How low will it go?

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

 

Yeah I agree, but 10k doesn't seem to crazy of a number for it to rise to. I can easily see it doing that within the next few years!

 

The market cap for cryptos is still so small

 

in 2020 bitcoin will be worth 0 it can never be a real currency. (who actually uses bitcoin as currency? it's being used 99% of the time as an asset and when it's used as a currency its on the dark net)

 

Its a bubble will pop soon enough, be careful.
There's certainly a lot of bullishness about bitcoin and cryptocurrency, and that's the case with bubbles in general.
The psychology of bubbles fuels it. You just become more convinced that it's going to work.
And the higher the price goes, the more convinced you become that you're right.
But it's not going up because it's going to work. It's going up because of speculation

Bitcoin Bear Peter Schiff Doubles Down: Even at $4,000 It's Still a 'Bubble' - CoinDesk

 

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.
Doesnt mean bitcoin can't go to 30k$ first before it crashes but it will pop.

 

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.

 

Looks like someone is bag holding?

 

I'm not bag holding anything.

Once again, you prove that your comments are worthless.

 

If you don't follow crypto prices that much then you don't know much about the subject. There's a lot of support around $2700 I doubt it would go much lower than that. Saying it will go to below 2k is ridiculous. The last time it got to that level it was there for 2 days, anyone would now buy the dip much higher than that. There's a ton of more money in crypto since then. 180Billion high market cap. Previous high before it dipped below 2k was 115Billion. Right now it's around 115 don't think we'll see under 100. Also 100k bitcoin is completely possible within our lifetime.

 

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.

 

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.

 

Market cap as in a limited supply of bitcoins, one of the reasons why people love investing in crypto. In regards to the dot-com bubble statement what I was referring to was that long-term crypto isn't worth holding, will Bitcoin and ETH be the Microsoft and Apple of crypto? Maybe, but as of right now i'd like to think that the majority of crypto will remain worthless in the long run. Also, what's stopping governments worldwide into adopting their own digital currencies and imposing laws to halt the success of their competitors if they were to invent their own digital currencies. I mentioned the 20 trillion dollar figure because confidence in the dollar world-wide is diminishing and people are looking into crypto as the safe-haven, which it's not. Can you make a lot of money investing in crypto within the next 5 years to a decade? Probably.

 

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.

 

I understand your reasoning, 100k per bitcoin is quite a stretch though.

 

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.