The Future of Bitcoin....

As I mentioned in a couple comments, I'm back from a long absence. With all the drama in politics, pandemics, elections, blah, blah, blah, I certainly didn't care to become enmeshed in any more so I took a break. Today I came back and reconnected with one of my friends. He finally bought a little bitcoin and we had the following conversation. He thought I should post it here to "get started" so here it is.

Yeah!!!! That's a start man! The right time to buy is whenever you have a little extra to squirrel away. Honestly, I've been following this pretty seriously for the last 4 years and I am firmly, FIRMLY convinced that Bitcoin will go to $1M plus. And I'm not kidding. Personally, I think every dollar you can get into it now will be worth $300 in the next 5 years.

There are many reasons to support that theory but probably the biggest is the fact that it's time has come. There has been *no real technological advances in "money" for over 5000 years. They used gold back then and, up until now, gold was still the ultimate currency. That has finally changed. Technology has finally made a breakthrough in the financial energy spectrum, which is what currency is, and that breakthrough is bitcoin.

People talk about it being a "bubble" but, they're not seeing the forest for the trees. Was electricity a bubble? The automobile? Airplanes? The internet? Telecommunications? No. Yes, there were bubbles in each of those sectors. Some companies sprung up and exploded and then most of them popped. But the underlying technology never went away. It only continued to advance. If you were lucky and/or smart, you chose Google or Amazon or Netflix or Microsoft or Tesla and got the winner. If not, then you probably got wrecked (rekt) unless you took some profits along the way. Bitcoin is not the winner of a bubble. It IS the technology. It's electricity, the airplane, the internet, etc....and out of all the thousands of coins/tokens out there right now, it will continue to flourish.

The road will be bumpy, no question. But at the end of every bear cycle there will be a bull cycle that dwarfs it. Just try to buy more when it comes down.

Right now though, I think it's on its way over $100k before we see any sort of mega correction. So, I bought a little at $30k and everywhere in between where it is now. I bought some yesterday at $48k. I don't care. I'm only throwing $100 here and $100 there but, like I said, I feel every dollar I manage to get in here will be $300 later so $100 is $3000 to me. I'm boring you.... :slight_smile:

xxxxxxxxxToday at 7:07 PM Lol, no, I agree. I was just cleaning up from dinner.

xxxxxxxxxToday at 7:35 PM I agree that it will go up. Especially near the end of the supply.

I think the ultimate worth will be in goods and services instead of fiat. Meaning I think more and more entities will accept it.

dagger212Today at 7:41 PM Yes, I agree. But in all honesty, I don't think that is going to factor in a ton when it comes to it's valuation. It is flat out a store of value coin. These fiat currencies aren't going to go away and ultimately I think it will probably end up being the stablecoins....USDT, USDC, etc....that get the end use. Those and whatever "Fedcoins" gov'ts come up with. Those will still be pegged to the dollar and most things will continue to be priced in dollars. I think we're at least a couple decades away from things being priced in Bitcoin. Plus, anyone who uses bitcoin to buy anything is throwing away money. If they absolutely must use their bitcoin for something they can just "sell" it into USDC and then pay with that.

dagger212Today at 7:52 PM The value of the network is the fact that is uninflatable. As more and more of the worlds fiat currencies flow into it, it will continue to gather that financial energy and hold it's value against all of them. Not only hold it, but increase by large percentages. When you consider there is about $100-$300 trillion out there that needs a place to sit so it doesn't get inflated to half its purchasing power over a year or two, the market is gigantic. First, I think bitcoin hits $1T marketcap, probably this month. Then it takes out gold at $12T, possibly by the end of the year. Then it starts eating into all the negative yielding sovereign debt around the world. That takes it over $100T. If you factor in the current money-printing environment, that same $100-$300T market that exists today, will probably be $150-$450T in 3 years. So, personally, I think Bitcoin hits $100T market cap in the next bull cycle roughly 4 years from now. If a $50k bitcoin equates to roughly $1T marketcap, that means we more than 100x from current levels. And once it reaches those levels, it's really only a matter of time before the other $1quadrillion gets sucked in as well. 10yrs? The numbers are silly but...I think that's where we're heading.

That was the end of our conversation.

In other words, do yourself a favor and be a part of the most *fundamentally impactful technological advancement of our lifetimes and quite possibly of many lifetimes to come. This is truly an historical time. I tell everyone I know, just get a piece. Dip your toe in. Whatever. $50, $100, whatever you can spare. Just be a part of history in the making. Plus, you're going to make some money... :-)

Of course, this is NOT financial advice. Crypto currencies can and do go down in value and you could lose all your money....

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