Down to about $90k, where would you park it if your trading skills were trash?

[NoahA]

You buy insurance expecting it to not payout. If bitcoin is insurance then you expect it to go to zero while whatever it is protecting doesn’t.

Historic performance is the dumbest reason to say it will go to 500k.

So were disco record sales.

Sure, no rule states that is has to continue. And you don't have to buy any. But tell me this... as a rich guy, you likely have enough money laying around to buy a whole bitcoin. How many rich people do you think will be able to buy a whole one when they finally wake up and pay attention? Out of 21 million that can ever exist, over 19 million are already in circulation, and there is likely only 1 or 2 million that will be sold unless the price goes much higher. Most millionaires will never be able to own a whole bitcoin.

so the market cap of Renoir paintings should equal the market cap of gold? What about USD’s? Or the stock market?

Paintings have none of the properties of gold or bitcoin. Its silly to even compare them. A painting is not divisible and its difficult to prove authenticity, and the list goes on.

Stock market requires economic activity and requires growth and sales and so many other metrics.

Bitcoin has metrics as well, but if its proven to be the world reserve currency, then you can see the price should be much, much higher.

I have no doubt that as the economy suffers even more, and as the monetary system is put under more pressure, the benefits of bitcoin will shine. You're welcome to buy it much higher.

 

[johnarb]

Bitcoin has metrics as well, but if its proven to be the world reserve currency, then you can see the price should be much, much higher.

Global reserve asset, global monetary asset, global store of value asset, my friend.

Much bigger market cap than just gold or fiat currency

Bitcoin will demonetize all the assets being used as a store of value to reduce them to their utility value

This cycle, gold and real estate and debt instruments are on target, simultaneuously

 

[NoahA]

Global reserve asset, global monetary asset, global store of value asset, my friend.

Much bigger market cap than just gold or fiat currency

Bitcoin will demonetize all the assets being used as a store of value to reduce them to their utility value

This cycle, gold and real estate and debt instruments are on target, simultaneuously

I agree as well, but these guys just don't see it yet.

I like the property of sucking the monetary premium out of other assets like real estate. This has been especially painful for many people. You see all the chaos it creates, even within government. You have these local governments that are struggling to change laws to make housing more affordable, but its the damn policies of federal agencies and governments that are causing the problem. ZIRP for over a decade inflated the housing so badly, but the local governments have to deal with the homelessness.

When bitcoin is able to suck away all that monetary premium, the world can hopefully get back on track.

 

[NoahA]

This cycle, gold and real estate and debt instruments are on target, simultaneuously

This is why I also said that this cycle might be the cycle that breaks all cycles. Everything else will break, and the world as a whole will agree on Bitcoin. There might still be some major deflationary collapse in fiat terms, but 1 bitcoin will always be 1 bitcoin.

 

[poopy]

$16,644,672,000,000. mcap of all gold mined to date. 1.65T mcap of BTC. So you're only looking for 10X. lol.

 

[Frederick Foresight]

I have no doubt that as the economy suffers even more, and as the monetary system is put under more pressure, the benefits of bitcoin will shine. You're welcome to buy it much higher.

Are you sure you "laser-eyed" guys aren't just starry-eyed?

 

[NoahA]

Are you sure you "laser-eyed" guys aren't just starry-eyed?

Why are you obsessing over something you hate so much?

 

[newwurldmn]

Again you just say it will be higher than 1mm as if it’s a fact.

Either you are delusional or you are deliberately trying to create a frenzy.

I can give several possible reasons why bitcoin will not be worth 1mm.
1. Adoption of crypto never takes off.
2. Governments regulate against it.
3. A better technology overtakes bitcoin
4. A massive electricity failure stops most of the mining activity thus killing all transactions.

so prove to me that these 4 things will not happen for sure.

Sure, no rule states that is has to continue. And you don't have to buy any. But tell me this... as a rich guy, you likely have enough money laying around to buy a whole bitcoin. How many rich people do you think will be able to buy a whole one when they finally wake up and pay attention? Out of 21 million that can ever exist, over 19 million are already in circulation, and there is likely only 1 or 2 million that will be sold unless the price goes much higher. Most millionaires will never be able to own a whole bitcoin.


Paintings have none of the properties of gold or bitcoin. Its silly to even compare them. A painting is not divisible and its difficult to prove authenticity, and the list goes on.

Stock market requires economic activity and requires growth and sales and so many other metrics.

Bitcoin has metrics as well, but if its proven to be the world reserve currency, then you can see the price should be much, much higher.

I have no doubt that as the economy suffers even more, and as the monetary system is put under more pressure, the benefits of bitcoin will shine. You're welcome to buy it much higher.

 

[NoahA]

Again you just say it will be higher than 1mm as if it’s a fact.

Either you are delusional or you are deliberately trying to create a frenzy.

I can give several possible reasons why bitcoin will not be worth 1mm.
1. Adoption of crypto never takes off.
2. Governments regulate against it.
3. A better technology overtakes bitcoin
4. A massive electricity failure stops most of the mining activity thus killing all transactions.

so prove to me that these 4 things will not happen for sure.

I can't prove what the future will or will not hold.... but....

1. Ummm... the train has already left the station. People said this about the internet as well. Famous articles and headlines make their way around all calling for the demise of the internet.

2. And they are working very hard, but now that there is the ETF, I think its too late. Bitcoin will happen with or without the government. If you close the door on the future, you end up like North Korea. The US has never been known to want to take a back seat.

3. This is always brought up, but when you understand the massive reach that bitcoin has, its impossible to overtake. Imagine coming up with a new internet today. How will you get new wires laid down, and get people to buy new modems, and new chips in their phones, etc. The TCP/IP protocol has issues, but everything conforms to the rules of using the protocol. If a competitor to bitcoin ever comes up, you would need to see the adoption. It would have to have carry the same properties and yet be even better.

4. If this happens, nothing will work and people will die within weeks. There will be no water, or sanitation, and eventually no food delivery. Most people live in cities and there won't be any resources for them. Look at what happened during the Crowdstrike fiasco. Hospitals and Airlines were paralyzed. So losing electricity has bigger issues than just stopping bitcoin transactions.

 

[poopy]

The argument is anti-fiat, but in reality it's a maximalist argument as the total crypto-market is approaching $2.5T. I think a better valuation metric is marking it to some multiple of GDP. IOW what made the gold standard impractical. Crypto will experience the same limit (gold standard analog).