Why? Thats what I want to know. I can't think of a reason or I never would have made that post. I'm all ears. Its air. Its an imaginary asset that is currently worth $4000. What makes it go up? Scarcity? To who? People with no money in Venezuela? Who else? Bad actors? OK, I'll give you that. But I just don't see it. I could be wrong, but I think it see's $1.6K before $5K. We'll see. I just gave you a nice window for me to have to eat my words. But g/l. For real. I have no dog in the fight, just sharing my thoughts.
Dropping to 1.6k is possible but a lot of smart money will be buying at that level. Why will it go up? I think you can go read up more to understand, I dont feel like rehashing the same thing again and again. In fact just ask yourself why did it even go from 6 cents to 20k at its peak in 10yrs. Also why are you calling it "imaginary"? Its as real as the digits in your bank account. In fact even more real as you actually possess the private keys to all the bitcoins you own, while the money in your bank account probably is only backed by 10% paper money with the rest loaned to others or in the bank's investments.
Cause I grew up poor. I won't say there's no such thing as easy money, but there's no such thing as easy money. Bitcoin is not going anywhere near $100K in 2 years. That's just being delusional.
So if you were to time travel back to 2015 when btc price is $200, how are you going to convince your 2015 self that bitcoin is going to 20k in 2 years? Will your 2015 self repeat the same statement as you gave me to your present self? I can already imagine the scenario, where your 2015 self will be so vehemently defensive and say its a complete load of fantastical bullshit. Excuses like bitcoin is a bubble, imaginary or best hedge funds only make 10-20% a year, which absolutely makes a 10,000% returns in 2 years sounds cartoonish are all the words that are going to pop out from your 2015 self's mouth. Your 2019 self will be so frustated on your 2015's self stubborness and missing out on a opportunity of a lifetime. 200 in 2015 to 20k in 2017 is 100x in 2 years. 4k now to 100k by 2021 is only 25x in 2 and 3/4 years Which is entirely achievable. Not so delusional now when presented with facts eh?
Bitcoin was a remarkable innovation but it’s parabolic move revealed a number of weaknesses. Proof of Work is an inefficient use of resources and an outdated concept. The current incentives for recording block transactions are being gamed by miners causing transaction recording to be slow demonstrating that it doesn’t scale well. The ideal of a distributed network has given way to the Chinese concentrating network nodes as well as miner manufacturing. The concept of countering the inflationary aspect of fiat was good in theory however as has been demonstrated with the proliferation of forks and erc20 tokens; that crypto itself experiences inflationary pressure and a dilution of value. There are a lot of interesting value propositions in the space and I do think that digital assets are an exciting new territory but past BTC performance does not guarantee future results. First mover and network effect have only so much staying power. There is one primary catalyst that will most likely not be part of the mix and that is the viral component of social media. There was a time where crypto ads and posts were everywhere. There was also a limited number of regulated exchanges as well as a non-existent derivatives market. Perhaps BTC will remain the king, only time will tell.
Yes, it does hiddenly through inflation. Bitcoin can have lots of forks but the forks aren't bitcoin and most wont take off. Bitcoin market cap is abt 70bn, none of the forks are close to it in value. I don't know how many times I have to repeat the same thing to you over and over again. Probably this the last time, if you dont get it you dont get it.