Selling Bitcoin?

[heavenskrow]

In my opinion, when volatility drastically drops, everyone gets out, and price drops. Nobody needs to hold BTC once they think its not going higher.

If price stayed the same, it wouldn't protect against inflation because you always need it to go higher to buffer the losing value of the dollar. If the value of BTC goes up at a standard 2-3% per year, it would barely entice enough people. If it goes up 10% per year, then heck, that might be a good return, and more people pile into it. But then the 10% yearly increase would explode to a much higher number and we are back to high volatility.

So in my opinion, BTC will never be a store of value. Its a great tool to trade and gamble, but it will never achieve "store of value" status. It only attracts attention when its climbing fast, and when it starts to go flat, it will likely induce selling because lots of players aren't in it as a store of value, they are in it to make a buck.

I would disagree. BTC on average has increased 200% since it's inception.
I feel like the one thing you are missing is that you only see BTC in terms of the current fiat system.
I'd like to propose you an idea... what if BTC becomes the reserve currency or part of the new system? What if everyone adopts BTC and the world runs on a Bitcoin standard?

In human history, the rise of Gold was never recorded. Did it have the same volatility before it became the standard unit of account? Surely it must have while people had to change their former perceptions of what is "money". Throughout time as more people accepted it as a form of "money", people's perceptions changed.

BTC is the hardest form of money humankind has seen and has all the properties that make it better than gold. I personally believe my grandkids will be complaining to me that BTC is slow and uninteresting just like gold is now.

Just imagine before Gold....the volatility of seashells or livestock compared to Gold. Before Gold was accepted universally- there must have been humans who did not have access to (libraries/internet) to even have the idea that a piece of shiny rock can be worth trading all their sheep/produce for. And surely there must have been resistance to the idea just like there is now. But once it "clicked" and the smart people started shifting their wealth, sooner or later it becomes the hardest form of money people trust to trade with one another.

As Paul Tudor Jones has said before, BTC is "A Great Speculation"
But it's also betting on human ingenuity. And I for one, believe in price action being truth as well as human ingenuity.

 

[Clubber Lang]

A very smart man, who has been consistently unable to translate his intelligence and knowledge into real world performance. This looks like yet another example...

This

 

[Pekelo]

, ultimately lowering the volatility.

That ain't happening. And when the stock market takes a dive, all those institutions will start to cash out, tanking the "store of value".

 

[Pekelo]

But it's also betting on human ingenuity. And I for one, believe in price action being truth as well as human ingenuity.

1. Nope. BTC itself isn't, cryptos would be if users were keep switching always to the best (most practical/usable, newly advanced, most features) crypto. But that isn't happening because everyone is in it for the MONEY at this time and sticking to this obsolete unusable piece of shit.

2. Price action is not truth. Check out the late 90s valuation of brand new tech companies. Was that the truth? Hell no, it was just a mania. Was GME's valuation at almost 500 the truth? No, just a short squeeze.

 

[jys78]

1. Nope. BTC itself isn't, cryptos would be if users were keep switching always to the best (most practical/usable, newly advanced, most features) crypto. But that isn't happening because everyone is in it for the MONEY at this time and sticking to this obsolete unusable piece of shit.

2. Price action is not truth. Check out the late 90s valuation of brand new tech companies. Was that the truth? Hell no, it was just a mania. Was GME's valuation at almost 500 the truth? No, just a short squeeze.

Are the $ in the account of whoever sold GME at $500 real to them?

 

[NoahA]

what if BTC becomes the reserve currency or part of the new system? What if everyone adopts BTC and the world runs on a Bitcoin standard?

Ain't gonna happen. Governments need control. I don't like all the money printing by the FED, but honestly, we in the first world enjoy lots of benefits of centralized government. If you leave corporations with all the money, since lots of them are buying it up now, where does that really leave us? Elon probably doesn't even want to pay his workers if he didn't have to!

 

[heavenskrow]

That ain't happening. And when the stock market takes a dive, all those institutions will start to cash out, tanking the "store of value".

Maybe for a liquidation trade initially, but ultimately the Fed will have to print more. Causing more flight to BTC/Gold.

 

[destriero]

Nooooooooooooo you don't say....I have been saying this for years....why would you want to own something extremely volatile or even take a form of payment in a fairytale coin that could be 38989 one day and 32838 the next

And you've missed historic, massive gains as a result. Cool story, Bro.

 

[heavenskrow]

Ain't gonna happen. Governments need control. I don't like all the money printing by the FED, but honestly, we in the first world enjoy lots of benefits of centralized government. If you leave corporations with all the money, since lots of them are buying it up now, where does that really leave us? Elon probably doesn't even want to pay his workers if he didn't have to!

Well
1. Gary Gensler is the SEC chairman nominee under Biden- who used to teach MIT classes regarding crypto.
2. If the USA bans bitcoin, in terms of game theory concept- it will make us noncompetitive against rest of the countries that adopt it.
3. The whole concept of bitcoin is to say enough is enough. The current system is NOT WORKING. Do you see the wealth gap in society? By having a hard money system, it will limit government's power or say have the financial system KEEP governments in CHECK.

 

[heavenskrow]

1. Nope. BTC itself isn't, cryptos would be if users were keep switching always to the best (most practical/usable, newly advanced, most features) crypto. But that isn't happening because everyone is in it for the MONEY at this time and sticking to this obsolete unusable piece of shit.

2. Price action is not truth. Check out the late 90s valuation of brand new tech companies. Was that the truth? Hell no, it was just a mania. Was GME's valuation at almost 500 the truth? No, just a short squeeze.

Everyone is in the markets for "the money" but if you understand anything about the reflation trade- it's also to preserve wealth when governments are destructing the value we traded our time for.

Regarding #2, no shit- that's obvious. I even timed the GME short perfectly. Anything irrational will have the natural market forces correct down to what it should be.
But guess what, BTC is in a bull market. Technicals and fundamentals are there.