Bitcoin Price Thread
- Thread starter Magna
- Start date
Very true. Sound money will fix so many problems, from income inequality to homeless to war, and the list goes on.
I came across this excellent quote just the other day (tweet #2). If more people realized what inflation was, essentially the theft of the stored value of your labor, they would more than likely embrace Bitcoin that much faster. The only people who shouldn't like Bitcoin are those who profit greatly from this inflation, which is of course a powerful group, but there is always the risk that even bigger fish will come after them one day.
Hey Mr deaddog, replying to you here, and we'll limit it to the the price of Bitcoin only as crypto assets is a very big universe of over 18,000 coins and tokens
In reading your post, what you're saying is that you do not like that the message of Bitcoin is to "buy now before the price goes up"
You mentioned November 2021 price of Bitcoin as a benchmark, but I don't think that's fair, because no one knows the future
If we owned any of these stocks (or we short) we would have wanted to sell NFLX at over $700 or PayPal at over $300 or Amazon at over $3,700 or Tesla at over $1,200
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- Bitcoin is not a get-rich quick investment
- Bitcoin is a keep-your-wealth in the future investment
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I think Bitcoin price in US $ will be higher in the future , but in the short term, I don't know what Bitcoin will do. It can go to $20K or lower
- Imo, Bitcoin will hit $500K before 1/1/2026 and $1M before 1/1/2030
Looking at your post, I was somehow reminded of this convo I had with Maverick74 (one of ET's options guru, but he does not post on ET anymore)
- For context, Maverick74 was not a dedicated Bitcoin believer like me
I took out the dates, but wanted your reaction and what do you think happened since?
We have the power of hindsight as we look in to past events
As a wild guess you rode it up to 67k and then back down to 40k. Now I know you don't believe in valuing assets in fiat but by my calculations at one time you had $1.3 million worth of bitcoin. Today you have around $800K. You're good with math.
Now I may well regret not owning any bitcoin but I'd feel a whole lot worse if I had let that much profit slip away.
I'm not saying it won't recover, I hope it does as it might present a trading opportunity. Afterall that's how I make my money is by trading. I've been keeping an eye on it since you and I first started discussing the pros and cons. It hasn't really presented a good opportunity. I started a position but got stopped out a while back. A small loss but that's part of trading.
This is great reply, deaddog. We're actually on the same page
I actually had/have more than 20 btc (and currently, a big portion is not-very-liquid NFT's), but that is a good number for easy reference/calculation
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[This convo with Maverick was on June 13, 2018 on this very same Bitcoin thread
Bitcoin crashed from $20K to $6,500]
Maverick gave correct advice that buying in at $6500 was a 3-bagger when it tests the previous high
I was also correct to be fearful as Bitcoin down 50% from that price to around $3200 in Feb 2019 not counting the liquidity crash in March 2020 mid $3K
So just to recap since you like to see numbers, $130K was dead money for 2 years and went as low as $65K went as high as $1.3M but is now worth $750K
Are you saying during this convo I should have sold everything at $130K and not rode it down to $65K?
2000% move from bottom and completed in 2 years to Nov 2021 top
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I hope you're a better trader and timer than I was. See above
Bitcoin has been on a price discovery since it was created 13 years ago. The price volatility is part of that process. That does not make Bitcoin a get-rich-quick investment
I agree with Greg Foss argument that the true value of Bitcoin is much higher than $37.7K
He has math behind it but I will not post it so as not to sound unrealistic (although I've posted it in the past)
The price will be realized as more people discover the value proposition of Bitcoin
- Anthony Scaramucci describes it correctly that the goal is 1 Billion people global ownership of Bitcoin
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Truth be told, I was too complacent in 2018. I should have cashed out $100K or $200K and put in the bank
This time around, I cashed out much more than that last year and have money in the bank to be prepared emotionally for whatever happens
I still don't know how to time the tops, sorry I do not have that ability of cashing out $1.3M 6 months ago, I could be buying in right now and get much more Bitcoins if I did that
Of course in hindsite you should have sold at the very top and now be waiting for the bottom to buy back in. In reality you might want to develope a process to protect your profits.
me too.
That seems to be how it is marketed. "Fortune favors the brave". Mind you since that ad appeared the price of bitcoin has fallen.
You see what happened to FB stock when people figure out what it's worth. And FB has revenue.
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I worry about how much I can lose rather than how much I can make. I'd rather have the market go up with me sitting on the sidelines in cash than be in the market as it declines.
Money in the bank is comforting even if it's fiat.
It's the reason I thought of you, deaddog, in reference to that exchange with Maverick74
- We were both proven correct, but only in hindsight
But I sure as heck would not have been able to buy the bottom and ride a 2,000% rise from that bottom price
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- Trading Bitcoin is not very easy which is why I just hodl
You know Pekelo, he posts here on the crypto assets forum, but did you know he discovered Bitcoin in 2011 much earlier than me and even earlier than Winklevoss twins (2012)
I wonder how you would advise him on this post of his which incidentally was near the peak price in 2011, around $20
If Pekelo bought 1000 Bitcoins when he posted this, his $20,000 investment would have been worth less than $5,000 by end of the year in 2011
- Winklevoss twins started buying in 2012 at a price of around $12/btc, with a goal of 1% of all Bitcoins to exist so 210,000 Bitcoins. Winklevoss twins have not sold even 1 Bitcoin since
https://www.statmuse.com/money/ask/price+of+bitcoin+in+2011
It's very difficult to beat buy & hold.
Imagine starting with $10,000 when BTC was $1,000. Just to equal buy & hold, you'd have to have grown that $10,000 to $380,000. Most people would fail.
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I find it very difficult to watch my liquid networth fluctuate when there is something I can do about it.
Eventually everyone sells. It's just a matter of time. If bitcoin becomes less valuable for whatever reason, owners will have to drop the price to find buyers.
I would advise him as I would everybody who trades, to have some method of risk control to protect your capital.
I have a simple rule. Don't lose a lot of money. It works for me.