It is already over $30k. Those who were skeptic of its growth have missed almost 90% growth when it was at $16,600 levels at 31st December 2022. It was near $20k in June 2022. Even from there, it is 50% up. This year we will see $50k levels for sure and a single fortnight can be sufficient to pull this much price. If it doesn't reach a new all time high by 2024, its bubble will bust forever.

Hi albalaha

Hope you're doing well.

re: "...Those who were skeptic of its growth have missed almost 90% growth when it was at $16,600 levels at 31st December 2022. It was near $20k in Ju.."


That would be me. I bought a small nonmeaningful amount of crypto (including Bitcoin) when Bitcoin had dropped from $60K+ down to the 20K level. IMO and based on my research/statistical analysis I projected Bitcoin would have difficulty getting past the 27K--28 range and actually thought it would stall there, retreat, then go higher than 28K in latter 2023 or 24.

I still think it is being artificially manipulated by a few large investors and we will see a pullback (much sooner than many think), mostly due to these larger investors. Not because its true value is fluctuating.
IMO these larger investors find it easier to make larger returns/quicker returns when its dropping or bouncing in a narrow range they have predetermined(See the large transactions when bouncing @ 16.5k--18k).

So my thinking is after several bounces cycles only then will we see it powering higher. I still do not like the valuation metrics for Bitcoin or any crypto. However, that doesn't mean it can't or won't go higher--or--that I may simply be wrong.
My next buy will be when it regresses to the 14K levels.


Alb, I hope you are correct/ good luck with it.


Continued Success,

8/12/23  Bitcoin @ 29,406 with a recent 90-Day @ (r= 26,649--31,603).

Recently the Larry Fink(Yes that's his last name), CEO of Blackrock(largest asset mgmt company ~~9Trillion), announces they have filed for a Bitcoin ETF.

I find this concerning on two fronts.

1) Just a few years ago Fink said Bitcoin was a fraud and mainly for money laundering:

"...Larry Fink, BlackRock CEO:

2017: Bitcoin is an index of money laundering.

2023: Bitcoin could revolutionize finance. Files for a Bitcoin ETF...."

https://www.coindesk.com/business/2023/07/07/blackrock-ceo-larry-finks-turnabout-on-bitcoin-elicits-cheers-skepticism-from-crypto-insiders/

2)USA vs Grayscale . An ETF was denied and currently being heard in court proceedings.

"US court questions SEC's rejection of Grayscale's bitcoin fund proposal"

https://www.reuters.com/legal/court-set-hear-arguments-grayscales-lawsuit-against-sec-over-bitcoin-fund-2023-03-07/

So now we have a U.S. and Biden administrations ally Blackrock and Larry Fink wanting a Bitcoin ETF.

https://www.fool.com/investing/2023/06/23/blackrocks-game-changing-bitcoin-etf-what-every-in/


In my opinion going forward we will see Bitcon being pumped up further until the ETF is approved and then a steep decline. The large investors (including countries) profiting greatly and the small investors losing.
I am not an investing expert and have been incorrect in past on bitcons price. I see the near future as a "pump and dump" situation. Though it may go skyhigh and many will make money from the volatility. I simply do not see the intrinsic value in Bitcon and still say "caveat emptor"

https://www.bing.com/ck/a?!&&p=88f90e881fbfd4c7JmltdHM9MTY5MTc5ODQwMCZpZ3VpZD0zZTdhMmIzZS03MThmLTY2MTItMzk2OS0zOTVmNzU4ZjY4MmEmaW5zaWQ9NTY0NA&ptn=3&hsh=3&fclid=3e7a2b3e-718f-6612-3969-395f758f682a&u=a1L2ltYWdlcy9zZWFyY2g_cT1iaXRjb24gbW91c2UgdHJhcCBwaG90byZGT1JNPUlRRlJCQSZpZD1CRDkxOTQ1RkQ0NDBFNjc5QTI4Q0NGMzNFOThBNUMxOUNBODNBQjc1&ntb=1

Good Investing To All,kfb

It is pretty debatable whether it has an intrinsic value or not as crypto doesn't have much of history to learn from. It is all about demand and supply and fear and greed. One thing I am very sure about is, it  (Bitcoin)is scarcer than diamonds and big corporates whales are into it, so it is not going to finish anytime soon. A big rise in prices is expected around bitcoin halving. It could be used as one of the varied mode of investments that we can opt for. I would advise putting 10% of your investments in it. Diversy with top 10 cryptos while keeping main focus on bitcoin.

Hi Albalaha

"...(Bitcoin)is scarcer than diamonds and big corporates whales are into it, so it is not going to finish anytime soon. A big rise in prices is expected around bitcoin halving. ..."

    I hope you are correct. I do agree w you and think it will increase significantly in the future( and will also tank at times). Though IMO these huge swings in volatility won't be due to a sudden change in value.

An example:

Tesla (TSLA) bought $1.5 billion worth of bitcoin in February 2021 (about 4,200 BTC), causing a flurry of excitement in the crypto space. The company's CEO, Elon Musk, tweeted "#bitcoin," a post that resulted in a 17% surge in the digital asset's price.


Who owns the most Bitcoin?

https://cryptonews.com/exclusives/who-owns-the-most-bitcoin.htm



Continued Success,

In recent news, BlackRock, the world's largest asset manager with a whopping $10 trillion under management, has expressed its bullish stance on Bitcoin, highlighting the growing mainstream acceptance of cryptocurrencies.

Hi Albalaha

Thx for post above.

Bitcon today 8/18 ~~25,800 w a weekly (r=25,800--30,500).

This is the kind of volatility I was speaking of recently in an above post. The "intrinsic" value of Bitcoin didn't change this much. Though a lot of people made a nice profit this past week wagering on the fluctuations within this band (r=25,800--30,500). The larger (and likely the early investors) made money while the smaller (& likely the recent investors) panicked and will sell out of their positions quicker. The larger investors will "rinse & repeat" this scenario regardless of if Bitcoin is at 20K or 60K.


Alb

"...BlackRock, the world's largest asset manager with a whopping $10 trillion under management, has expressed its bullish stance on Bitcoin, highlighting the growing mainstream acceptance of cryptocurrencies...."

I would too if I just applied for an ETF(on bitcoin).

This ETF is a game changer as this will permit large entities(largest/earliest investors and countries,..etc) to manipulate (Affect price with a much smaller investment) on Bitcoin.

*This is similar to the current manipulation of the Gold markets with the GLD ETF. Entities that want to make the U.S. Dollars appear stronger (To siphon from countries with a weak currency) can affect the price range for the actual metal. It is important to note that for every 1oz of Gold in possession right now there is approx 30X as much "paper" ownership. This can continue until a high% or large ownership requests physical delivery of their Gold.


I guess my reservation on all things Bitcoin is that we as owners of Bitcoin do not get royalties or a tiny % from each transaction (like banks /credit card processors). Plus, the majority of the main patent holders for all-things-blockchain, are owned by large banks and wealthy corp groups such as albalaha(Not to be confused with our forums' albalaha, .

albalaha has approximately 2298 blockchain patents. The majority of the others are owned by large financial institutions such as JP Morgan, Bank of America,...etc.


**I bought bitcoin the last time it was approx 20K, immediately used the volatility to make gold/silver purchases (More intrinsic value /less volatility). I will buy again when it drops to ~~14K USD, rinse & repeat. Though I do acknowledge it could reach the range of 60K--120K prior to my hypothesis of 14K.


Just my opinions.



Good investing to all,

Meant to say above:

"...Plus, the majority of the main patent holders for all-things-blockchain, are owned by large banks and wealthy corp groups such as "albalaha" [/color]b](Not to be confused with our forums' albalaha, .



Meant to say albalaha, the B2B eCommerce platform that owns almost 2298 blockchain patents.

Tried to edit. Meant to say albalaha, owner of 2298 blockchain patents.

For some reason I can't figure out how to change a misspelled word/correct.

It is right time to invest more into top 20 crypto and not just bitcoin. I expect about 30-80% return within a year. Let's see.

Hi Albalaha

I like the idea of selecting only the top 20 or so cryptos if one is investing long term.

I track five of the more commonly accepted cryptos/ currently own a very small stake in BTC,ETH, and Doge. Though I plan on purchasing more BTC when it hits 14k.

Mainly because the following five cryptos are accepted by many precious metals dealers that I  do business.
I like to utilize crypto after it pops >=7% and then I buy precious metals, which obviously has a historically much higher intrinsic value and much less volatility.

The precious metal dealers (or any business) don't care how one makes a transaction as they instantaneously convert to U.S. Dollars. Generally, the best discount is to pay with an echeck, ACH, or Cashier's Check. As obviously they don't want to pay the banking fees/ clearing house fees from Visa and others. One of the main reasons I perceive cryptos and blockchain technology will never completely go away. Just an opinion.

Generally, when I use crypto it will be roughly 1.5% higher vs the three options above (Thus the desire for a pop up in the volatility of crypto). My best purchase was after a 13% crypto increase. That day it had actually popped up 16% but I couldn't get a buy in quick enough.

Five most commonly accepted: Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), and Shiba Inu (SHIB). Other than the first three I don't perceive any others having but only the slightest intrinsic value as an investment. However, they can be used for other purposes, IMO.

Most also accept the following five USD-pegged stablecoins (GUSD, USDC, USDP, DAI, and BUSD) and Circle Euro Coin (EUROC) a stablecoin backed by the Euro.


Another reason to only invest in the top 10-20 or so cryptos:

How many cryptocurrencies are there? In short, there were over 9,000 as of 2023, although there were many more digital coins in the early months of 2022. Note, however, that a large portion of cryptocurrencies might not be that significant. There are other estimates of roughly 20,000 cryptocurrencies being in existence, but most of these are either inactive or discontinued. Due to how open the creation process of a cryptocurrency is, it is relatively easy to make one. Indeed, the top 20 cryptocurrencies make up nearly 90 percent of the total market.

Per the following link:

https://www.statista.com/statistics/863917/number-crypto-coins-tokens/



Continued Success,

DOGE has a circulating supply of 140 Billions and Shiba Inu is like in Quadrillians. I do not see much hope in any of them being memecoins and virtually kind of infinite. Although I do have both in my portfolio considering they are far away from their All time high and should correct atleast 50%. Bitcoin, BCH, ETC, ETH, LTC, Solana, Monero etc. look most promising to me. Even XRP seems to better but even its supply will stop it going over $10, in any case. Bitcoin will remain at max 21 millons and is the father of all other coins will stay longer and safer.
     Many says that bitcoin will go at $1 Millon but it is hard to believe as it will then account for 21 trillion dollars in bitcoin alone while entire world owns less than $100 trillions as cash or liquid money. But bitcoin going at $100k is easily possible.
       Regarding buying precious metals specially gold, has been proven to be least volatile and most rewarding. Real estate in the fast growing cities is also a nice investment.
     I would suggest maximum 10% of your investment should be in crypto.

Delayed decision re: Bitcoin ETF application by Black Rock.

https://markets.businessinsider.com/news/etf/bitcoin-etf-spot-sec-ark-21-shares-crypto-market-2023-9

Time to add crypto every month as a systematic investment plan. Decentralized finance is still in its nacsent stage and has to grow at least 10 folds in coming 10 years. Then it might kind of saturate. Let us see if history repeats itself around bitcoin halving in 2024 or a new history will be written.