The Number #1 Factor Driving Bitcoin Prices Is:
Greed
People want to get rich quickly and not work. They think that bitcoin profits will last forever. People are investing in bitcoin, not because they believe in the future of the currency, but because they want to pad their pocketbook. Big money in Asia markets are manipulating the price. And everyone is coming along for the ride in the pursuit of profits. Bitcoin technology has increased very minimally but the cost to buy bitcoin has gone up 5,000,000 times its initial cost. Everyone is hoping to sell their bitcoin to the next person in line for more and more money. Greed will drive the price up as high as possible, and greed will cause the crash as well. Crypto is a really neat concept, but turning it into an investment tool is making us more motivated by profits than actual beliefs. Not to mention Crypto is destroying billions of dollars worth of resources each day. Its really sad to watch humanity destroy the world in pursuit of profits
Warning for EVERYONE: The troll named “nullius” is spamming the forum with FUD warnings. He is very annoying and stalks all my threads
Haah! I am glad that
nullius called out your bluff up there. From his responses, he sounds much more thorough than your own one-line
accusations of him trolling your posts. And frankly, its never a good thing to call out people who have not even posted yet on your topic. You could have responded later.
As far as your point regarding "GREED driving BTC prices"is concerned. Of course, its been a mad rush especially with the future markets.The increase in price is fueling large scale adoption in Asian countries too on a wide scale. India is of course one of these sleeping giants just waking up.
People expect the price to go up indefinitely (which BTC has been doing now for years and will continue for quite some time). All this FUD you are spreading regarding BTC somehow failing because the early adopters will take all your money is quite maleficent. And its a long shot that something like this would happens because:
1. Not every one of them will decide to sell their BTC at the same time. Those who do will only find theirs being lapped up in a short time. If anything, it only helps the disctribution.
2. Even for the early adopters, there's a huge peer group against whom they are goin to peg their wealth. I don't think anyone of them wants to be left behind when BTC creates its new billionaires.
3. The thought of people having 1000+ BTC, suddenly becoming billionares shouldn't be so scary. In all likelihood, these are the people who held onto it through the years and are capable people mostly.
4. Its not just the Grandma money that has brought this thing to half a trillion dollar. Their are institutional investors too. In all likelihood, this is wealth redistribution if the average retail investor simply decides to get his principal amount back and leave the rest. This way, nobody gets hurt. The prospect isn't all that bad.