The only real threat to Bitcoin is that the US switches back to a gold-based standard. But, liberal politicians are unlikely to allow that to happen, as they need to buy votes from the mob.
Is the crypto winter over?
- Thread starter schizo
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I too thought we would reverse at 42K but I guess the whales want this at lower price. They're basically testing all you traders.
I got liquidated on my long perpetual futures trade position, I failed the test
The hodlers are tested during the bear market and the low for this bear market cycle was $14,500 per btc
I just checked, bitcoins in wallets are doing fine
There was no Blackrock announcement recently, there was only a fake Blackrock bitcoin spot etf news approval around $30k, it went up to $34k, pulled back to $32k, remember? you were long btc at the time
The Blackrock announcement was when they applied for a bitcoin spot etf many months ago, price of btc was in the mid $20k
SEC announced approval for Blackrock bitcoin spot etf among others on Jan 10, with a fake SEC announcement a day prior
Bitcoin will never be a global reserve currency, imo, as the global reserve currency is set by the G20 or whatever the consortium of countries that set it through their accord process bretton woods, the details go over my head, way above my paygrade
The world's central banks will not agree for bitcoin as global reserve currency, they cannot control the supply, i.e. print more to finance their policies, or set the monetary policy, tightening, loose, interest rate
over 70% of the circulating bitcoin supplies have not moved in over a year
Blackrock along with other friends, Jane street, jump, JP Morgan can push the price around in the short term but what happens if a sovereign nation starts printing their fiat currencies to acquire bitcoins for their treasuries or a sovereign wealth fund, i.e. in the middle east starts acquiring large positions with the limited supply on exchanges of real bitcoins...
That ship sailed a long time ago. I can’t even imagine how they could come up with the gold to do it.
But the fortunate thing is (or maybe it's unfortunate) that bitcoins are pegged to the dollar. So in the end, there's just no way of getting around the greenback. As I type, 1 BTC = 40056, but with manipulation of the dollar (thanks to infinite QEs) that could be 1 BTC = 20056. My point is that there are many ways to distort the value of BTC by manipulating the dollar.
Let me know if my calculation is off.There's not enough gold to cover all the debt this country has.
But the fortunate thing is (or maybe it's unfortunate) that bitcoins are pegged to the dollar. So in the end, there's just no way of getting around the greenback. As I type, 1 BTC = 40056, but with manipulation of the dollar (thanks to infinite QEs) that could be 1 BTC = 20056. My point is that there are many ways to distort the value of BTC by manipulating the dollar.
Btc is not pegged to the dollar, nor priced in $ except in the US, mate
I cannot buy btc using the US $ where I'm at, I have to use local fiat currency
You can prove my point by simply traveling to Dubai, South Korea, Indonesia, Argentina, Vietnam, Japan and attempt to buy btc using the US $
Infinite QE's will push the price up of bitcoins. Bitcoiners already know this that is why we put our lifesavings into bitcoin
Even when 1 bitcoin goes to $1M, we will not sell all our bitcoins, bitcoin will go to $10M and higher for our children and grand children and so forth. Generational wealth, dude
But, of all the fiat currencies to buy BTC, I would think the USD the largest.
But again you still need to convert it back to fiat currency before you can go on your next vacation and what not, unless Bitcoin is widely accepted in public. But that hasn't happened yet (not on a global scale) and I don't foresee that happening anytime soon.
Yes of course, and the USD is the global reserve currency and other fiat currencies are traded against it
I was merely clarifying your mention of btc peg to the USD (it's not, it's traded up and down freely in the open markets, peg is something like the Yuan/USD, controlled by the central bank and cannot deviate from a price range against the USD)
Also that btc has to be priced in USD which it's clearly not where I'm at, I have to use local fiat currency for buying and selling btc on local exchanges
It's extremely inconvenient but where I'm located, I can live off btc without ever touching fiat currencies
but dude, there is not need to do that!!!!
Bitcoin is the best money in the world. I can purchase as much local fiat currency as I want with very little friction costs using btc
Take a moment to understand my last sentence
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