The cryptocurrency known as Bitcoin has topped $2,000 today, making many many nerds with supercomputers rich. I have a lot of history with bitcoin and use to trade it often. I sold every last one around $1300 and missed the latest leg higher.
The coin really is easy to purchase and can be useful for many people around the world. In my dealings, I’ve found coinbase.com to be one of the safest place to buy bitcoins. Also, BitcoinWisdom.com has some great charts of the cryptocurrency for those interested. But, I don’t advise buying up here.
One fellow on Twitter asked me where does bitcoin go from here? $4,000 or $500? I told him I wish I knew. It either trades to something crazy like $8,000, and dies from there, or maybe it starts to trade in a range, similar to gold.
Maybe you guys can help this young lad on Twitter. What does Bitcoin hit first? $4,000 or $500? Vote in the new poll below:
Where does Bitcoin hit first?
— Cajun (@RaginCajun) May 20, 2017
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Bitcoin is going to 1MM, seems ridiculous but that’s why it’s the best contrarian trade out there.
Bitcoin will be diluted by the existence, maturation and growth of other crypto-currencies .
$5,000 then grandma gets in and it goes to $10,000. Sarc has a point, but gold isn’t alone in its value amongst other metals either, is it?
Interesting discussions here. I have no idea what happens next, but the trend is clearly up. From what I’m seeing and hearing, it seems like the whole cryptocurrency asset class is still gaining momentum.
A medium sized ETF would require a price per bitcoin of $35,000. Let that sink in.
Since it’s still in the early stages of adoption by the public, it could go to $10,000 even before institutions and funds get on the train. Do the math. If there can only ever be 21 million bitcoin, at $1,000 that’s a $21 billion market cap. At $10,000 that’s $210 billion. That’s still not even close to FB’s market cap. $100,000? Very possible, with a global debt crisis.
$4400 near term blow off top. Reset to $1800. Then $10k.