I personally think it's going to drop down below 2k before it rallies up to 10k+. I don't really follow crypto prices much to know a lot about this subject though. Anyone thinking its going to hit 100k+ or even 1mil+ is dreaming haha
First Smart guy i see on sythe.
First, all currency is an asset that is how it is treated on the books of any firm. You can trade BTC or any currency for another currency or any other type of asset. There also is the factor about how many BTC can be actually be created which is around 21 million that mean's there is a certain limit meaning the value, in theory, should continue to go up as its used more widely. No, form of monetary policy can be used to cause inflation. Everyone always points to bubble but just using the assumption it is over valued and at one point was lower does not mean it's an actual bubble there are various factors. I'm not saying it won't crash but your assumption it will be worth 0 is based upon pure speculation and no evidence. Many real world currencies like Venezuelan or Zimbabwe currency have crashed and amounted to nothing because of poor monetary policy, not the market collapsing. Poor government caused most currencies to crash if not all.
There is many arguements why it can't be a currency first of all if bitcoin is going to be used as a currency everyone is going to be laundering money and tax evading. if u do some research u know that 90%+ does not pay taxes on bitcoin. also goverments can crack down on bitcoin whenever they want with all their power they have like in this case closing all exchanges or making it illegal for merchants to accept bitcoin this is a highly speculative asset and the bubble will burst the question is when.
People tax evading or money laundering happens with all forms of money. You only pay taxes once you actually liquate the asset and if there are any realizable gains. Sale's tax could be automatically added into the price and then easily taken into account. They already have cracked down on bitcoins and there is a lot more regulations now in place for the asset look at coin base and how much they deal with regulatory bodies. Bitcoin has high volatility but the reason it continues to go up is also that people are using it more to purchase goods. May it be virtual or physical. Also, most prices for Bitcoin are determinant on the actual size's of orders and total value which then drastically change the price on different exchanges and in smaller time frames than say a regular currency. I have done research I am accountant by trade and done research on bitcoins and other forms of currency in large scale macroeconomic environments. You're saying the whole market is based upon speculation but markets are only made up of what people are willing to pay. There are so many variables to consider other than just one element speculation.
Don't listen to accountrent, if you look at his previous posts in this section you will realise that his posts shouldn't be taken seriously.
I'm not bag holding anything.
It's not like the dot-com bubble at all and to compare it to such is ignoring all the facts of the dotcom bubble. The basis of the dotcom bubble was investing in companies that had potential based upon no actual income or real value other than imaginary value investors made up. All those internet companies had terrible balance sheets and any value investor would stay away. Bitcoin does have value its used to purchase services, illict drugs, real world assets and some organizations actually accept bitcoin to buy things. It also has a public ledger showing proof of transactions easily auditable by any organization. They actually are starting to use Blockchain technology to track financial investments on both sides of the contract. I also have no clue what you mean by market cap? Do you mean the total overall value of the entire bitcoin market? In, addition the U.S. national debt is a problem with the U.S. government, not the physical currency the treasury and the federal reserve are different. Also, your point of reference should be based upon debt relative to actual country GDP that's a more reasonable way to look at the debt then just one figure without other points of reference.Saying 100k is completely possible is even more ridiculous, under 2k is definitely possible and i'd argue a lot more likely to happen. Crypto is like the dot-com bubble all over again, only time will tell. There's no real value in bitcoin, it's just the market cap and people wanting to hold their money outside of the banks. The US national debt is running at 20 trillion dollars and people are looking to invest elsewhere, crypto isn't the right thing to invest in long-term though.
No country would make their own cryptocurrency because of how the money would be created. You cannot control the money with regard to monetary policy. Countries like how money is now because the central bank can actually control inflation, investments and a lot of the macroeconomic issues can be fixed through good monetary policy. Everything is based upon what people are willing to pay BTC has practical use for things it's being used to purchase things. The idea just because theres speculation does not mean you cannot make money George Soro's whole investment principles are based upon the idea of reflexivity and peoples inherent biases which can cause market behavior and how to invest in bull markets.
Well, it really depends on a lot of factors the cap is at 21 million total btc and if BTC continues to be utilized more as currency to pay for things then I can see it going quite high. Then adding in the investment element and how much that could push forward the price. It also should be noted a lot of the times BTC has a crash is when some type of market goes down and the confiscated assets are then sold in large bulk which drastically decreases the overall value.I understand your reasoning, 100k per bitcoin is quite a stretch though.
