Don’t speak too soon. I predict that BTC is going to 333 million in the next 333 days. Meanwhile gold will fall to $1/oz and Starbucks will start accepting it as payment. But really, gold was used as an actual currency for thousands of years. BTC hasn’t really been used as a currency that’s accepted by our system. It went straight to a security and bypassed being a universally accepted currency. I think the biggest interest in BTC is that there is a lot of money sitting on the sidelines just burning holes in investors pockets. I’m fascinated that it’s made it this far.
It has adapted to its best real world use...which is essentially digital real estate. You can secure an equity loan in minutes...quicker than it would take to fill out an application at the bank. You can also move millions of dollars in minutes...cheap. A lot easier than unloading physical gold. I think it was calculated that when Bitcoin replaces gold it would be around 500k per coin. Burning holes? Even if you bought 1 Bitcoin at the worst time when it first rallied to 20k...then held onto it losing 90% of your investment when it dropped to 3k...today you would be up 20k. What would a 5% dividend stock have returned you over that same time frame? 2k?
Wasn’t talking about BTC investors or even traders like me. There is a LOT of cash on the sidelines and it’s been that way for a while. I think that a lot of those cash holders are the next part of the pyramid that will join the party. Berkshire has almost $150 billion in cash just waiting for the right conditions.
What are they waiting for lol 100k? They should have loaded up at 3-5...they could have had the same position for only 12B.
I don’t think Warren and Charlie are waiting to buy Bitcoin. But if they have that much cash it’s plausible to think that lots of other people do to. They’re probably getting ants in their pants to do something with it. That something could be Bitcoin.
Are they willing to buy the "rat poison" now? lol they are late to the party AGAIN.The extension puts Bitcoin above 150k, so whether it's the ETF approval, the halvening, or the sidelines jumping in that facilitates that extension doesn't matter.
Arthur Hayes Says BTC Is Rallying Over US Military Spending, Not ETF Hype BitMEX co-founder says investors are offloading bonds for gold and crypto. By: Samuel Haig • October 25, 2023 Arthur Hayes, the co-founder of the BitMEX derivatives exchange, published an essay attributing the crypto market rally to the costs associated with hawkish U.S. foreign policy and not spot Bitcoin ETF anticipation. In an Oct. 24 essay titled The Periphery, Hayes attributed U.S. president Joe Biden’s open-ended commitment to supporting Israel’s war effort against Hamas to the recent surge in the crypto markets. “Added to Ukraine’s tab, America’s military budget is set to truly explode,” Hayes said. “This will increase future government borrowing, and the sky's the limit when it comes to the sums of capital a war can waste.” Hayes said institutional investors already moved to sell off bonds and treasury bills in preparation for expanded U.S. military expenditure and will be seeking returns from new asset classes. “If long-term U.S. Treasury bonds offer no safety for investors, then their money will seek out alternatives,” Hayes said. “Gold, and most importantly, Bitcoin, will begin rising on true fears of global wartime inflation.” Hayes’ comments come after BTC surged 19.5% in seven days, with many pundits attributing the move to progress on BlackRock’s application for an exchange-traded fund (ETF) investing spot in Bitcoin. The combined capitalization of digital assets is up 12.6% over the same period. Hayes noted that gold has been rallying since the conflict broke out in Gaza. Gold is up 8.6% since Oct. 4, last changing hands for $1,975 per ounce, according to Market Index.
The current extension (statistically) brings the price to 150k. The news will facilitate that like a self fulfilling prophecy. Just like when the downtrend impulse wave required a large drawdown and low and behold the ftx scandal helped facilitate that.
We’re discussing two different things. I was trying to rationalize reasons for new money coming into the market. With a lot of money on the sidelines it’s easy to imagine some of that money coming into crypto just because they can’t stand it not being invested.