Bitcoin Hits $24K

This has been a great week so far for the notorious Bitcoin to be back it again setting records that will go down in history books through out the world. We have to give a lot of thanks to all the new people whom are major influencers in the Financial Market that keep pouring money into Bitcoin and coming out publicly in support of Bitcoin. I know we still have a lot of skeptics that are still not so sure about the value of Bitcoin.

When you trusted public figures announcing support of Bitcoin publicly it gives Bitcoin that much more credit. A lot of investors are what you would call "Trend Investors" they tend to follow suit with what others are doing. You also have "Trend Setters" These people are the ones that tend to pocket the most. Than you have the "Careless Investor" the ones that don't do any research and follow word of mouth and jump into anything. Finally not last, but the last one I'm listing here. The "Sideline Investor" these are the people that are currently sitting out of the crypto market and watching all of us either getting our feet wet or diving straight in.

Once they start seeing that Bitcoin is on a constant trend and at the current ROI Rates it makes almost no sense to hold cash in a traditional savings account. I put $50 into a interest yielding checking/savings account. I now have $50.01 I put $25 into BlockFi I now have 52.86. So, yeah...where would you rather stash your money? I choose Bitcoin, XRP, XLM, and HOT.

What about Government Regulations?

We are in ushering in a new era. We are doing something that hasn't been done before, in comparison we could use the computer industry or the smart phone industry. When the computer and Smart Phone industries launched everyone was skeptical of Smart Phones and Computers. I remember hearing people say things like "These computers are worthless!" or "Computers will never go anywhere." Every new Technology that aims to replace life as we have known it for so long takes time to adapt to.

I know some Countries will try and fight off the crypto market as much as they can. However the Blockchain can be accessed from anyone anywhere in the world. The only reason I can think of for Countries to fight against Bitcoin and other Crypto's would be the preservation of there own currency. I don't really see an outcome where Bitcoin brakes another countries economy. I could see Bitcoin enhancing economies World-wide.

Most Governments have been slow to publicly announce anything about Crypto. I know in the united states we had a state pass legislation in order to make it legal for Insurance Companies to invest into Crypto. This law was a first of it's kind in the nation. This not only opened the door for even more companies to get into crypto, but this opened the door for other states and countries to start passing similar legislation.

I know where I live in the United States that I have tax liabilities on Crypto. I am not banned from buying and selling Crypto. I can't face any legal charges in regards to crypto unless I was committing tax evasion. Governments know the current the financial infrastructure is outdated and needs replaced. Governments love to be able to track every body, do they not? Therefore the Government would love to be able to track the complete Bitcoin ledger for tax purposes.

Not to mention the fact that since every transaction is stored on the ledger and anyone whom wants to can view all of this information. That is an upside for the government and certain individuals. This is also a downside to a ton of privacy seeking individuals that refuse to allow themselves to be tracked.

Is it too late to Invest?

Keep in mind that I'm not a financial investor and I'm not giving financial advice. I'm just stating my opinions based upon the research that I have done. I would ultimately say that considering the long term price predictions for Bitcoin that you would be safe investing for the long-term, the short-term market is rather scary. You have to be prepared to hold when prices start shooting down. I know of a ton of people that jumped into Bitcoin at $18K or more and sold for substantial losses.

I know it can be rather stressful when you watch your investments shot down, but it is the same risk that you face with the stock market. Bitcoin has a history of producing substantial gains in the long term. I truly believe that if you were to buy a single Bitcoin at today's price you would be a millionaire within the next decade. You might be better off to diversify your investments with the majority Bitcoin.

I can't stress enough that you should be very cautious during these times. Setting a sell alert isn't a bad idea to save yourself from unwanted losses. You should not ever invest any money into Crypto that you need. When you invest in anything you do take risk of losing your investment, so be smart and get that money!

My Final Thoughts

I have said it countless times before, "We haven't seen nothing yet." We are just in the beginning of what we are going to see in the near future. Bitcoin is the king of crypto and we will one day see Bitcoin at prices above $1 Million. I don't think it'll be this year or the next year, but within ten years? Yes, I can see that timeline as more than realistic provided the support keeps coming in.

I honestly look to see over $30K before New Years Eve. I know we are just above $24K at the time of writing this but we are on a steady roll and we keep making spectacular gains. I am excited along with the entire crypto community. Every crypto on the board is seeing an upside to Bitcoin rally. We are seeing gains in all areas of the Crypto Market. I know a lot of people whom believe that Bitcoin has absolutely no effect on the market. I totally disagree.

This may be an odd comparison, but I think of Bitcoin as the "Gateway Crypto" kind of like "Marijuana" is the "Gateway Drug" to other drugs. No, I don't believe that just because you smoke "Marijuana" that you will do other drugs, I do however agree that using 'Marijuana' illegally leads to people being exposed to other drugs which some end up doing. Hence Marijuana is a Gateway Drug.

When you start buying Bitcoin you are being put in front of all kinds of Crypto and that is why I call Bitcoin the "Gateway Crypto" and why I have to say that Bitcoin does impact other Crypto Markets. We are all coming into this at the beginning of it's acceptance. Not the at the creation which would make us all really rich. We are still not too late to cash in millions if we play the Crypto's correctly with out folding too soon.

Thank you for reading, God Bless You and Stay Healthy!