Poll - Bitcoin

[manwitaplan]

I thought I just read where the Fed was going to sell all the coins from the Silk Road case. I thought is was 7.6 billion worth of coins. How convenient that the coin jumped so high and they are allowed to sell it. Also the article stated that much coins in the exchange could cause a huge downswing in price.

[Shane]

I see someone has looked at the chart

My concern is it peaks every 4 years. But that peak is becoming a smaller multiple of the last peak each time.
2011 - $26
End of 2013 - $1,130
end of 2017 - $18,000
end of 2021 - $64,000

But if banks are allowed to buy/hold Bitcoin and the FED makes a BTC reserve that could spark a huge FOMO rally. IMO BTC isn't going away for a long long time. And it will never go back below $60k.

The only thing I know for sure is that it's completely unpredictable. There are reasons to believe certain possible outcomes, and I'm definitely hoping for the best. Will we continue to see diminishing returns and a 4yr cycle, or will mass institutional and government adoption push it past the lower high trend line and then also limit the downside sell off risk and even end the 4yr cycle??? I hope for the latter. But that might not happen.

[RiverRat1]

The 4 year cycle at this point makes no sense. Originally people could mine 10s of thousands of bitcoin per day. But after so many halvings it's down to under 500 per day (I think). So the vast majority of sell pressure these days are just people randomly selling for whatever reason.

I'm pretty sure at some point governments will feel the need to own bitcoin. They can't not own it if others do and the price keeps going up.

I really hope there's a selloff after Trump takes over and signs the crypto bill (he said he would sign). But not holding my breath.

[Shane]

Yep, I don't think the 4 yr cycle will continue forever. A couple guys I follow theorize that it now has more to do with central bank liquidity infusions than the halving. Probably some merit to that idea. I keep holding some cash waiting for another big dip before a big runup, but we haven't gotten one so far. We were building a house in 2021-22, so all my money was going there. It was killing me that I couldn't load up big on cryptos then. I bought a bunch in '23 and '24, so I'm doing well with it. But I sure wish I could have bought more in the bottom of the crash. I'm mostly looking 10+ years out with it anyway, but I still wish I could have bought a couple more bitcoin at $15-20K.

[muddydog]

I think Bitcoin is the only legit crypto currency offered. I know of a couple people that are now millionaires by buying it when it first came out. Personally though I will take my chances with a SP 500 ETF.

[monsterspike]

Bitcoin is going up forever, Laura. Forever.

There are 48 million millionaires in the US alone? And only 21 million BTC will ever exists. Do the math. Bitcoin has cornered the market on scarcity. Don't waste you breath trying to tell me about a better asset. There ain't one.

[Swampa]

IMO, Bitcoin is nowhere near its max. $1mill+. I'm in it for the long-haul.