Topic: How come BTC is not at least $75,000 yet? - page 13. (Read 1921 times)
Bitcoin is still a speculative asset, and it's still subject to wild price changes as people can freely leave or enter the market. We almost got close to $70k last time, and right now we're at $30k+, which shows bitcoin's highly volatile nature. Also, most people don't understand their economy, and even if the value of EUR and USD is tanking, they would still think that keeping their money in banks is the safest way to weather out this storm.
First I want to ask: why just 75.000? Why not 100.000 or 50.000 or 10.000? The number is a bit arbitrary.
If we see the long term picture Bitcoin is evolving pretty well, like #2 already wrote. I suggest not to compare the current price with a short-term peak like the 67.000$ were, but with a moving average like the EMA-200. The peak of this indicator was about $50K, so we're not that far away from it.
The last downtrend which led us into the 30-40K range again was probably fueled by the downtrend on stock markets (fueled by expectations of rising interest rates), while for Bitcoin itself there weren't enough news to really diverge from Nasdaq/S&P 500 etc.
But I want to emphasize on two aspects mk4 wrote about:
The community, however, can change that. Simply using Bitcoin more for payments, and above all make Lightning Network grow (because on-chain there isn't so much space for massive adoption as a currency). It is already growing on a nice rate but still very small. But if it reaches a certain point, even institutional investors will recognize that Bitcoin is increasingly adopted as a currency. And then we can see 75K, 100K and even more.
Always remember: If you pay something with Bitcoin, you don't lose anything. Simply re-buy the same quantity of Bitcoins you spent. And then you've strengthened the ecosystem.
If we see the long term picture Bitcoin is evolving pretty well, like #2 already wrote. I suggest not to compare the current price with a short-term peak like the 67.000$ were, but with a moving average like the EMA-200. The peak of this indicator was about $50K, so we're not that far away from it.
The last downtrend which led us into the 30-40K range again was probably fueled by the downtrend on stock markets (fueled by expectations of rising interest rates), while for Bitcoin itself there weren't enough news to really diverge from Nasdaq/S&P 500 etc.
But I want to emphasize on two aspects mk4 wrote about:
2. A lot of institutional money(or people in general) still think that bitcoin is a scam/fad.
3. Still, even today in 2022, only a very small majority of people(and bitcoin holders) actually knows it's importance. Most are here thinking that it's a get-rich-quick scheme.
I completely agree here. There is still no general consent in the public opinion that Bitcoin is more than a very speculative asset. And that's bad in many ways, and will also make regulation sharper and sharper if this trend continues.3. Still, even today in 2022, only a very small majority of people(and bitcoin holders) actually knows it's importance. Most are here thinking that it's a get-rich-quick scheme.
The community, however, can change that. Simply using Bitcoin more for payments, and above all make Lightning Network grow (because on-chain there isn't so much space for massive adoption as a currency). It is already growing on a nice rate but still very small. But if it reaches a certain point, even institutional investors will recognize that Bitcoin is increasingly adopted as a currency. And then we can see 75K, 100K and even more.
Always remember: If you pay something with Bitcoin, you don't lose anything. Simply re-buy the same quantity of Bitcoins you spent. And then you've strengthened the ecosystem.
There are a couple of reasons actually.
One is the fact that inflation is not a new thing. Fiat has always been losing its value so people are already used to it and we know that we can't really expect major changes in human beings since they always remain the same through the course of their lives. So they stick to the sinking ship of fiat, specially as long as the inflation is like before. If we get a massive dump where fiat loses its value by a lot (like 2008 recession) then it could be a different story.
Another is the fact that the media and governments with the help of the corrupt banking system have been spreading a lot of false information about bitcoin. They have been doing it for as long as bitcoin existed. So at this point we have people who believe the FUD a lot more than the reality. Someone who has been told for 13 years that bitcoin is "fraud", is not going to wake up one day and see the reality that those who were calling it fraud are the biggest frauds of our time.
I should also mention that the rise is still happening on a big scale even though we always expect more. For example on January 2020 (2 years ago) price was $7000 and today it is almost $40000 which is almost a 7x rise.
Granted we are sitting at a weird price today that in my opinion is heavily under the intrinsic value but you have to admit that if you zoom out you see a significant rise.
One is the fact that inflation is not a new thing. Fiat has always been losing its value so people are already used to it and we know that we can't really expect major changes in human beings since they always remain the same through the course of their lives. So they stick to the sinking ship of fiat, specially as long as the inflation is like before. If we get a massive dump where fiat loses its value by a lot (like 2008 recession) then it could be a different story.
Another is the fact that the media and governments with the help of the corrupt banking system have been spreading a lot of false information about bitcoin. They have been doing it for as long as bitcoin existed. So at this point we have people who believe the FUD a lot more than the reality. Someone who has been told for 13 years that bitcoin is "fraud", is not going to wake up one day and see the reality that those who were calling it fraud are the biggest frauds of our time.
I should also mention that the rise is still happening on a big scale even though we always expect more. For example on January 2020 (2 years ago) price was $7000 and today it is almost $40000 which is almost a 7x rise.
Granted we are sitting at a weird price today that in my opinion is heavily under the intrinsic value but you have to admit that if you zoom out you see a significant rise.
Pretty simple.
1. A lot of people(especially in 1st world countries like the US) are living comfortably thinking they they don't need bitcoin.
2. A lot of institutional money(or people in general) still think that bitcoin is a scam/fad.
3. Still, even today in 2022, only a very small majority of people(and bitcoin holders) actually knows it's importance. Most are here thinking that it's a get-rich-quick scheme.
1. A lot of people(especially in 1st world countries like the US) are living comfortably thinking they they don't need bitcoin.
2. A lot of institutional money(or people in general) still think that bitcoin is a scam/fad.
3. Still, even today in 2022, only a very small majority of people(and bitcoin holders) actually knows it's importance. Most are here thinking that it's a get-rich-quick scheme.
As of now, the price is good timing to enter the market and it is expected to increase again due to its popular demand when those people who are patiently waiting for the lowest price enter the market in flock after they see the price slowly increase again. Looks like it's hard to believe but if it's not the case right now, then it will surely increase again after months of patiently waiting. But when you decide to invest today, prepare to hold longer than expected and don't think about your investment for a while and the golden advice is, don't take any loan just for the sake of investing in cryptocurrencies.
The USD is losing value. The EUR is losing value. All national coins are inflationary, energy prices are through the roof and still BTC is only $36,500! People should buy BTC like crazy, this is something I don't understand, they keep using the crappy FIAT instead. FIAT will all make you poor! Don't come crying here after when BTC hits $100K, but FIAT is the worst investment someone can make these days. BTC is still cheap as peanuts considering its potential, too bad people don't see it, have fun staying poor and keep making those bankers rich. Unbelievable.
It is okay. I understand that due to the debt that has been reported from these big countries, there should be some reaction in the bitcoin market. But as said, there's no need to rush. It will come eventually and we're going to be at favor once it happens.We're almost at that price but it was rejected. Let's wait for the reversal and who knows if this assumed year of bear will break that cycle and we're going for another bull round.
What's the rush?
Bitcoin is working as expected, this is how it compares to the USD in the long term
Bitcoin is working as expected, this is how it compares to the USD in the long term
The USD is losing value. The EUR is losing value. All national coins are inflationary, energy prices are through the roof and still BTC is only $36,500! People should buy BTC like crazy, this is something I don't understand, they keep using the crappy FIAT instead. FIAT will all make you poor! Don't come crying here after when BTC hits $100K, but FIAT is the worst investment someone can make these days. BTC is still cheap as peanuts considering its potential, too bad people don't see it, have fun staying poor and keep making those bankers rich. Unbelievable.
Jump to: