What fans are missing is that unless they bought in AT LEAST 12 or so months ago, they already missed the boat. Cryptos stopped being a hedge about 18 months ago, when institutional money (HFs) were able to move in. Once it started and ever since even more Bitcoin (and by proxy most alt coins) is nothing but a high Beta tech stock. And this doesn't seem likely to change! In this year I recall maybe 3 times when BTC was out of step with the general market and each time only for a few days. Other then that, like a good little puppy, it follows the Nasdaq and goes up and down with it. So expecting a 100% move is only realistic if you also expect NDX going up 50%. Do you? So if you just want general market exposure, why not just play a market ETF or futures? Then you don't have to worry about Tether, brokers going down, whales dumping, etc. TL;DR: The show is over, huge growth won't happen and it will take a few years when fans finally realize that. Meltdowns on the other hand.... Personally I think the ATH at 64K is in...I also expect it to dip below 30K in the next 11 months.
You're giving pratical reasons to adopt or reject Bitcoin. While I'm invested in BTC and other cryptos for the quick and high returns that failed to be, if I spend anytime thinking about it, the truth is I don't believe in it, particularly after learning more about its intent for some of the rabid believers who are roaming these posts. I believe in blockchain, I believe BTC could eliminate currency trading and become the gold standard of yesteryears by representing a basket of currencies, but I don't believe in the libertarian anti government currency replacement nonsense. As long as BTC draws on that political ideology it will fail to gain traction.
With 7-8% inflation, you are still losing. And this is by design. The wealth of most citizens needs to be stolen by the government in order to prop the system up. There is no way for this to continue in any meaningful way for much longer. I am almost certain that a big shock to the system will hit this year. The hope of course is that enough citizens and officials see the lifenie that Bitcoin is and move over. Look at the battle over twitter. People who love Elon for what he is doing and also those that hate him are almost equally balanced. The fact that the fight is so strong shows how broken free speech is. This is exactly the same fight over money, a system which is also broken. All of these things are connected and we are in the last inning. People need to wake up, pay attention, and stop ignoring a major fundamental shift that is upon us.
Crypto will never supplant fiat as a generally used currency, for a long list of reasons. One such reason is that every exchange of crypto for something else creates a taxable event, and taxes must be paid in USD - aside from the paperwork and reporting hassles. It's theoretically possible that governments may make crypto legal tender and remove this problem. However, aside from oddball novelty cases like El Salvador, this will never happen because governments desire full control over their currencies, the income from seigniorage, and the ability to engineer consumer price inflation. Aside from raw speculation, you're left with crypto as a) a digital version of gold, fulfilling the same portfolio function, and b) access tokens or passes to "walled garden" type online environments, e.g. as in-game currency or the exchange medium for NFT purchases. But the latter will probably never be more than a very niche ecosystem.
LOL. Wow...from 2013. Nice find. Great call though. I do sit around my house going "you know, that anonymous guy on the internet cost me a fortune if only I had...." LMAO. I hope you made 6,500% and are enjoying it!! Seriously man. I hope it works out for you.
Weekly chart. That bear flag looks nasty. 20K could happen. Would be nice to see some decoupling between stocks and BTC. Can still have high correlation, with a lessor magnitude of move. Long term bull here, expect great things between now and end of 2024, but the path we take is not clear.
It goes up. It goes down. It goes sideways. Absolutely nothing wrong with it. And the market is always correct.
I'm sorry I was not here on ET in 2013 Thank you and I also hope you also did very well and wish you many successes even if it's outside of Bitcoin and cryptos