Stocks are sliding. Bonds are sliding. Precious metals are sliding. The Fed is conguring trillions out of thin air to buy worthless securities, or, ahem “inject liquidity.” The major financial players need liquidity and they are liquidating whatever they have lying around. All asset classes are sliding.
The worst part about the the current asset crash is you can't even wipe your ass on a bitcoin, gold bar or stock certificate held somewhere for you in safekeeping. Empty store shelves make liquid assets pretty annoying after you've filled the tank on your third car and started contemplating the evaporation rate of gasoline held in a jerry can. Car dealerships must be having a field day with people evaluating the relative merit in buying a fourth vehicle of some type so they have another tank to fill and place to stack filled jerry cans. Bitcoin? Bitcoin is a digital asset with no real value other than the eye of the beholder. Nobody backs it. No major player in international finance would blink if it went to $1 overnight and never recovered. Digital gold? Digital fools gold is more like it.
Yeah I know im aware of that, obviously financial players will sell Bitcoin off because its a high risk. Its market cap is so small to that it can see those very large moves.
Bitcoin has had a rough time but its still a better form of money than the US dollar. The US dollar is not backed by anything either, its value is only in the eye of the beholder as well. The fed is injecting trillions right now, which hurts the holders of the US dollar, its devaluing the currency. This can not be done with Bitcoin, Bitcoin is deflationary, not inflationary. Bitcoin is still in its early days, when its market cap is the size of Golds, it wont be able to have as volatile moves as it can have now. I respect your opinion and you aren't really wrong, but at the end of the day, Bitcoin fundamentally is still the best form of money ever created, it just has a VERY LONG uphill climb that it may or may not ever reach because its small as of now and can get wiped out in a few days like you have stated. I also don't think its digital gold, its the hardest form of money ever created. People who say its digital gold are underestimating its potential. Its designed to be money, not just Gold. (Gold isn't money,or it was but completely failed, just like the US Dollar)
Bitcoin recovering a lot of its losses from the plunge, unlike the stock market and Gold which continue to struggle to find any bullishness. Bitcoin may be breaking away from the traditional markets right now, or perhaps leading it.
US treasuries are not sliding. They are near all time highs. The demand for US paper is so great the country can borrow for this bailout for practically nothing.
40 days until bitcoins inflation rate lowers to Gold's inflation rate, and then 4 more years until it becomes the scarcest asset the world has ever seen. Bitcoin has regained about 80% of it's loss from the stock market drop....unlike the stock market.
The scarcest asset the world has ever seen is actually HomeoftheJetCoin. There's only one coin that's ever been made. Bitcoin has nothing on HomeoftheJetCoin.
Didn't Bitcoin hit it's all time high back in February of 2017 when it closed near $20,000? At that time the Dow was under 20,000. I believe today the Dow is over 22,000 and Bitcoin is around 7200. You're cherry picking an asset during its worst performance since 2008 and 2009 financial crisis.
I'm referring to the flash crash from the stock market over the last month. Whole point though is Bitcoin remains on track in the stock to flow model, which means it will have to reach $100,000 by the end of next year.....we will see.
The whole point is bitcoin is a highly speculative trade. It's not a widely accepted currency anywhere in the world. Highly speculative trades that are low volume trades movement may not be related to anything remotely like why large markets with high volumes trade.
Its only highly speculative if you don't understand Bitcoin. I see little risk in buying Bitcoin personally, I believe it is the hardest form of money ever created and has better properties than Gold. To each his own though, I won't be able to convince you without presenting hours upon hours on information. However if you believe there is a 1% chance Bitcoin will succeed, it would make sense to at least put 1% of your wealth into Bitcoin, because if Bitcoin does succeed it will at least be a 100x-500x gain from where it currently stands, which means that 1% will end up being worth than the other 99%.
You're a Jets fan, so what will happen is the world will switch to a crypto standard, but it won't be Bitcoin and won't be one that you invested in.
Haha probably, but I do hold other cryptos, but im mostly in Bitcoin. If any of those candidates flip Bitcoin, I have enough of those now where I would be fine. There market caps are so much smaller than Bitcoin, but obviously much riskier.
