Bitcoin - again Bitcoin - again

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  1. #1
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    Default Bitcoin - again

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    Soule posted about Bitcoin on 22/11/20 when BTC was around $18,500. Right now it's $46,500.

    Whether you believe in the libertarian promise of cryptocurrency or not, the fact is, if you had purchased it (or most other alt-coins) - you would now be considerably more wealthy. More so than holding fiat currency, or investing in other asset classes.

    Musk just converted $1.5b of Tesla's balance sheet from USD to Bitcoin, after publicly mulling it over back in December. Tesla will also accept BTC as payment.
    Elon Musk inquired on Twitter about 'large' bitcoin transactions after a crypto booster suggested he convert Tesla's balance sheet | Currency News | Financial and Business News | Markets Insider

    https://twitter.com/Rewkang/status/1358835309094391810

    Back in 2018, when it was fuelled by retail investors and sleazy media sensationalism, you could call it a mania. When the world's richest/smartest/weirdest guy buys into it, you can't say that anymore. He's not trying to recoup the costs of his broken spaceships and it's not a get-rich-quick scheme for Tesla. Corporate is coming. Smaller (relatively speaking) hedge funds and companies are piling in. COVID-19 happened. If they stop printing, the system dies. The money is moving into crypto.

    Let's not forget, the technology is here - now. World central banks are openly talking about their plan to transition over the from fiat currency system to digital ledger/blockchain central bank digital currencies. You just know it's going to go hand-in-hand with some sort of woke 'health passport' as well (99% of the people in this section of the forum are probably already blacklisted, so good luck with that!)

    In the last thread, people likened it to the tulip craze, railway mania or just called it a straight up ponzi scheme. Do you still think that? We will still see the volatility. 30% price movements make traditional investors physically sick. We will also see the same boom/bust cycles linked to Bitcoin halving events, where the price crashes and consolidates before trending upwards... but when the price crashes from $500,000 to $280,000 - will people still be calling it a ponzi?

  2. #2
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    Quote Originally Posted by Matt Jackson View Post
    Soule posted about Bitcoin on 22/11/20 when BTC was around $18,500. Right now it's $46,500.
    Yeah and guess how much I bought? None, like an idiot.

  3. #3
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    I wasn't a believer in crypto but I am now. Unlike Tulips, it has value over the current fiat currency. It's secure and has a fixed supply. I treat it as an inflation hedge. Does anyone think they're going to print less than $10 trillion dollars over the next 4 years? Also there's some neat things going on with other crypto that essentially eliminates the need for loan underwriting.

  4. #4
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    You still need to use real money to buy it or to enjoy the wealth from your investment.

  5. #5
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    Quote Originally Posted by Soule View Post
    Yeah and guess how much I bought? None, like an idiot.
    You haven't missed a thing. Wait until Apple announce they are buying $5B worth of BTC! Of course I am not giving you financial advice, but it would be very useful to have some cash on hand in case that happens!

    Is Apple About To Announce A $5 Billion Bitcoin Purchase? One Bank Thinks So | ZeroHedge

    You might see these big players sell off their original investment at the top of the market for this cycle... maybe 10x from here? Who knows! There's trillions out there in corporate money and cash reserves. 10x doesn't seem impossible at all.

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    Quote Originally Posted by Satch12879 View Post
    You still need to use real money to buy it or to enjoy the wealth from your investment.
    That's not true. You can purchase stuff with bitcoin now. And it's not a huge jump to see people paying in bitcoin. I'm open to any solution to hedge the Federal Reserve printing press.

  7. #7
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    For now. I believe Tesla is planning on accepting it as a form of payment. As this concept begins to spread, I think you’ll see quite a significant move towards Bitcoin.

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    I nearly bought in when it was 3K but it would have been speculative. It doesn’t concern me that it went up in price, it might easily have gone the other way, that’s the way it goes. Gold and Silver are slow and steady gainers with far less risk attached. Bitcoin might well come in handy though if things go badly with the economy. Buying as a speculative investment at this point might be hugely risky. I don’t think it will go to zero, but as it as no use other than as a currency, it always has that possibility.

  9. #9
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    Quote Originally Posted by Satch12879 View Post
    You still need to use real money to buy it or to enjoy the wealth from your investment.
    That's true, but unless you're in a rush to enjoy yourself, it might be worth waiting a bit:

    https://twitter.com/chamath/status/1359248379377762310

  10. #10
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    Quote Originally Posted by Nockian View Post
    I nearly bought in when it was 3K but it would have been speculative. It doesn’t concern me that it went up in price, it might easily have gone the other way, that’s the way it goes. Gold and Silver are slow and steady gainers with far less risk attached. Bitcoin might well come in handy though if things go badly with the economy. Buying as a speculative investment at this point might be hugely risky. I don’t think it will go to zero, but as it as no use other than as a currency, it always has that possibility.
    $3k! Fuck, man!

    I would keep telling yourself all that stuff too if I were you!

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