Bitcoin Price Thread
- Thread starter Magna
- Start date
Russia defaulted on government bonds. America defaulted on its gold obligations.
Both went broke, but some Americans haven't realized that fact yet, as they're in a slowly boiling pot of water, instead of being instantly thrown into it.
Noah, you need to go sign up for Political Science 101 at your nearest community college. Politics don't work like that in real life. Other countries can't just tell the US to go shove your USD up your ass. Just imagine what ramification this will have on their future.
Well, that's exactly the problem with BTC. There's no underlying fundamentals to know if it's overbought or oversold. On the contrary, its metric is based solely on the demand and supply of fickle buyers and sellers. In order for BTC to go up, you'll need a constant stream of new buyers day after day. Isn't this why you have an army of Bitcoiners on YouTube and Twitter ceaselessly hyping up Bitcoin?
I'm not saying they will tell US to shove USD up their ass. What I'm saying is that they will say they are prepared to accept other forms of payment. Clearly this won't be Saudi Arabia, but perhaps Venezuela or Russia. Then you might have someone like India who is hot and cold on US pay in BTC. It all depends on what's easier to source, USD or Bitcoin. Clearly for Russia, they aren't gonna touch USD. And since the US has shown how they can weaponize USD, its a big wake-up call.
You mean supply and demand is broken? You mean the entire premise of economics has a major flaw? So what you're telling me is that instead of a market force that is established by interested participants who are acting in their own best interests, you want a bunch of guys scheming about how much money should be printed? Managed economies don't work, and this is especially true for money supply.
You tell me how you would value a stock if you knew that all of a sudden, the CEO could print up 25% of the float tomorrow and distribute these shares at will. Would you touch that stock? The incorruptible supply and known future issuance of bitcoin is an amazing feature.
Are you willing to bet against a major player making a major bitcoin announcement?
This might not be huge, but a sign of things to come. Even a 1% allocation in portfolios around the world means huge buying. You tell me how many bitcoins you would have to buy if you made a 1% allocation!!!
https://watcher.guru/news/jpmorgan-chase-discloses-spot-bitcoin-etf-portfolio
It's worth knowing that BTC is more or less shadowing the equity market. They both go up and down at the same time. So from a technical perspective, I don't see just how BTC could go up to $1M by the end of this decade unless S&P500 also rises to $100K. But then again, who knows? Ya just never know.
Anyway, if you're thinking about buying BTC and you don't mind waiting, I say wait until it goes down and retest that trendline, which I believe will be around $37K and $40K. That's about 50% pullback from the ATH and you will have saved $35,000. Now, that's a REAL SAVING!
#50%OFF
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Thats sound analysis,until it takes off from x point and doesnt look back.
Thats the conundrum and thats the danger.
That alone does not confer value. What else you got?