Bitcoin Price Thread

[johnarb]

There are (only) about 53 million BTC addresses globally, as of today.
And about 98% of those have a balance of less than 1 BTC.

The bitcoin addresses with the largest balances belong to exchanges

Coinbase has 100M users and Binance has 200 million users and PayPal has 430 millions users worldwide

(unfortunately) many individuals and companies "own" custodial bitcoins through shared wallets that the private keys are controlled by a centralized company (i.e. Coinbase, Binance, PayPal, Blackrock, Fidelity, et al)

 

[johnarb]

So BTC has been mainstream for years and peak to peak (over 40 months) it's flat. As a USD-pair, gold has appreeshed 45%. Whoa. Empirically you're dead wrong.

Please give us bitcoiners until December of next year 2025

It is unfair to compare the current bitcoin price to previous ath as we have not reached the ath for this cycle per the epoch cycle

For example, 2016 halving the bitcoin price did not peak until December of the following year 2017

And 2020 halving the bitcoin price did not peak until November of the following year 2021

And if we're going by month vs month, 2016 August bitcoin price was $500 give or take so another 4000% move

And August of 2020 bitcoin price was around $11k so another 600%

And remember that 2020 bull market was cut short by the custodial leverage gamblers, FTX, 3AC, BlockFi, Genesis, Celsius who blew up and got liquidations pushing bitcoin price much lower than it should have gone

This bull market cycle, we don't have those bad actors, but what we do have are Blackrock, Fidelity, Morgan Stanley, Pension funds, banks, insurance companies, corporations like MSTR and MARA borrowing and selling shares to buy bitcoins

In my humble opinion, we're looking at a minimum price of $300k/btc for the peak of this cycle and it would not surprise me if bitcoin hits $1M/btc

Not financial advice

 

[NoahA]

We currently have a hybrid system.

And this is ok if you ask me. Its not like you buy stuff with gold, or with US treasuries. People buy real estate as a store of value as well, and we don't buy stuff with houses. Bitcoin can of course be used for transactions, so problem there, but I of course prefer using my credit card right now since I get the points, and also because it doesn't incur a taxable event. I'm sure that if it ever becomes legal tender and non-taxable, then the flood gates will open. The system as it is simply cannot survive. There is no end to debts and deficits, and more juice cannot be squeezed out of the population. The fiat currency debasement cycle has reached the end point.

It’s hard for me to believe stats that say 1 in 4 Americans are bitcoin holders.

I agree as well. Even if there are a significant amount of people that have some bitcoin, or some crypto, hardly anyone has a meaningful amount. So if you believe, like I do, that Bitcoin is highly likely to underpin the entire financial system, then we are exceedingly early. I really do think that Bitcoin will suck the financial premium out of most assets, like real estate. The costs are getting insane in many hot spots around the world. RE only worked for the past few decades because of the interest rate cycle always dropping. The demographics are also such that most baby boomers are dying off, and either they or their kids will be selling properties that nobody can afford. This will kill the RE market, and hence the store of value aspect will be gone. Bitcoin can easily suck this up.

I think what is really needed right now to get the market going is a response from the government. We need the money printer to turn back on. Shit will start hitting the fan, and unless they allow for a deflationary collapse, its going to be money printing all the way. The reason why we need bitcoin is because of the government, so we need government to make its move, and then the fireworks can start.

 

[orbit23]

I'll be quick.

If you dump trucks were so laughably wrong about NFTs and the utility of provenance for a turd... what makes you right, now?

99% value gone in months.

Exactly this.


One could argue NFTs are better than Bitcoin because there was less bullshit to persuade you into buying and only the dumbest of dumbs bought into the hype.

Bitcoin is attention token just like NFTs, but difference being BTC has the central bank of Tether, always catching the dip and propping the price back up to latch onto the next victim; in current instance institutional funds with the ETFs.

But there is nothing more coming after this. This is the end. Praying that we get this over with as soon as possible.


The worst thing is when a person goes missing and there is a very high probability that they are dead, but the family lives in agony and seeks closure.

Similar issue would occur if Bitcoin continues to stay around. So my prayers are this thing gets nipped in the butt, we see it clearly for what it is; an obvious scam... We can admit we've been fooled, money has been lost.... and then we can just move on in peace.

 

[orbit23]

Peter Brandt is shorting Ethereum again.

The odds of an exit pump have increased SIGNIFICANTLY. The hail mary of a hail mary of a hail mary.

If you get this exit pump sell everything. The last opportunity before demise.

The ponzi scheme is very forgiving for now as they pump and dump to manipulate the market.

Once it starts unwinding, the question will be whether the crypto Titanic will be sinking due to flooding from the ocean or from the tears of crypto bagholders.

 

[johnarb]

Peter Brandt is shorting Ethereum again.

The odds of an exit pump have increased SIGNIFICANTLY. The hail mary of a hail mary of a hail mary.

If you get this exit pump sell everything. The last opportunity before demise.

The ponzi scheme is very forgiving for now as they pump and dump to manipulate the market.

Once it starts unwinding, the question will be whether the crypto Titanic will be sinking due to flooding from the ocean or from the tears of crypto bagholders.

Peter who?

 

[orbit23]

The banks kept FUDDing Bitcoin, but now everyone is endorsing it.

Cantor Fitzgerald, Jamie Dimon, Larry Fink, Goldman Sachs,... The list goes on.

This is most definitely not a top signal. The banksters are your best friends and their life mission is to pump the market and make money for you at their cost.

 

[orbit23]

Dumpening begins in September.

$30-$40k bitcoin before elections.

under $10K per digital bitCON scam ponzi token before end of year

Tether either goes under or gets thrown under the bus.


Years from now Bitcoin+Tether exists only as as a sour memory and as the biggest financial fraud in the history.


Once the idiocracy bubble pops, we might finally get some real world use cases.

For as long as it's just digital ponzis, pump&dumps and all about price going up without substance, there is no point in building anything meaningful.

 

[johnarb]

The banks kept FUDDing Bitcoin, but now everyone is endorsing it.

Investment banks and wealth managers make money when bitcoin goes up

The higher it goes, the bigger the AUM = more fees

That's why Blackrock has bought 10's of billions of $ worth of bitcoin and has not sold a single satoshi (no outflows, only inflows)

 

[orbit23]

Investment banks and wealth managers make money when bitcoin goes up

The higher it goes, the bigger the AUM = more fees

That's why Blackrock has bought 10's of billions of $ worth of bitcoin and has not sold a single satoshi (no outflows, only inflows)

They might have bought earlier on.

Now they are selling & shorting.

They sell you one digital ponzi Bit coin for $60,000. Then they sell Bitcoins they accumulated earlier till Bitcoin price hits $30,000.

Now with bitcoin at $30,000 you lost $30,000 and the bank made $30,000.

They make money as price goes down.


You've ridden the bull, now it's time to ride the bear. The alternative is to keep hodling and hoping for $1M bitcoin as price crashes lower and lower and the entire ponzi scheme falls apart.