The funny thing is, it's not even a ponzi scheme because they don't even bother to lie about it being backed by assets.
Stop, this hilarious.... 250k bitcoin haaaa...I cant stop laughing I cant...... You know what's funny. I keep hearing the rise in bitcoin is because of inflation fears, you know they buy bitcoin and other fairytale coins to hedge the risk of inflation... but the other side of this that makes me laugh is that bitcoin rises today on a tame inline cpi report. So what is it... They really need to stop the thought of these cryptocurrencies being a hedge against inflation....because inflation according to the stock market seems to be non existent these days. You can't have cryptocurrency and gold rallying on news of tame inflation unlesssss unlesssss gold and cryptocurrency know something that the fed has no clue about. So which is it........
Shit!! There goes the mother-of-all-tulipmania dream. Still waiting for it to drop from 5 to 4 to 3 to 2 to 1 to 0.1 .... digits.
They simply make up excuses as they go. It used to be called the "medium of exchange" but now that it's just another speculative asset they prefer to call it "store of value". In another 5 years, they will come up something altogether different to justify why it needs to go up to $100M.
Bitcoin is a monetary inflation hedge. It goes up a lot as global central banks print more money The more liquidity, the higher the Bitcoin price will go The global CB's are about to unleash the biggest liquidity money printing ever to save the commercial real estate and the Japanese Yen and lessen the impact of the Chinese economic crash and the Fed will be the best of the best Stock market and all assets and Bitcoin will go to the moon. Do not hate, participate
The fun thing is that it can't. Even if their wildest dreams come true, it's doomed. 1) There's not enough assets globally to support that price. 2) When you hit market saturation, Bitcoin will be able to grow no faster than global GDP. That means best case you get the performance of an index fund while having no assets at all backing your money. Either at that point or at some point before people are going to go "what the hell was I thinking?" There might be another 10x before the crash. But certainly not another 1000x. People aren't going to start going, "gee I have this oil well that's producing tons of income. I better sell it at a discount so I can buy a non-productive asset backed by nothing." I cannot imagine a planet where Exxon goes to a P/E of 2 because people are fire selling all their stocks so they can buy more Bitcoin. There's only so much capital Bitcoin can capture. I just hope every fund manager, investment advisor, etc goes on record with their Bitcoin views. It will be so useful to see who does some basic value analysis and has the conviction to stick to it vs. the herd follower types who plowed money into pets.com stock.
People say things like this a lot but they don't really try to demonstrate it. Mathematically, it's not really so.
Ahh haaa....so basically just to keep the hype of the gravy train in full motion....absolutely amazing!