sakinago
Gold Member
- Sep 13, 2012
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- #21
I don’t think so for multiple reeasons.
1. They’ve been calling it a “classic bubble for years now...there’s noting classic about this. It can’t even be compared to the tulip bubble since tulips can be cloned very easily. They called it a bubble ready to burst last year, when it reached 1000, when it reached 2000, 3000, 5000, 7000, I think you get the message here. When predictions were put out saying it could reach 10,000 by 2018, they were laughed at, it was never supposed to be possible. We’re now at a stable 15,500 getting ready to climb back up.
2. There is only a fraction of a percent of the worlds money into bitcoin. 1% into puts the price at around 40,000 usd. There’s also only 2% of the worlds possible users, using it. The tulip bubble was restricted to the Dutch. To own bitcoin all you need is a computer or smart phone...which practically everyone has a smart phone now, even those in third world countries, with how cheap the old androids are to buy. We are still at very low levels of the amount of potential users, imagine if that 2% turns into 3% or even 4%. Not at all that hard to accomplish. Especially considering people who make 10 bucks a day, trade BTC by night, make an extra dollar or so, and ad 10% to income by doing that alone.
4. There is a limited number of bitcoin, 21 million, that’s it, no mas. Kind of sounds like a lot, but not really when you consider the us alone is churning out 20 trillion alone. That’s going to drive demand, if you miss the early train on this...well let’s just say there’s a lot of financial advisors out there saying, it’s wise to move 1% or so into bitcoin in case it does take off, we want to get a good share of it before it’s too late. This is different from the tulip bubble, because tulips could be very easily cloned, so they inflated the tarnation out of their tulips. Bitcoin won’t go through inflation
5. Too many people trade it. They buy low, sell high. Like I said, even if it’s chicken scratch to us, that’s valuable money to someone in india. That’s not including the people who make a living off of bitcoin trades. It’s volatility makes it a great commodity to trade. Once the price dips a good bit, too many people start to salivate and jump on it. I know it sounds counter intuitive to say it’s volitility actually gives it stability, but that’s what people have been using it for years have been doing.
6. Whether you know it or not, Blockchain (the tech behind bitcoin) is absolutely the future. And not just in currency, it has many many other applications. This is a revolutionary technology, and it’s going to change the world, much like the internet. This is like an evolution of the Internet, an entirely new application of the internet, with great opportunity
Sure it could be a bubble, I’m prepared for that, (already pocketed 150% of my investment, with my original investment still rolling, and growing through trading). But I don’t think this is a bubble. We are in completely new territory here. This isn’t limited to one country, or the people in finance and stocks, it’s reaching everyone, and it’s just getting started. The reason why so many in finance have been wrong about bitcoin time and time again, is because they are looking at it like a stock, it isn’t, it’s like a new stock market open to the entire world, not just the well off, and so far only 2% have joined in. It’s at the very least wise to dip your toes in. I heard another outlandish prediction of 1 million by 2020...I thought 10,000 was ridiculous a month ago. I now see why they’re saying that. I’m happy if it reaches 50,000 by 2020, I think that’s coming in by the end of 2018.
