While Bitcoin's price has captivating qualities and excessive influence on our emotions, remember that the fundamental reasons for Bitcoin's existence have not changed. Until those fundamentals change in a material way, then I'm bullish on the price long-term. It's important to focus on less volatile metrics that are more fundamental to Bitcoin's investment thesis. Here is a quick list of fundamental reasons for Bitcoin's existence: submitted by
1) The Fed continues to monetize government debt and bailout banks.
2) Bitcoin continues to add blocks roughly every ten minutes with every satoshi 100% completely and accurately accounted for.
3) Miners continue to push hash rate higher. Although you'll notice that difficulty and hash rate are currently stagnating, which we have seen happen repeatedly throughout Bitcoin's history.
4) Developers are building out more infrastructure.
5) The US govt will continue to run budget deficits and increase the debt through excessive spending on military, welfare, and govt pet projects.
6) Financial surveillance continues to increase as governments encroach on human liberty around the world.
7) American consumerism continues to change and shape our environment in ways that we may not understand until it is too late. Bitcoin is a check on consumer culture.
8) 6 billion people around the world exist outside the US-centric banking system. Bitcoin will accept them onto its financial network no questions asked... Banks will deny these people financial services until they comply with the banks rules and meet certain net worth requirements.
This is just for fun, I generally have no strong feelings toward bitcoin price (I'm just fundamentally against zero-sum get rich schemes). But today I decided to do a little bitcoin search in news.google.com
and see what today's bulls were predicting in 2018. Side note, almost all of the news articles came from crypto sites. I tried my best to stay away from them. Farming magazine telling you agriculture is the future isn't exactly shocking.
To people who invest, please don't consider this as a prediction that price will fall. I'm not astute or smart enough to predict either way. The only possible use is to make sure you are more skeptic regarding predictions. Keep in mind, a rich CEO or consultant can lose 100 million and not really affect his life that much, but a 10k or 100k lose for some people can be devastating. And remember, some of these rich hedge managers don't believe their own bullshit, and hopefully, some of these quotes will emulate that.
(Note, I won't waste time linking them all, but by quoting them directly, it should be easy to google)
(another side note, I didn't purposely search out specific names. I went by the first names I came across, and only ignoring those that I couldn't find anything regarding crypto in past years)
Mike Novogratz Present:
Business Inside: Bitcoin is like 'digital gold' and won't be used the same as a traditional currency in at least 5 years, billionaire investor Mike Novogratz says Past:
On Nov, 2017, he said: "Bitcoin could ‘easily’ reach $40,000 by the end of 2018, hedge fund legend Novogratz says"
2018: "Michael Novogratz calls a bottom in cryptocurrencies" (it wasn't)
Novogratz started a crypto funding in 2018. First 9 months "Mike Novogratz’s Crypto Trading Desk Lost $136 Million in Nine Months" (Bloomberg). Quarter 4: "Galaxy Digital Posts $32.9 Million in Net Loss for Q4 2019". Feb 2020 "Mike Novogratz’s Galaxy Digital Slashes 15% Staff"
Raoul Pal Present: "
For Raoul Pal, CEO of Real Vision, the bullish atmosphere had been reinforced, and further gains were more likely than ever.
“There are literally only two resistances left on the #bitcoin chart - 14,000 and then the old all-time high at 20,000,” he tweeted."
In a tweet today, he said, "Bitcoin is eating the world...
It has become a supermassive black hole that is sucking in everything around it and destroying it. This narrative is only going to grow over the next 18 months.
You see, gold is breaking down versus bitcoin...and gold investors will flip to BTC" Past
: 2014: "Put them in the same kind of equation we get a value of bitcoin and that value is a million dollars. Now, you'll never hear an analyst say this—but I don't mind this—I could be wrong by 90%, and it's still worth $100,000." (to be honest, that's a bit of an impressive prediction in 2014)
On the other hand, he probably didn't really believe his own prediction because in June, 2017 (when it was 2000 USD or so), he said: " “This is the most exponential move we have seen. I don’t know how far it goes, but I sold out last week
… and I’ve [owned Bitcoin] since it was $200. Anything that moves exponentially, always [blows up].”"
In 2016, "This view brings Pal to the asset he favors most over the next year out of bonds, equities, currencies and commodities: the dollar."
Eh, that was just two. I was hoping to mention several people, but it appears not many people are actually making predictions anymore, and anyone mentioned are basically not big people so I couldn't find much on them regarding bitcoin before 2019.
So, the main thing I like to highlight are the analysts and such are going to make money whatever happens. Fund managers are playing with people's money and, as long as they are not involved in frauds, there is no real harm to them against wrong predictions. Generally, successful business people are successful because they were loud, confident, and were able to convince others that they had the right idea. Even when wrong, they bounce back. Most of us aren't like that.
Some bitcoiners come here to boast when price goes up, as if the increase in price is an indication that argument against bitcoin has been proven wrong. While some people here are fanatically anti-bitcoin, I am not one of those. I have nothing against people making money (why would I be upset that people I don't know around the world became wealthier??). But since bitcoin investing is by design a zero sum game, certain people will eventually lose, and it is most likely it is the people who were listening to predictions by experts that would ultimately be financially hurt, and not the experts making the predictions.
Crypto investing has been a platform where the average person works hard in his day to day life, and then brings the fruits of his labor into this field. The actual productive part of that person's life is the one outside crypto, where they had been productive for the community, and in exchange, they receive wages. Crypto investing's promise is for this wage to increase without the actual productivity. The concern is mainly that the result of all that labor will be misused by crypto "experts" who's own income (their labor) is directly linked to predictions on crypto.
The above paragraph is badly explained, but the main point is that the average person brings in outside money they worked hard for, while "experts" there is generally no outside money, crypto fund management or consulting itself is their job.
Money can be made, of course, but money being made isn't necessarily an argument for something. Bitcoin, and crypto, has for the past 1.5 decades still largely just about numbers going up. Google trend on "bitcoin" show top related queries being "bitcoin price", "bitcoin usd", "bitcoin usd price". When people come here when it hits a particular arbitrary price point thinking it's their gotcha moment, it actually just reinforces my argument that it is only about the price. Nothing in the history of human economy has ever lasted based only on the economic model of who you could resell it for at a higher price.
Even DeFi's smart contracts (as much as I could understand it) is about prices going up. It's like for these people the concept of contracts are based purely on money exchanging hands, and no actual task being done. Almost all contracts globally are based on specific productive tasks being done, such as employee contract, supplier contract, property contract, and so on. Only a tiny amount of it is based on "if this currency goes up, then give me that currency" contracts.
Bitcoin (BTC) zu USD im Überblick: Bitcoin (BTC) zu USD und historische Kurs-Entwicklung zu Bitcoin (BTC) zu USD. Nachrichten und Bitcoin (BTC) zu USD-Charttool Der aktuelle Bitcoin Trend 2018 bewegt sich im Bereich von 20.000 Euro pro Bitcoin. Der Wert kann aber auch noch darüber hinausgehen. So wird in Prognosen für die Jahre 2020 bis 2030 davon ausgegangen, dass sich der Wert je Bitcoin auf bis zu 100.000 Euro erhöhen kann. BTC USD (Bitcoin / US Dollar) This is the most popular Bitcoin pair in the world. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of Bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls this cryptocurrency and everyone can take part. Bitcoin price grew ... Bitcoin USD price, real-time (live) charts, bitcoin news and videos. Learn about BTC value, bitcoin cryptocurrency, crypto trading, and more. Bitcoin price forecast at the end of the month $14114, change for October 31.5%. BTC to USD predictions for November 2020. In the beginning price at 14114 Dollars. Maximum price $17127, minimum price $13454. The average for the month $15005. Bitcoin price forecast at the end of the month $15323, change for November 8.6%.
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