It seems like whenever "experts" or popular opinion predicts one thing about crypto currencies, the exact opposite happens. I'm not saying no ever predicts correctly - to be fair, there are plenty of competent chart analysts out there who have a good sense for the ebbs and flows of the crypto market. That said, I'm reminded every time I check the charts that the old adage for investing "never try to time the market", holds true more often than not.
My Story
Yesterday evening, close to midnight here in Hamburg, I had been debating whether or not to purchase 3 Bitcoin for my Roth IRA, (this is a retirement account, FYI for those of you outside of the US)...I found the decision almost an impossible one to make!
Ok, let me back up a step - I had already decided to purchase the Bitcoin because I absolutely believe in its long term growth potential, however, I wasn't sure if it was the best time to buy now in the short term. I spent hours obsessively researching...watching Youtube videos on Bitcoin price predictions, reading blog posts, chatting with fellow Steemians, etc.
After tirelessly scouring the internet for useful info, only one thing was ultimately clear - no one, not even "experts" know for sure what's going to happen. True, I did find MORE posts warning about a short term drop (some saying a week, others a few months), but there were still a few folks claiming Bitcoin had already gone through the dip and it was ready to hit the moon.
In a moment of complete exhaustion and frustration, I remembered the advice of my friend who always bought slow and steady, whether the price is up or down...it's all about the anti-investment, or not trying to time the market. I called my investment firm, BitcoinIRA, and executed the order, priced at $2,650.
I closed my eyes, fell into bed, and promptly passed out 2 seconds later.
The Future of Bitcoin
I admit I'm still wary of the upcoming potential fork, and definitely think there's an even greater likely hood it may drop in the next few weeks at least. (And seriously, the whole Bitcoin Cash thing, do people honestly think that's going to have long term staying power??) Buuuut...and that's a big but and I cannot lie...
I'm a firm believer that bitcoin will definitely be higher by the end of the year...but don't just take my word for it, do a quick Google search:
And now, here's the kicker... we come full circle. At the top of this post, I stated that really no one knows what's going to happen to Bitcoin in the short term. Yep, I'm considering the end of the year short term! π
While I, along with probably most of you Steemians hope this to be true, all we can be sure of is that we can't be sure, at least regarding short term fluctuations. You may be thinking there is even long term is an uncertainty as well, as there are a few disaster scenarios like an EMP, the internet getting "shut off" by the government (@jeffberwick has quipped on numerous occasions we'll be more preoccupied at that point with fighting off the zombies than worrying about Bitcoin).
Nothing is really certain in the end. That said, I strongly believe Bitcoin has a much better long term future than "traditional" investments like the stock market or bonds. At the very least, it can never hurt to put all your eggs in one basket. (I considered inserting an "eggs in one basket" meme, but that would've been too easy hehe π).
Rather, let me end with a formal, well thought out, unquestionably intellectual closing statement...
Long live Bitcoin!
What say you ____? (< Insert your name, or name of favorite GOT character here)
-How high will Bitcoin be by the end of the year? 5 Years? 10?
-Can Bitcoin possibly become obsolete in favor of other Cryptocurrencies, or will its long term staying power as the "OG of Crypto" endure?
-How do you buy Bitcoin...
Wait for the dips? Buy on a consistent basis no matter the price? Buy when you see it rise?
About Me
I've spent 7 years as Digital nomad in Hamburg. Although this is my homebase, I make tons of side trips (going to Split, Croatia next week!) and plan on blogging about it here.
Traveler, minimalist, drummer, climber, and Unicorn lover.
"Wow, you are so awesome Jordan, where can I learn more about you?" --> That is probably what you're thinking now π.π..well, glad you asked! (Feel free to roll your eyes here) You can check out my intro post and say hi in the comments below :)
You are correct no one know what's gonna happen in the markets ,, just all prediction, we just have to pay attention to the trend, because things can change instantly , thanks for the share
Thanks man, glad you enjoyed it! Yep it's all about the long game...short term fluctuations are in my opinion, incredibly hard to guess at. On that note, I'm even considering NOT checking the price of bitcoin and other cryptos for the next few weeks...just need a break from all the insanity. I'm in it for the long run so I shouldn't really care about the daily or weekly ups and downs anyway. Still though, it's realllllly hard to resist checking...
Yes bro i think that's what cause the panic effect, watching the charts 24 hours of the day is for people who want some quick money so every time they see a red candle , they start thinking about selling off, no doubt i started when the prize was a couple hundred dollars then we saw the 3000 hit , so holding long term should be the goal here as you said
Exactly! Sounds like we're on the same page. I used to be the same way when I started out... some things you can only learn from experience...
I think that blockchain / cryptocurrency tech is here to stay - it's already being adopted by everyone from Microsoft to Bank of America. There's an insane amount of money to be saved by adopting blockchains to process and store information for companies like these.
The real question is what will the blockchain / cryptocurrency space look like 5+ years from now?
I'm of the opinion we'll see a major thinning of the cryptocurrency space in that time - think dot com burst and all the subsequent bankruptcies. I would conservatively say at least 50% of the cryptocurrencies available today will be worth $0 in a timeframe of 5 years. (And that's just looking at average rates of failure for traditional business - which aren't in markets as volatile as crypto)
However, I think those that survive are going to win big - to keep in line with the dot com comparison - think Google and Amazon.
I see players like Bitcoin and Ethereum as "safer" bets in the space since they already have such a large portion of the overall market share - and in Bitcoin's case, a relatively high rate of adoption in the real world.
Although, I wouldn't say either of the aforementioned currencies are immune to a potential fate of $0 in a span of 5 years, although it'd be far less likely.
My biggest critique of Bitcoin is that it appears to have little ability to pivot to the changing needs of its users. We can see the very divisive scaling debate and subsequent hard fork as an example of that. Scaling is inherently difficult, scaling a decentralized blockchain is doubly so - and I think it's going to long and hard road for Bitcoin to successfully scale on either chain.
That being said, it does still position itself as a store of value - it will be interesting to see how it competes with other cryptocurrency for that position though. Namely, those that implement PoS.
Although I'll end by saying that Bitcoin is my go-to recommendation for friends and family when it comes to the safest investment in crypto.
TL;DR - Good call investing into Bitcoin - Lambos incoming! (>βΏβ )β
"The real question is what will the blockchain / cryptocurrency space look like 5+ years from now?
I'm of the opinion we'll see a major thinning of the cryptocurrency space in that time - think dot com burst and all the subsequent bankruptcies."
Yep, BItcoin is definitely the giant Jabba the Hutt in the room, rich, fat, popular with everyone...let's just hope it doesn't get the life choked out of it in a similar fashion
That said, it still has SO much momentum as the original cryptocurrency, name recognition and worldwide adoption - I mean seriously, you can use it on Shopify and a bunch of known retailers (https://www.lifewire.com/big-sites-that-accept-bitcoin-payments-3485965)...and I think this number is only going to grow. We gotta survive this fork first though! Speaking of which, it's my opinion Bitcoin will survive in some form or another, like I said it's just too established and there are too many people banking on its success at this point.
i followed for your updates, thanks again
awesome, I had already followed you too haha
HODL long term! ;-)
All the short swings can make you go nuts also, better stay at a safe distance.
Thumbs up for the long term value of BTC!
For sure!! See that internet bro fist above? That goes for you too - thanks for the comment :)
Brofist! :-)
It is my pleasure!
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