Bitcoin - Cryptocurrency
- Thread starter grizzly_
- Start date
Wait a minute! That's MINE!!!
dont even worry, the 250 g’s will go straight to eth, or tsla
SAJ-99
Well-known member
What? It was 48hrs ago! Not like I had to go searching for it. My point is the argument for it as a store of value or an inflation hedge doesn’t have much credibility when you lose 17% in less than the time it takes to eat a sandwich. It needs to figure that out to become anything more than a lottery ticket.
Wall Street will provide clients with whatever they want...for a fee of course. Those banks are more interested in the technology than the use as a currency or an investment. I have said for years that there is a market for an active cryptocurrency fund that is diversified in the main ones, can keep track of the potential regulatory news flow and impact, and can actively trade/hedge the position. It took them longer to get there than I would have thought.
I feel like you could throw a dart at wall with numbers from 0-100,000 and whatever it hits could be correct. Real helpful, I know....
I would guess bitcoin will be higher but who knows. I wouldn't be surprised it trades above 50,000 and also below 20,000 throughout the year.
Not really sure what you mean. There are plenty of crypto funds. Additionally, various institutions have been trying for many years to get crypto ETFs off the ground and the SEC never approves them.
SAJ-99
Well-known member
I have to disagree. Not a lot of them and everything is tilted toward the retail investor (ETFs) or something the wealth management team sticks in HNW portfolios. I mean institutional-quality funds with the full support of banks sales staff behind it. Something that a pension fund or consultant would look at and not think it was clown show just created to suck in high fees. Those clients have to worry that if BTC went from $35k back to $5k they wouldn't lose their job for the bad investment. Those types of products are rare. I suspect it is because people are still trying to figure out what they (CC's)are. Is it a USD substitute or like gold or what? If you want it to go to $100k, you have to fix the volatility problem. I think futures contracts have helped, but there are still flaws in those.
You mean somebody like Fidelity opening up a fund?
SAJ-99
Well-known member
Yeah, but more than just a MF. I think Fidelity announced one recently for HNW. Maybe something like a hedge fund. Mostly the difference is the marketing effort behind it. It is tough because the main purpose (inflation hedge) is to be long, but no institutional investor wants to be long if you drop 50%, which is a risk that constantly exists. That is why I suggested a diversified fund (even though the currencies remain highly correlated) and ability to hedge. That is limited because I don't think you can't short crypto, only the futures contract.
grizzly_
Well-known member
- Joined
- Feb 18, 2013
- Messages
- 1,242
Updated price - $5,000 is now worth $474,000
Gotcha. Yea I'm not sure how willing someone like Fidelity is to do that. Would definitely be plenty of issues to deal with. I'm sure eventually, there will be more mainstream ETFs but who knows when. Feel like the best way to hedge is simply to have a very small position.... Anywho, will be interesting to watch the roller coaster that bitcoin is!
SAJ-99
Well-known member
Something to consider. Nothing wrong with buying and checking in 10yrs, but don't forget the password.
"Cryptocurrency data firm Chainalysis said it estimated that about 20% of the existing 18.5m bitcoins appears to be lost or stranded in inaccessible wallets."
https://www.theguardian.com/technol...rammer-locked-out-of-his-130m-bitcoin-account
"Cryptocurrency data firm Chainalysis said it estimated that about 20% of the existing 18.5m bitcoins appears to be lost or stranded in inaccessible wallets."
https://www.theguardian.com/technol...rammer-locked-out-of-his-130m-bitcoin-account
BrinkOutWest
New member
I'm not sure if it will stick around. However, playing the charts and making quick cash on the way up has been alright by me. Personally, I think the economic system of our country is extremely broken. With that being said, it doesn't seem that bitcoin is sustainable both in the volatility it experiences, or the environmental impacts it creates. For now, I'll trade it based off the charts.
ignorethefringes
Well-known member
- Joined
- Sep 19, 2016
- Messages
- 3,061
I saw that earlier tonight too. Crazy.
How so?
BigHornRam
Well-known member
U.S. government’s financial condition worsened by $8.16T in 2019
Even before the start of the coronavirus pandemic, the federal government was facing dire financial conditions, with its overall financial condition worsening by $8.16 trillion in 2019, according to a new analysis.
www.accountingtoday.com
Monopoly money.
R
rwc101
Guest
I have one of those. Someday it will be worth more than 1/500th of a cent, and I'll be living the high life.
SaskHunter
Well-known member
The only crypto currencies I purchase are: Bonus Points, Preference Points and Priority Pool Status.
BrinkOutWest
New member
In my opinion, it comes down to several things. The first is the way in which our government continually prints money as if it's not a big deal while our debt level soars sky high. I also think that we live in a society in which the vast majority lack delayed gratification, and thus we will in an environment based upon consumerism and debt. Ultimately, I believe it results in hyperinflation, a decrease in the value of the dollar, and the potential for an economic fallout. Time will tell.
I've been hearing that since I was a little kid. Yes, at some point the debt will matter but it might be 50, 100, 200+ years before it matters. Maybe someday, our debt situation will improve. There have been occasional hiccups but the economy/stock market hasn't hardly ever cared about government debt.
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