Well Bitcoin is going up. And as usual, everyone who said it was going down is wrong again. Don't ever bet against Bitcoin!
I can't believe after 4 days nobody stated the obvious... Because the market was crashing and cryptos following the market like a good little high beta tech stock would. So is the market. For fuck's sake people, put BITO and the NDX up on the same chart for once...
Yeah, and the market has been going up for the past week. Bitcoin going down the past week. Bitcoin has been doing anything but moving with the market. Just because it's moving the same way today doesn't mean it's because of the stock market...
58million millionaires globally, more than half will be unable to hold a single BTC. They won't be able to even get in on some Etherrocks;
Again, (man, I hate "special" classes) cryptos move with the NDX, period. Since you are stupid AND lazy: Last Friday: NDX -2% BITO -5% Monday: NDX -2.8% (at lowest) BITO -5% then after the low : NDX +3% BITO +5% Tuesday: NDX +1.2% BITO +3% Today at the high: NDX +1% BITO +2% I will let you use your calculator to figure out BITO's beta.
Yeah you got me there. I was thinking about the SMP 500 and how it reached new ATHs and still Bitcoin was moving down. Which I would agree Bitcoin does move with the market, but lately it seems like it wants to dive while the market is going up.
I am not sure the Fed was too crazy about Bitcoin becoming more and more valuable as the US rising inflation, massive debt and possibly resulting dollar weakness emerge. Very Recently, big Wall Street banks (Goldman) got involved in Bitcoin so that it could be "managed" (Goldman is an unofficial arm of the Fed). Prior to this past year... Bitcoin was sold as an alternative to a US dollar which is being debased and printed to death. Now, bitcoin is just another beta tech risk play without any other merit. The original bitcoin players always said to never allow it to become main streamed into Wall Street and specially never allow it to become listed on a futures market. But...its way too late now. Granted, early Bitcoin buying was speculative and more of a gambling play rather than a investment. But, as it matured, it was supposed to mature into an alternative to a major currency...especially a major digital currency. As a beta tech risk play, it no longer is a disruptive technology but rather a failed attempt. The situation would be similar to Elon offering major investment into Tesla by GM, Ford, Chrysler, allowing them to hold many of the board seats and place top executive positions and eventually watching them KILL the hugely superior car company which they could never compete with. Ripple may be allowed to survive considering it was developed by banks to streamline money transfers and enhance Swift technology. Continuing to invest in Bitcoin at this point is best done as the Risk Off situation presents itself. And it has become very speculative and is again a gambling play mostly.
Of course, that's because it's more of a store of value rather than a currency. It's what everyone see's it as, otherwise if it wasn't for the fact that it's the first established crypto it would probably be in the shit coin bin. Everyone already knows it's not useful as a currency. And Ripple I hate to tell you this is going nowhere, not only with the SEC but with banks as well. Since banks are embracing the swift technology instead of the actual coin itself. Why should banks use their coins when they can just make their own? Now they are screwed since they have been classified as a security. Meanwhile Bitcoin and all altcoins are taking profits and leaving ripple in the dust.