Bitcoin Is Over $7,200!

[timd354]

That's certainly possible. It might play out that way or it might not. What I am observing is that it is continuing on a path to broader acceptance and legitimacy.

I simply don't see governments not cracking down hard and highly regulating crypto-currencies as cryptos make money laundering and tax avoidance very easy.

 

[Joe Flacco]

I simply don't see governments not cracking down hard and highly regulating crypto-currencies as cryptos make money laundering and tax avoidance very easy.

That appears to be the main bear case but that's not what seems to be happening globally.

 

[timd354]

That appears to be the main bear case but that's not what seems to be happening globally.

Not yet, but I cannot imagine central governments around the world not cracking down as they all like tax money and power Even if that does not happen, why should something with no intrinsic value, no actual physical existence, no rational economic purpose other than laundering money, avoiding taxes, avoiding international sanctions, or engaging in illegal transactions, etc. be worth $7200 or $720 or $72 or 72 cents or $72,000, or $720,000 or $7,200,000 or any other amount of money other due than due to market psychology and manipulation of the market? Like every other bubble driven by speculative demand where the value of the thing being bid up in price is completely disconnected from economics, it will eventually crash and crash big time (although I could not tell you when)...in the meantime many fortunes will be made (and lost), but in the end a lot of unknowledgeable people will get crushed.

 

[Elliott]

 

[techbiker]

I commend everyone who had the foresight to invest in Bitcoin early, or even 2 years ago. At this point though, it's much too rich for me even if one bitcoin is eventually worth $7.2M. I also find the concept rather boring.

I prefer to invest in raw land anyway. Land makes modern life possible, often has a myriad of potential uses, and the research is exciting. Plus once you own land, you can improve it as you see fit based on your investment strategy.

 

[Joe Flacco]

Not yet, but I cannot imagine central governments around the world not cracking down as they all like tax money and power Even if that does not happen, why should something with no intrinsic value, no actual physical existence, no rational economic purpose other than laundering money, avoiding taxes, avoiding international sanctions, or engaging in illegal transactions, etc. be worth $7200 or $720 or $72 or 72 cents or $72,000, or $720,000 or $7,200,000 or any other amount of money other due than due to market psychology and manipulation of the market? Like every other bubble driven by speculative demand where the value of the thing being bid up in price is completely disconnected from economics, it will eventually crash and crash big time (although I could not tell you when)...in the meantime many fortunes will be made (and lost), but in the end a lot of unknowledgeable people will get crushed.

Its not completely disconnected from economics because there is limited supply. All I can tell you is that I don't know. My best guess is that by the time governments decide they don't want Bitcoin around it might be too late.

 

[timd354]

Its not completely disconnected from economics because there is limited supply. All I can tell you is that I don't know. My best guess is that by the time governments decide they don't want Bitcoin around it might be too late.

There is a theoretically limited supply of bitcoins, but so what as there is not a limited supply of crypocurrency units there are other cryptocurrencies out there and more can be invented every day. Regarding just the Bitcoin supply, only 2/3rds of the 21 million bitcoins have been mined so far, meaning that bitcoin supply will still grow by 50%. Additionally, there is thought to be a supply of several million inactive bitcoins out of 14 million bitcoins being held around the world with Satoshi Nakamoto holding an inactive stash of 1 million inactive bitcoins. Sooner or later, the entities holding these inactive bitcoins will want to cash out.
By the way, if governments want to get rid of Bitcoins, they will.....they could outlaw the whole notion of cryptocurrencies and start locking up people involved if that is what they decide to do.

 

[Joe Flacco]

There is a theoretically limited supply of bitcoins, but so what as there is not a limited supply of crypocurrency units there are other cryptocurrencies out there and more can be invented every day. Regarding just the Bitcoin supply, only 2/3rds of the 21 million bitcoins have been mined so far, meaning that bitcoin supply will still grow by 50%. Additionally, there is thought to be a supply of several million inactive bitcoins out of 14 million bitcoins being held around the world with Satoshi Nakamoto holding an inactive stash of 1 million inactive bitcoins. Sooner or later, the entities holding these inactive bitcoins will want to cash out.
By the way, if governments want to get rid of Bitcoins, they will.....they could outlaw the whole notion of cryptocurrencies and start locking up people involved if that is what they decide to do.

I get what you are saying. The main difference between you and me is that I am saying I don't know what is going to happen to Bitcoin and you are saying that your are 100% sure that it will eventually collapse.

 

[timd354]

I get what you are saying. The main difference between you and me is that I am saying I don't know what is going to happen to Bitcoin and you are saying that your are 100% sure that it will eventually collapse.

Am I 100% sure it will collpse to zero? ...No, but I am pretty damn sure that Bitcoin is a classic bubble and will eventually collapse...who knows, it may still have a huge run up left before the inevitable collapse comes. If I could figure out the timing of how and when it all will play out, I could quit my job

 

[The Bob]

I wonder how much of the run up in NVDA is due to bitcoin mining.