How low will it go?

Yeah fundamentals can easily cause bitcoin's price to fall really hard from what it's at right now, i'm not denying that bitcoin will go up in the short term. I just don't believe it's worth holding long term. Imo I think another cryptocurrency will surpass bitcoin within the next five years.

 

"Saying 100k is completely possible is even more ridiculous, under 2k is definitely possible "
You don't know much about crypto so your opinion is worthless. The price bounced back in 1 day today hitting low of $2900 now at $3700, never got close to under 2k. I never said under 2k is impossible, but how things are right now it won't drop that low.

"There's no real value in bitcoin, it's just the market cap and people wanting to hold their money outside of the banks."
Which currency can you name off hand that has real value?

"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. "
I see US debt as a reason to exchange my USD for crypto. Why do you think it not good to invest in long term? I remember when a blue party hat was 60mil, now they cost more money than you can hold in RS. Both bitcoins and party hats can't be created, and neither have real value. Unless something drastic happens I expect bitcoin to increase in value similar to a party hat.


"Yeah fundamentals can easily cause bitcoin's price to fall really hard from what it's at right now, i'm not denying that bitcoin will go up in the short term. I just don't believe it's worth holding long term. Imo I think another cryptocurrency will surpass bitcoin within the next five years."
This is a reasonable argument. But think of some of the companies that were first in their field like Google, Facebook. Being the first one in a field gives a huge advantage. They'll stay in first unless they completely stop making improvements like myspace did.

 

So in your opinion you expect it to go up 10k+ before a market correction of under 2k? Also, my opinion is as worthless as yours lol. Let's be real here neither of us are professional crypto traders. From a fundamental standpoint I wouldn't hold the majority of my networth in crypto long-term. Real value resources are tangible assets that you own. Gold, silver, property, etc.. Bitcoin has nothing to back it up besides the confidence of it's users. What backs up the US dollar? The military-industrial complex and the confidence of the majority of the world, which is slowly diminishing hence the current huge bull market in crypto.

 

If you're so sure about it then short btc . Set your target for 2k.

 

I'm not shorting, if anything i'd consider buying when price hits below 2k. You can hold for 100k+

 

Don't get me wrong, gold, silver, property... etc. are all fantastic assets to own but you can't say Bitcoin is not. The tech for crypto will never go away, it is already here. The potential it has to change the world. Just think of how it can help countries which are suffering from poverty (just one example).

There is so much debt surrounding fiat. You even said it yourself "the confidence of the majority of the world, which is slowly diminishing". There's much more I could write but I don't have the time right now. All I'm saying is that Crypto isn't going away, the potential is too big.

Bitcoin right now is king but who knows how long it will stay at the top for. Interesting and exciting times ahead.

 

I could definitely see crypto being the future and replacing fiat, I just have my doubts with bitcoin being the one. King for now but I expect it to be surpassed by a digital currency that's backed by gold or another asset. The debt plays a huge role into the price of crypto as the federal reserve continues to endlessly print money into existence, should add some value into crypto. Realistically speaking though 100k+ for bitcoin isn't likely to happen.

Interesting clip regarding bitcoin below:

 

Some outlooks on current BTC situation. Most of these outcomes are based off a bullish outcome in current price. This could all shift at any point and turn even more bear.



If it breaks $3,800, then I wouldn't be surprised to see resistance around $3,975 and then hover around $4,275. $4,137 area seems tough too.



This should help us better understand the direction of the price once a break up or down happens. Will be interesting.

 

This is simply not a true statement... I know at least 3 people who I am close with that have bought games through steam using BTC. You can buy games on g2A with BTC. You can even use BTC to buy things on other major websites like Newegg (the most popular website for computer hardware sales), overstocked.com, Expedia (the worlds largest travel booking site), and of course, shopify stores, which are becoming more and more popular everyday, and allows business of all genres to accept BTC. BTC is also being implemented in 401k and pension funds, and is gaining even more traffic and news than ever. The amount of users using Bitcoin grows and even though you have a point about the deep web, to say that the crypto is being used to by mostly drugs and other illegal shit on the DW is so false. JP Morgan Chase Securties would not invest into Bitcoin if it thought it was a coin only used for the deep web. 99% of the world has no idea wtf Bitcoin is. just wait until MASS odoption.


This thread reminds me of 2012 when everyone was saying BTC will fail BTC will fail it'll never reach what it did free the Silk Road incident.. And here we are, years later, with a market cap bigger than ever, prices up thousands of percent, and still being accepted and experimented with by the worlds biggest finical institutions.

 

Using BitPay Is not using BTC as a currency that's making it easy for people to sell their bitcoin so they can buy the product the merchant is selling. if a merchant uses bitpay he receives $ . Do ur research

 

That's what I always tell people. There are about 3-5 billion people on this planet that are considered "unbankable" (yes bankers actually call these people unbankable. These are people who are poor and live in third world countries, like India, parts of rural China, most of central and Northern Africa, and many places in South America).
Can you imagine how high the market cap would go if just 1% of those 3-5 billion were to invest in Bitcoin. The idea of YOU having full control over YOUR funds is appealing to many people. Africa skipped the PC and Landlines and went straight for Laptops and Cell phones. It would make more sense for these people to be able to be banked or hold there assets in digital wallets and digital currencies at the least. Maybe it's not Bitcoin, maybe it'll be centralized coins made by there govnernents, or just simply alt coins and coins built upon ethereum and such.. My point is, the world hasn't even begun to understand what BTC is. Once they do it opens so many doors and options. Maybe Bitcoin won't last, but the idea f decentralized digital currency will ALWAYS be around..


...until it is taken away from us by force

 

I never specifically said "bitpay". Yes, g2a uses bitpay as a third party, but other sites directly accept Bitcoin as a payment option... But thanks for the snarky response


You stated that when Bitcoin is used as a currency, it is on the dark net, but that is simply not true. Bitcoin has always been referred to as a store of value and similar to "digital gold", so yes, it is often held as an assist.. But it IS also used as a currency all over the Internet. Just because you don't use it as a currency doesn't mean others don't or others wont

 

This^^^ and it's funny you mention Zimbabwe because they have 1 billion dollar bills and children walk around the streets with stacks of money held together by rubber bands because the government kept printing and printing and printing.

 

I Said 99% of the time merchants use Bitpay And this is not the only reason bitcoin can't be used as a currency lol. how many people u think pay taxes over their bitcoins? i can tell u it's less then 5%. If bitcoin doesn't get burned by it's self it gets cracked down by the goverment. If bitcoin were to be a currency nobody will be paying taxes and mass amounts of money laundering. There are alot more reasons why it can't aswell. If u can prove me wrong why bitcoin is and will be used as a currency in the future i might consider buying some. Bitcoin isn't immume from goverments.

 

The U.S. Government is already "cracking down" on Bitcoin because of what you said, but it won't destroy it long term as you state.

1. The IRS has already stated that you need to pay taxes on Bitcoin. If you decide you don't want to report your capital gains to the IRS, that makes you a criminal, like the tens of thousands of Americans who dont pay taxes.

2. Representatives are already looking to allow users to be free from paying taxes on Bitcoin transactions under $600, which is huge for mass adoption.

3. The IRS has already bought and are starting to implement software after its ongoing legal battle with coinbase to track down those who don't pay there Bitcoin gains taxes



Look, I don't see why BTC will ultimately crash because

A. Less than 2% of all users paid there taxes
b. It's not a widely accepted currency

If the IRS and the Fed saw this as a major threat, they would've did everything the could to shut it down...

But they aren't, instead, they are actually trying to regulate it in a way SO IT CAN prosper in the long run.


I'll gladly allow the U.S. Government to tax my capital gains on crypto as long as it's over a certain $ threshold
I'm okay with the IRS going after tax evaders and money launders, but the idea that BTC will crash a an burn and go down to 0, because of unpaid taxes and not being used as a currency, even though the world changing tech still isn't even 10 years old just doesn't fit well with me. "BTC is a bubble" was literally a headline when BTC hit $1. People thought "there's no way it's unreal". When BTC hit $30, we got the same reactions.


But we can agree to disagree my friend



But I must ask, do you see this happening with all crypto? Do you think that if Bitcoin isn't going to be a widely used "currency" and just an asset, so you think all the other alt coins will ultimately crash and burn?

Do you think the billions of dollars of uber smart Chinese and Korean and soon to be Japanese investors are just throwing there money at a bundle waiting to pop? I'm not being sarcastic, I'm genuinely wondering you opinion on all these other coins

 

I'm not thinking it's going to be worthless i just don't think it's going to be used as a currency which is the promise of bitcoin and what it's suppose to be made for. it's okay to disagree . When i hear the local post guy talking about how he's making fortunes on bitcoin it makes me second doubt my self i hear people talking how it's going to replace money and bitcoin will be worth a million dollars a bitcoin etc makes me skeptical.

 

interesting, nice post mate

 

Yeah, even highly respected investors have been quoteing the "BTC to 1,000,00"... which it may be, but I do think that is a stretch. At least withing the next 10 years or more..