Trust me, Bankers will own over 25%+ of Bitcoin by this Christmas and over 50% in the next 18 months.
I said last year Wall-Street was gonna come in strong this year and I was laughed at.
I traded stocks for over 20 years. When bankers accumulate a stock, no matter how massive the accumulation, the price doesn't always go up, it actually often goes down.
How is that possible? Manipulation. Between the Media, constant China banning (which is all preplanned and I called it some 3 months ago) and clever ways to accumulate Bitcoins, bankers will get the coins they want THIS YEAR.
We will know this for a fact as banks and hedge funds have to report new investments quarterly. I have no doubt we will see that they bought Bitcoins, hand over fist, this entire downturn. And this is just a hunch but I think they grabbed a lot of the coins from Gox, although I don't know how. Wall Street is untouchable when it comes to their survival [and annihilating opponents] and it was clear to me last year that Andreas et al were wrong; Banks and governments actually LOVED Bitcoin.
My 25%+ target should actually be reached well before Christmas and that will cause some panic in the libertarian circles, which is a large portion of the current Bitcoin holders.
And that's why I said Bitcoin incumbents and Millionaires should have a contingency plan.
I expect a mass migration to a new coin sparked by a respected Bitcoin insider. They may first try a Newly launched coin but that will probably fail.
An already tested and ultra secure coin will probably prove to be the best choice. This may already be planned, hard to say with so much going on behind the scenes. It would only take the move of one high profile and trusted individual, like Gavin, to create a mass exodus from Bitcoin to a different "decentralized" coin. [No successful coin will ever be decentralized, that's not how/why they were designed].
Bitcoin will see at least a $2,000 price this year. I've said it before: All the money and power in the world has converged to one massive focal point to make the Bitcoin protocol a success and Bitcoin will not be allowed to fail, at least not until cryptos reach critical mass.
Critical mass, the point where Groupthink takes over, won't happen for at least 18 more months and also, given the mass amount of SmartMoney going into Bitcoin, it's guaranteed to go much higher later this year, and especially next year. Due to The sheer illiquid nature of Bitcoin and lack of available coins, even if a mass migration happens, there will still be a massive shortage of Bitcoins to go Around and Wall Street is very good at increasing perceived value of an asset, especially a rare asset.
The media will jump in and make the masses go nuts for Bitcoin [and a few other select alts].
Throw in the guaranteed ETF license [by year's end, as i predicted last year] and you'll see a massive influx of billions of dollars by next year from mutual funds and pension funds. This is why the SmartMoney is hurrying to buy Bitcoin hand over fist now, those in early will see the most massive profits later this year and especially next year, when Mutual Funds And Pension Funds throw billions into Bitcoin ETFs [which will overcrowd buyers and demand will spill-over into alts].
So the contingency plan is not for profits sake, although one can make much more buying select alts, but rather for the reason Bitcoiners bought into Bitcoin in the first place. For financial freedom and decentralized money.
That will be gone by year's end and even Andreas will stop telling lies on TV. So Bitcoin millionaires should get together and figure out where the masses will migrate to once it's obvious Bitcoin is not decentralized and worse, it's ran by banks, Corporations, hedge funds and maybe even the NSA.
Cause besides the huge profits one can make by finding that coin now, one can also position oneself strategically to try and slow down another systemic hi-jacking like what's happening now with Bitcoin.
This hi-jacking was obvious from last year but nobody was listening and unfortunately, even a new coin, if it succeeds, will see a takeover attempt.
But it's fun to try and stop them, and maybe have a little bit of financial success while doing it.
Thanks and Good luck!
mostly agree with this, though i deviate in my opinion on the final outcome. I don't think there needs to be a move to another coin if banks already have ~50% of btc (and I totally agree that they are accumulating like mad behind the scenes now, whilst at the same time holding the market down. pretty easy to do so with the volume at the moment).
I still think btc was always intended to be the new money that actually fixes the "problem" of fiat being anonymous. Occams razor says it was invented (or at least instigated) by the people that want to retain power/wealth rather than the FLOSS crowd. I think the coders were sold the dream of currency that sticks it to the man, without realising that the man was pulling the strings all along. Maybe my tinfoil hat needs adjusting though.
Anyway, in this scenario (BTC is the one coin to rule them all), just holding is the contingency plan. I'm glad I got in when i did, its really hard to buy significant amounts at these prices without tweaking my risk tolerance.
I suspect the "1000/1 stock split" when we go full mbtc will have a big psychological effect. (if the 7/1 split of AAPL is anything to go by!) probably will be petrol poured on the fire in the next run up. I would not like to be out of the market when that comes, and I am quite prepared to ride the price to zero to ensure I don't miss what could be the biggest 'gap up' in the entire history of money. Sure people can put this down to greed, but i'm quite sure there is a big helping of prudence involved.
Do you mean you are fudging the numbers?