Tom lee says 500k for bitcoin....tulip mania is just beautiful, isn't it??
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You really should not short it. It can easily trade above 100k before coming to your short target.
I remember end of 2021 and the craziness and euphoric numbers everyone was predicting for all cryptos and nfts ....there was absolutely no one who thought it was going to collapse...and that year forbes released an article that bitcoin was headed to 400k. The same thing again is happening....this time predictions for 500k and a million or more.
It's a fairytale coin ....I will say this over and over and over again. Yes no one believes this but it carries zero intristic value and will never become the main source for monetary transactions......
This time you have previous high at 69k. That changes things. You just know that there are bunch of FOMO interest at and above that.
Value is a religion. I learned this the hard way. There is no rationality in valuations. You could say that gold is just as pointless but it has a market cap of what, 10+ trillion usd? Bitcoin only has 1 trillion. So, theoretically, there's a lot of room IF the narrative of digital gold persist or strenghtens. It's all a matter of engagement, marketing, manipulation.
The value of bitcoin is mainly in illegal business, imo. And that's a strong value. You can send illegal "digital cash" back and forth much easier than actual cash. And eventually you'll still find a counterparty willing to give you real cash for your bitcoin for a discount. Magically, you'll start seeing "emerging market countries" adopting or attracting the use of crypto. Why do you think that is?
It's the same with drugs. You have weed illegal in most countries and yet legal in the very few. Non of this is random. IMO ofc
I do not think you know what the word 'absolutely' means. Many of us specifically stated the NFT hype was going to crash hard, and that it wouldn't be pretty. But I did say that NFTs are here to stay. A major price correction was going to happen (which was common sense).
It played out exactly as expected. Let's not try to spin this into some weird form of vindication now as though you were the only one who saw what any rational person did.
There were a lot of retail paper-hands who only came in because number went up... and they all sold out when number went down. Now they will flock back in because number goes up. Did they even read the white papers? No, because we are dealing with retail paper-hands here.
This time you have previous high at 69k. That changes things. You just know that there are bunch of FOMO interest at and above that.
Value is a religion. I learned this the hard way. There is no rationality in valuations. You could say that gold is just as pointless but it has a market cap of what, 10+ trillion usd? Bitcoin only has 1 trillion. So, theoretically, there's a lot of room IF the narrative of digital gold persist or strenghtens. It's all a matter of engagement, marketing, manipulation.
The value of bitcoin is mainly in illegal business, imo. And that's a strong value. You can send illegal "digital cash" back and forth much easier than actual cash. And eventually you'll still find a counterparty willing to give you real cash for your bitcoin for a discount. Magically, you'll start seeing "emerging market countries" adopting or attracting the use of crypto. Why do you think that is?
It's the same with drugs. You have weed illegal in most countries and yet legal in the very few. Non of this is random. IMO ofc
Not so much that it's illegal. But Bitcoin replaces everything that is wrong with the financial system today. Nobody wants to answer to a bank of where they are sending their money or why. Now if you are carrying a large amount of money through an airport, or traveling with it, it can be seized by any governmental authority, even if it's from legitimate sources. All they have to do is 'Think' that it came from illicit sources and they can seize it. Also, poor families in other countries can receive money without having to answer to anyone.
There is a ton of value in that in itself. Not to mention it's also an investment asset. And there are illegal things happening with every form of money. It comes with the territory. Not one person telling me that "Oh Bitcoin is used for illegal activity" can tell me that their fiat money is free from any illegal activity. It's ridiculous. People need to start thinking for themselves instead of being fed what the media tells them
