, and 20/2 are what hedge fund managers understand. They are not going to discuss block size, transmission speed, or side chains to their clients. That is not how you get a 7 or 8 figure check out of someone.
My forecast was that we would see a $1.5T market cap by the end of 2018. Since we already crossed the $400B level, that might be low. Whatever the number ends up being, Wall Street is going to push a few trillion at this market over the next couple years. That is bitcoin's strength. Bitcoin has the name recognition and the liquidity to make it something Wall Street can sell. I expect Bitcoin to get a large portion of the Wall Street money.
So why did I sell some of my bitcoin last night? To start, I had a decent gain. It is never a bad idea to take profits off the table. That is what I did. However, I was fully confident in leaving my money in BTC for the long term.
In 2018, I can see a price on BTC of $50,000; 70.000; even 90,000. There is no reason why BTC cannot see a 3-5 multiple next year. Even with the big run up in 2017, these numbers are not outrageous when you consider the Wall Street money entering the picture.
What I do not foresee for BTC is a 50 or 100 times gain in 2018. There is no way that BTC will hit $500K in the coming year. While a 300%-500% return is outstanding, in the cryptocurrency world, that is minimal gain. The reason I took money out of bitcoin last night is because I feel that there are a couple tokens that are capable of yielding the return I am talking about here.
The first coin I entered was to power up with some SP. It is no secret that I am uber-bullish on this blockchain. My projection of $100 by the end of 2018 still stands. From these levels, that is roughly 75 times gain.
Another advantage to buying SP is that it enhances the entire network. Everything I do on steemit is now more potent because of the added VP. Not only should this help myself, it also enhances the ones I interact with. This is a winning formula in my view.
The other coin I bought was bitshares. For those who follow @haejin, you know he is over the moon about this one. There is nothing that excited him more than bitshares and he is extremely bullish on most tokens that he charts. This is saying something.
I also love the fact that it is a de-centralized exchange looking to replace many aspects of the financial industry. Barely a day goes by that we do not hear about some country threatening regulation. I have complete confidence that the banksters will push government regulators (read hacks) into over stepping the bounds and creating onerous regulations. This will ultimately force people to move to those exchanges that are outside the regulators control, i.e. de-centralized exchanges.
Sometimes bullishness is trumped by uber-bullishnes. I know that BTC kept going up while BTS stalled and STEEM pulled back. Timing markets perfectly is near impossible. Besides, I am in these for the long haul so missing a couple dollars is not the end of the world.
If you are on this platform, I do not think it is a mistake to add to your holdings. STEEM is one of the few coins where one can directly influence what kind of return he or she gets. The Proof-of-Brain concept enables all of us to add more STEEM without buying them. To me, this is a very enticing aspect. Also, SMTs are going to change the publishing/content creation via many ICOs. We all saw how ETH jumped due to the ERC20 protocol. Believe it or not, SMTs offer even more advantages than ERC20s do.
Oh, as an aside, the STEEM network is lightning fast compared to both BTC and ETH. The recent troubles in transmission speed by those blockchains would not even have steem or BTS breathing hard. This blockchain has a ton of room to grow.
If you liked this article and found it informative, please give it an upvote and a re-steem.
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"It is never a bad idea to take profits off the table. "
I agree. It's also good to have a trading stack for short-term opportunities and a long-term investment stack. That way one doesn't feel like missing out in the case of multi-month bull market like the ones we're seeing in BTC right now.
A lot of newbie investors try to time the top and then proceed to kick themselves for selling too early.
Good time to sell some BTC. Any time something does a 10x is a good time to take profits.
Sell strength, and buy weakness in strong prospects that are irrationally oversold! That's a long term winner.
They use to say "Sell it all and buy bitcoin".
Now it is "Sell it all and buy bitshares".
By the way my friend, sold some of my ETH this morning and bought....you guessed it, BTS.
I really need to look into Bitshares more as I have no idea about it, I've heard great things though and I know it was built by Dan Larimer. I kind of feel like Eos is likely to be a bigger platform long term than either STEEM or Bitshares, after all, couldnt both of them be built on EOS along with many other apps?
It appears to me that each has its niche. The steem blockchain is content creation....bitshares meant to take the entire financial sector, and EOS to take everything else.
I would not be surprised if they were all cross bred and interoperable in a short period of time.
Bitshares and EOS will be, 2 rivers next to each other with a lot of bridges and communal flows
I hope you are right...I think it makes sense...EOS can help the value of BTS.
It is not my saying, i picked that up from bitshares discord server today so there is some plan out there...
Bts. Eos. Steem for life. Hang bankers. !!!!!!
I am missing EOS @tt-dogg but that is okay....I believe the other two will make me a millionaire.
And yes those three tokens could really mess up a bankers day. What is funny, they attack BTC, which is justified, but BTC is nowhere near the threat to the banking industry that BTS is. BTC just handles transactions...BTS can handle almost everything a bank does....including running entire exchanges.
eos will also make corrupt government and corrupt lawyers obsolete...
Man, you're really selling me on BTS!
Welcome to the Church of Dan....
STEEM, BTS, and EOS next.
How do you get some and use them?
bitshares.org
Do you think it's worth holiding all in Steem Power though or some in Steem? Just in terms of liquidity, would it not make more sense to keep a portion of it in Steem rather than having it all locked in and dependent on the Power Down schedule.
still learning, genuinely curious
powering it up avoids inflation....i personally like that it forces you to wait as it prevents me from dumping and jumping ship to another coin
Why can't I understand how this stuff works even though I read a tutorial on it?
I'm still mytified by all of the terms...
Also, powering up gives voting power, you can vote your favorite contents, and earn curation. You will also earn 2% APR in your SP. Or, you can delegate SP for different purposes. If you are a trader then liquid STEEM is better option since you can always transfer to exchanges. You can check your voting power at https://www.steemnow.com/
I prefer SP for a couple reasons.
Like @tt-dogg said, it avoids inflation since SP owners are compensated for the inflation rate.
Also, it adds to you voting power which helps your return since it makes all your votes worth more.
I'd say just keep the SBD you get as rewards and let it be your liquidity. STEEM has way too much room to grow. So don't power down yet. Instead you can HODL your SBD. Over time it should provide decent liquidity.
#ilovesmebitshares <3
30k bitcoin next year
I love bitshares and eos but find it hard to sell my bitcoin. Guess I'm just a chronic hodler. ;)
I would be taking profit now. I still hold Litecoin but the BTC shorts on the exchanges are going to try and hit it hard. Could help the bounce though.
My understanding is LTC is also going to be on the futures exchange...but I could be wrong about that.
Probably, I wouldn't be touching either on the short side. The largest bull market ever, without counting hyperinflation is not a time to go short, but they do have big bucks, so let's see.
I actually really liked reading this because I'm super new to the world of cryptoinvesting and I actually got nervous today and pulled all my money out of crypto. I'm going to be travelling all of next week and it's a confusing time for Bitcoin... 50% of people are saying Bitcoin is invincible and 50% are sure it's going to crash hard... as a new and nervous investor I think I'd prefer to wait a week and spend some quality time studying the different investment opportunities.
This article just seems really reasonable, and I appreciate the level-headedness.
I've made 25% clear profit on my investment, so I think I'll just enjoy that for a moment and see what happens.
HODL...hold on for dear life.
Crypto can be very volatile.....timing the market is tough.
I went to a crypto meeting tonight and BTC went up over $1,000 during those two hours.
Find good coins you believe in, put you money in, and ignore the noise. Do not fret 40% pullbacks, they are common in this arena.
What you're saying is absolutely correct... and I totally hear you... AND I've been holding through all sorts of volatile times... Firstly, I'm already out... so your advice, while heard is unfortunately too late... but secondly, BTC is in a crazy unpredictable space right now, and it's effect on the entire cryto market is unknown. It might continue to suck money away from alts, it might settle into a groove, it might collapse taking the alts with it. I just feel safer now, and I'll re-evaluate the market once I finish travelling and Futures will be a bit more of a known quantity.
What you're saying is ordinarily true, I'm just not super sure if these are ordinary times. (If this is the new ordinary then I'll have learnt a lesson - whichever way it plays it's all good).
Thank you for your reply though, I really appreciate it.