Well, look at that. $36K. It's already halfway back. Still time to get on board.
I saw a couple people jump in on the rise up. I’m no crypto expert I just appreciate the possibilities of a few of them. But the way they were talking was making me a little nervous for them but who am I to tell them anything. Anything I say could be wrong. I think the only guarantee is volatility. I have had people warn me that I am dump because my crypto will be worthless in an EMP attack or massive cyber attack on the country. I usually tell them if either of those take place crypto will probably be at the bottom of the many concerns that will rise to the surface in such an event.
but yeah you can run so many “what if’s” but IMO the biggest risk to bitcoin is probably government regulation. Some regulation could help it, but I just get concerned if bitcoin hits any of these crazy price predictions I hear about (most of which I doubt anyway) does the government want people running around with their own currency? Remember Yellen spoke of it once, she said the government would step in if bitcoin got to the point it could have a major impact on the economy but for now it was “just being watched”.
So these are just thoughts. It really is an amazing thing given to the world open source. The tech behind it is probably priceless. The people/person who came up with that certainly could have presented the blockchain to numerous companies I always found that part very interesting. I’ve read some pretty interesting things about who satoshi is and the trail leading to that British fellow is quite interesting but I think it’s cooler if it’s left a mystery. I am not a computer person at all but I did read the white paper and have discussions with people who have worked on “block chain type stuff” (that shows you how bad I am with the tech) and it is quite fascinating.
I have been following this - but despite having FOMO I think I will have to sit this one out (despite this advert I saw on the tube in London last week). Best quote I saw which sums up my conundrum is that bitcoin is everything most people don't know about computers and the interweb multiplied by everything they don't understand about finance and international currency exchange ….
1 trillion $ market cap. Let that sink in
Only problem with the concept of 'market cap' is that there is nowhere near that amount of $$$ 'in'.
Thanks for the warning
Elon buying 1.5 billion, well for the Tesla balance sheet really stirred stuff up. I’m not saying it can maintain these highs but bitcoin is a completely different animal than it’s many previous crashes. Even Mellon the oldest bank in the US is going to hold bitcoin/crypto for its customers. They manage an estimated 2 trillion dollars. I will never say btc is above crashing. I did say here right after Elon bought it I expected it to hit 50k that week, I was one day off, however I didn’t expect it to stay above it long. I gave up trying to predict the price of btc. Now ethereum surprised the hec out of me I honestly never expected it to see these levels again. I got a little in 2016 saw it fly up to over 2k and fall back down to under 200. I had pretty much written it off, glad I saved my key. And yes @Omegafanman not trying to give advice but fomo, for me, has always proved a terrible reason to get into things. Leads to panic selling and what not.
Large institutions have only begun to FOMO in. They, along with huge corporations like Apple, have zillions in dollar reserves that are rapidly inflating away. IMO, you ain’t seen nothing yet.
Actually I am just leaving work and looked I had no idea it’s now at 56k it was quite a surprise to me. I try to avoid looking every 5 minutes it’s not healthy.
You know I wonder about that. I don’t think the institutions jumping in is so much fomo. It may be more preparation. They don’t operate in the vacuum we do. They have info we don’t. Not saying your use of the word is wrong, I’m realizing as I get older I don’t understand all the things I thought I knew and I am frequently wrong, I seem to be good at it, being wrong that is.
I saw an interesting talk the other day where some guy laid out a ‘thesis’ for Tesla doing what they are doing (as well as diversifying etc) with respect to Bitcoin. And it’s related to Accounting/ Tax for companies. If I got it right: basically they can offset any loss in value of this ‘asset’ as a ‘loss’ in income in their balance sheet (which thus offsets against their actual profit nicely, bringing it down in the books)...but not the opposite for gain in value of this ‘asset’ (unless in the last eg quarter they registered a loss, then they are forced to add the gain up to the initial asset value as an ‘income’ but no more, for that quarter only). He further speculated that should the former happen (eg Bitcoin takes a dump, and it looks like their profits are very low due to this mechanism) that could negatively affect their stock price...which may be seen as bad, unless they secretly are also planning on buying back their own stock. If Bitcoin hits the moon, they are not taxed (unless they sell). Sounds like a win/win. Wish I could find the link... lots of ifs and maybes ...maybe it’s all a bunch of crap, certainly there are some accountants here...if that is correct, I can certainly see why the whales are swimming in these waters. Feel free to correct me.
I’d like to know that link as well as he was heavily critiqued by certain investors, one sold off 100,000’s of thousands of shares saying he thought making such a move without the shareholders approval or at least mentioning it last earnings report was irresponsible as loses would have to be reported as unrealized just like gains. Musk just came out with a quote about bitcoin being “almost as bad as fiat”. Think he said that today. Now you made me curious which take on it is correct
I find it funny that someone holding Tesla stock sees holding bitcoin as irresponsible.
I think it was more the way he went about doing it than getting bitcoin itself. I will also add though he specifically said he still believes in Tesla but was selling all of his holding with a plan to buy back at a lower price. It seems like that may have been a smart move depending on where he enters
Lol, I haven't bought a watch in almost a year because I don't want to divert any resources away from my BTC stacking. Bitcoin does wonders for your time preference #LaserRaysTill100k
If Musk advertised a $1.5B Bitcoin purchase before buying he’d have paid a much higher price. You won’t hear about any whales buying until after the fact.
I haven't been able to allow myself to buy a watch, or anything nice really, in the last year. Every spare dime I have gets invested somewhere.
Well he bought it with Tesla’s money not his own and yes buffet recently hid his chevron purchase so he can complete it without moving the price, that stuff is done all the time on dark pools anyway this one particular guy has been a Tesla cheerleader since day one, made billions on it, he just didn’t think it was in the best interest of the shareholders. And was musk pumping dogecoin to distract from bitcoin? I don’t know. Anyway I was just relating the hedge fund guys opinion so far musk has made 700 million on btc so thus far it looks like a good move, see how it plays out, isn’t helping Tesla stock at the moment anyway but seems everything is red lately
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