“Slap yourself if you sold bitcoin under $10,000”, lol. Provided you didn’t sell your cryptocurrency holdings at a very terrible loss, there’s little to regret. But at this rate, you’d actually blame yourself for selling at such price despite making some gains. By the way, that wasn’t my statement but this guy’s:
It’s been a ride, that previous $19,000 bitcoin all time high looked like something that would last for much longer, but here we are! As if breaking that $19,000 record wasn’t enough excitement already, bitcoin has gone further to smash through the twenties and move through to well over $30,000 dollars. {ATH}! I bet you didn’t see that coming as soon as it did.
Regardless of however we got here, it’s been an intriguing ride. Bitcoin and ethereum has enjoyed the biggest share of the market boom, a couple other altcoins have also seen reasonable rise in value. For most other projects, it hasn’t really been the same story, but that’s ‘normal’ anyways.
Affordability is inversely proportional to valuation. $10,000 could get you one bitcoin some months ago; it will get you something way lesser currently. Experienced investors are fearful when others are greedy, but the market has continued to show strong signs and it looks like the buying force is outperforming the sale forces thus driving price upwards.
There’s little question why anyone would sell bitcoin at above $30,000 but many will question why an investor would buy bitcoin at its current after price has risen over three times its value at onset of the previous year, many have actually thrown this statement to question if the current growth is actually organic.
While I’m personally not disputing the nature of the current growth, it’s no doubt that people are actually stacking a good amount of bitcoin at current price. But who might this be? Let me guess…
Institutions?
Hey Michael Saylor, is that you? probably Peter Schiff is sneaking some of those profits from gold into a better investment. Jack Dorsey’s square capital should already have some 2x gains from that $50 million investment in bitcoin, but I strongly feel they are slowly buying more. Just to mention a few though.
The last quarter of 2020 saw a huge institutional interest in the new ‘internet gold’, in a previous article, I made a statement about bitcoin attaining a similar reputation as gold and the new generation having a clear preference for bitcoin over the overhyped lustrous metal.
A smart investor like Jack Dorsey would easily throw some $50 million into the digital gold. Investors like Jack are on the rise. The ancient gold will always remain popular amongst the older investors, as old as Peter Schiff…lol. Times are changing, the new age sees bitcoin as the future, real gold is pretty much outdated. Altcoins retain their image as the technological ‘advancers’ while bitcoin continues its journey towards attaining that ‘digital gold’ figure.
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Bitcoin and cryptocurrencies have survived a decade of fierce obstruction and stern regulation, a challenge which have continued and might grow stronger in the future. Despite this, it has continued to grow at a very impressive pace.
Institutions seem to finally believe in bitcoin and believe in the $300,000 predictions. If bitcoin could hit $19,000 in seven years and move from $9,000 to $40,000 withing two months, then there’s still a whole lot to come. Rich firms are aware of this and dropping a couple of millions from their reserves into bitcoin is a no brainer…and around $30,000 is still a fair price.
Cryptocurrency traders?
If there is one cryptocurrency out there that is likely to make some good gains in the short term, then it is unarguably bitcoin. Despite already making some enormous gains, it is still poised to go even higher in the very near future. Active traders pounce on this and regardless of the current price, a 7% gain in two days will gladden a short-term investor. Buying at $30,000 wouldn’t be an issue when the near future looks green.
Traders speculating and buying this way constitute a major buying force, an idea which is growing. Futures traders are scarred to short bitcoin. The energy amongst bitcoin traders is currently greener than it has ever been! Buy, buy! $30,000 is absolutely no issues at all!
Retail speculators?
“Bitcoin was worth below a dollar about eight years ago, it will be worth over a million-dollar one day”. This is unarguably the words of a random speculator who is not swayed by the current value of bitcoin and who believes that things are just getting started for the alpha cryptocurrency.
With institutions buying and the banks getting ready to start accepting bitcoin, the revolution is just getting started. ‘There are only 21 million bitcoins and the demand is rising’, if you follow Anthony Pompliano, then you must have come across this statement a number of times.
Bitcoin’s dynamics and the buzz around it is set to propel it further, the future looks optimistic despite the current hinges. There are no price regulations, for a very volatile asset like bitcoin, a million dollar value per bitcoin is well within reach. If one bitcoin could worth a million dollar in the future, then about $30,000 for one bitcoin is a very clever investment.
Many budget long term holders currently think this way and many more will do the same if price continue to progress.
Tether?
Now this might actually sound weird, but tether could be buying some bitcoins! Tether’s ‘US dollar backed stable coin’—USDT is unarguably the most popular and the most used stable coin in the crypto space. Reportedly backed by real assets and fiat, Tether has issued over nineteen (19) billion dollar worth of stable coins pegged to One USD. Despite the authenticity of its activities being disputed, Tether’s stable coins issuance is a measure of major mainstream investment in cryptocurrency.
Huh?
Having grown so fast and spreading its wings all over the crypto space, it is no doubt that the organization is making some profits from their activities and investing it into buying the hottest digital asset. Of course, $30,000 for one bitcoin is no issues for an association ‘issuing’ hundreds of millions in stable coins to investors.
Who else do you think is buying bitcoin at current price?
Any price below $100k is pretty decent value. $250-500k is medium, and past that BTC is officially expensive in my book.