If BTC breaks through $20,000 next stop $10,000.........
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This Friday is paycheck week for me. I pray this doesn't turn into yet another false 10K prediction again...
Bitcoin has no intrinsic value. It has the same intrinsic value at $1,000 as it does at $10,000. It makes no sense to "buy when it hits $1,000".
That sentence makes me think of myself back in 2008....when I bought Freddie Mac, Fannie Mae, AIG....thinking to myself....this is a crazy bargain that will shoot up.
This buy is so awesome, OMG I will be able to buy a Porsche and a Rolex and Lasik eye surgery,
God loves me, he is making my dreams come true,
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I don't know what happened to those stocks, but all of those probably produce something which puts a floor on their value... Bitcoin's main value is if everyone uses it.
From a purely speculation/trading point of view it does, if you think the greater fools will eventually return and bid it back up towards $70,000.
Buying at $10,000 your risk to reward ratio is 7x
Buying at $1,000 your risk to reward ration is 70x
It all comes down to your beliefs, how high you think it will run during its next run and what minimum R:R ratio you are prepared to accept on the trade (assuming your belief plays out)
Still, I'd wait to see it develop a base before going long.
You actually made a very good statement. Not everyone needs to use Bitcoin, though
Bitcoin's main value is the growth of its network
Currently, 250 million people in the world uses Bitcoin and the price is around $20,000/btc
What do you think the price of 1 BTC will be when 1 Billion people are using Bitcoin in 2-3 years?
Facebook social network is about 3 Billion people. Bitcoin is a monetary network and will be 100x more useful than FB
IT IS MORE LIKELY THAT SOMETHING ELSE WILL BE USED RATHER THAN BITCOIN BY THOSE 1 BILLION PEOPLE