Store of value and purchasing a car or house has nothing to do with each other... unless you're saving up for it to buy it in cash/bitcoin? So it's a savings account? But not really, since it's very volatile... and your idea that it's a good store of value leans on your prediction it's only going up in value... but I don't understand your reasons for it going up in value. That's exactly what I mean... Litecoin is worth 5% of Bitcoin at the moment... out of thin air... more than 3bln dollars worth...
Great story bro, I really appreciate that. Unfortunately I feel that bullish momentum over cryptocurrencies is running out of steam, because an appeal of this speculative game became costlier (bubble size stabilizes), while this appeal shrinks directly proportional to the price surge. The bubble won't blow out as those unlucky missed the time of buying BTC cheap but handing out a prophecy of major crash should know that China Miners put a lot of $ and now work as liquidity providers. They spent too much on infrastructure to jump out the game. Bitcoin is a stable but little-promising investment because there is no cashflows, no government acceptance (and won't be in future). It's not a good that can be consumed. I barely see any means of valuation of this "asset". Corruption, drugs, money laundering etc. There are also technical major disadvantages like speed, database size etc. So yes now the eye is on promising but cheap coins that may shoot up. But all this buzz about revolution that caused blockchain. I don't believe it at all.
Hmmm. How would this rhetorical scenario affect the value of bitcoin? There's a crazy car dealer out there who sells a $20,000USD car to someone, and says "I will sell you this car for 1 bitcoin". Does that then mean that 1 bitcoin is then worth $20,000USD? Would that cause the price of bitcoin to spike to high-heaven?
I think the take away is that you have to think for yourself. There is massive opportunity right now along with plenty of chances to buy garbage...
To be honest, I cannot buy bitcoin at the current price. It's easy for me to forget that I have significant gains and can make crazy bets on positions that I would not dare make if it was coming out of my savings. Good luck to everyone who take part on this bull market that is crypto but also beware of the risks that that it can crash at anytime.
When people realise there error and start trying to jump on late, then the big boys are advertising it to be able to sell. None trading mate bought some, no idea on how many, few years back I'll message him see if he's retiring, sure didn't seem happy when I last saw him.
I bought it in 2011, and I sold for a substantial gain not long after. My position would be worth around 88 million at today's prices. Worst trade I ever made.