Regarding the thread's topic question... I think it should be narrowed to say "where is long term fair value" ie where should the price settle once speculative froth comes out of the market. The vast majority of BTCs long term fair value is IMO as a near-substitute for gold - essentially a more portable, but also much riskier version of gold. Right now BTC is valued at something like 8-10% of the total gold stock, and GBTCs assets are around 60% of GLDs. While speculation could push BTC arbitrarily high in the short term, the current price strikes me as a maximum ceiling for LTFV - but it could just as easily be way back at 15-20k. The recent faltering of momentum looks bad for uber-bulls, especially given the lackluster response to the COIN IPO. I have the impression that big institutional money is just waiting for a bitcoin ETF launch to dump its holdings to public bagholders - but where is the sideline cash going to come in, who is left to buy?
XRP and Ethereum with stablecoins can do that, too. Cryptos are the superior system. I don't talk bad about other cryptos There are thousands of cryptos, but the whole system is a difficult concept and bitcoin is the easiest one to understand since it's the first one Market determines the value of each project. Perhaps in the future, Ethereum may be worth more than btc when Eth 2.0 is out, we shall see
I don't follow the bitcoin mining companies much, but I would prefer MARA more than RIOT for the simple fact that MARA is utilizing cheap money to their advantage MARA is issuing debt and keeping bitcoins on their treasury. Maybe RIOT does that, too, that is a good way to exploit cheap money
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