Bitcoin may have been in a bubble at some point, but it's not anymore and hasn't been for some time
It makes me laugh when I see seemingly very smart people still say things that don't make sense regarding bitcoin.
One that I often here is something along the lines of...
"sure bitcoin is doing well now, but when this bubble pops, look out..."
It boggles my mind that people still seem to think that bitcoin is in a bubble.
They said it was in a bubble at $100 a coin, $1k per coin, and $20k per coin.
They are calling it a bubble still at $24k per coin, at what point is it no longer in a bubble according to them?
Based on previous well known bubbles, bitcoin hasn't fit the pattern for some time...
Check this out:
Remember Tulip Mania or the South Sea Company bubbles?
Probably not since we weren't alive back then, but they died after a couple years while bitcoin continues going strong after more than 12 years.
Can't teach an old dog new tricks...
I think the more likely conclusion here is that these well respected economists and financial celebrities haven't really done their homework on bitcoin.
They don't know that it has doubled every year on average.
They don't know that it has basically gone form the lower left to the upper right ever since it was created.
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They don't know that the wallet addresses holding at least 1 BTC continues to grow at a very healthy organic rate.
They don't know that institutions are starting to view it as a legitimate asset worth holding due to its asymmetrical returns, it's uncorrelated nature, and it's hard supply cap running on a decentralized blockchain that makes it a better store of value than just about anything else in existence.
They simply don't know.
All they look at is the price and think wow this has really run up a lot, it's probably due for a major correction.
But, when something has no earnings or cash flows, how exactly do you claim it's overvalued or undervalued?
There really is no way to value bitcoin.
That means its technically never overvalued or undervalued.
The rational the bulls use is that it has a very good chance of becoming a largely owned digital store of value which means it currently has the wrong market cap attached to it considering gold alone has over a $10 trillion market cap.
Stay informed my friends.
-Doc
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Bitcoin is a currency, it goes up and it goes down. Good for spending. One day it will butst again, it’s no big deal because one btc always = one btc! There’s no telling what the environment around btc will look like in the future, so don’t act like this bubble tulip 🌷 mania not gonna burst again next year cause i e thing i learned is that btc does well is damp. Nobody knows what the future holds, anything can and will happen to btc in the future. It is volatile, I would not be surprised to see it under 10k again one day!!
In ancient tines Rhodium boomed too like bitcoin and bust centuries later to boom again! BTC is still young, u never know!!
Look at the time frames. Things that continue to trend higher over a 12 stretch generally aren't said to be bubbles.
Rhodium was a bubble for decades at a time, huge booms and busts. I expect btc to be max volatile! Everything is a bubble right now (except HIVE) haha, pop pop pop!
I actually think bitcoin is a bubble. The use case is quite low. Personally I think other cryptos will take over with more progressive development. Btc transfers cost money and slow that's even worse than my fiat banking.... 🤣
Oh, they know very well, they just don't want to admit they were wrong.
I'm an oldtimer and I hold a couple, but they are dinosaurs.
But are they really?
The truth in my opinion is; they just pretending and their BTC wallets are among these top ones. Diversifying.
I bet that even gold bug Peter holds some. Just in case.
Those guys are smart, that's why they rich.
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I think in the case of Schiff, he was actually pretty irrelevant until he became a bitcoin basher. It has made him relevant and given him a pedestal he previously didn't have. I think that's why he sticks to his guns. He's the villain and it's benefited him.
Bitcoin is like dough... There is critical mass to reach and it can't grow bigger. Nobody really knows what the critical mass is, but as I've said earlier, it will be reached sooner than later.
Considering the amount of money in different stores of value, critical max could literally be hundreds of times, if not thousands of times, larger than this.
Like I said earlier, my professional opinion is that after certain point, the value of Bitcoin will start to increase exponentially and that means we will see massive FOMO buying that will catalyst rapid price change due to people not being able to move enough Bitcoin to exchanges. Essentially people will eat through all existing sell orders instead of hitting any freshly created "walls".
That will rapidly result in exchanges running out of FIAT and that will cause critical failure.
I've already seen in some exchanges that BTC-EUR rate has gone out of representable number range and most exchanges should support minimum of 16 significant digits.
I wish I could see the face of all people who believed that Bitcoin was just a bubble and today they are buying it. ;P
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The economists and financial celebs do not want to understand how bigbanks spend billion dolllars for IT infrastructures to protect clients and transaction databases but still hackable. While blockchain/crypto/bitcoin is faster, cheaper, decentralized and immutable database. 😊
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"chắc chắn bitcoin hiện đang hoạt động tốt, nhưng khi bong bóng này nổ, hãy coi chừng ..." tôi tán đồng với bạn ý kiến này rất hay, haha họ đang nắm giữ những chiếc bong bóng mà bản thân họ không nhận ra, tại thời điểm đang hot của bitcoin. Liệu bạn hay tôi nghĩ nó còn là bong bóng xà phòng nữa hay không. Nó sẽ còn tăng ngất ngưỡng và sẽ có thể trở thành đồng tiền vạn năng trong nay mai.
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Năm 2022 là $275,000 hay là -$275,000 bạn và tôi có dự định được tương lai không. ha ha tôi nghĩ nếu như vậy thì bạn cũng vỡ theo luôn bong bóng kia
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