Thanos was the hero
Are bitcoin transactions still as slow as they used to be? I was into cryptos a few years ago and decided to put them in a wallet and haven't touched them. The reason I strayed away from bitcoin was that is was appreciably slower for daily transactions compared to ether, XRP or litecoin that and the scarcity of it.
Michael Saylor does a really good job at explaining how Bitcoin is not a currency, think of it as more of a property, a store of value. A perfect hedge against inflation. The only perfect hedge against inflation. As the price of gold goes higher, miners produce more gold increasing supply. As home value increases, the govt raises the taxes, and home maintenance costs always increase.
Thanos was the hero
Bitcoin is priced in whatever currency you use. Today bitcoin is roughly 70,000 dollars, or 10,500,400 yen, or 6,440,560 rubles. Same as any other asset class. Gold has seen significant rises and falls, maybe not 50% in a week, but if China was to dump all their gold onto the open market you would see a similar decline. The price of Gold was all over the place before 2000, then the gold ETFs were aproved and gold settled out and saw a fairly steady increase over the years. Which I think will be the same for Bitcoin only alot faster and alot higher since Bitcoin has a fixed supply while currency can and will continue to be printed.
Thanos was the hero
Fluctuations will continue, but the value will continue to increase over time, IMO. 19.6 of 21 million Bitcoins have been created. Estimates are 4 to 6 million have been lost forever. That in itself is anti inflationary, having a finite and even a dwindling supply, with increasing world wide demand. Bitcoin's decentralized architecture prevents manipulation or control by central banks and government. Those wary of the government controlling your money should like that.
Our printed money has always been inflationary. They print more. They borrow more. They lower interest rates. All of this is inflationary. Printed money is ink on paper that the government says has value and we trust it does and trust them having complete control over it.
The amount of "smart money" that is short Bitcoin is really high among the groups I follow on social media. And every time we make a push higher these people come out with their posts and reasons on why bitcoin goes lower from here, or the halving is priced in. It's only the "fanatics" who think we go higher from here. I guess I'm a fanatic now.
Thanos was the hero
You would need balls of steel to short Bitcoin. The only stock I'd feel confident shorting is DJT
China may be introducing a Bitcoin spot ETF as early as next week. The bitcoin halving should be around April 20. Hopefully some catalysts for a nice runup.
I hear alot of good to great news about bitcoin almost daily but the sources I don't know so I take it with a grain of salt. I've heard we're getting Spot ETFs in China/Hong Kong, South Korea, Japan and parts of Europe. I have also seen a miner say they were approached directly from one of the big ETF providers about purchasing bitcoin directly from the miner because the OTC markets and major exchanges are running low on bitcoin and that it will get worst after the halving.
It sounds like there's gonna be a significant shortage of bitcoin, buyers are gonna have to pay up to get holders to sell and miners to mine. With everything I see, I don't understand why anyone would sell now, and certainly why would anyone short. But there are alot of shorts piling in. As far as I can tell the only real sellers are GBTC and miners. GBTC will run out of sells and so will the miners.
So what do the shorts see that I'm missing. Thats what has me worried, what am I missing?
Thanos was the hero
GBTC can only sell once, and their CEO recently made comments that the flows were reaching equilibrium within the fund. Once GBTC is done, BTC mined gets cut in half, we have new etfs coming, how do we not go significantly higher. What is the bear case?
From twitter
Thanos was the hero
Hong Kong ETF has been approved. And with the halving coming up this week, I'm gonna guess that Saturday was the low.
Thanos was the hero
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You ask an excellent question about the bear case. I personally have wondered the same thing.
and as for your prior question about the shorts; I have no clue what they’re seeing either. Can’t help but wonder if it’s kinda like the generational digital divide? ………..but in this case, not necessarily an age thing though; cause I’m no spring chicken myself :-P…………but maybe those people who are so resistant to change, because it might shatter their world view and everything they’ve ever known about money? (I find a lot of people get flat out angry at things they don’t understand……..which I find sad)
But; with that said………I certainly didn’t sell the farm to buy Bitcoin (although I’m sure I’ll wish I had a year from now)………no matter how many books I’ve read on the subject; there’s just far smarter people than myself shorting Bitcoin……….so that gives me a little pause.
Just hours away from......
Moon, crash, stay in the range for a while longer. Hoping for moon, but I kind of feel like we just move around the current range. We need GBTC to get done selling. I've read that there's a $billion in shorts now that get blown out when price gets into the $70K levels.
Thanos was the hero
Staying in this range would certainly be the most frustrating for the most people.
Thanos was the hero
I kept hearing that the halving event was a "sell the news" event. If they didn't sell it Friday night, Saturday, Sunday or today.....it's not a sell the news event. It's not priced in. And we have alot of shorts that start to get liquidated at $67K
Thanos was the hero
Bizarre to me that we're selling off today days before the hong kong ETFs start trading.
Thanos was the hero
Looks like hong kong ETF was a disapointment in inflows. Could get ugly real quick
Thanos was the hero