Bitcoin currently is trading at $3263, a fresh yearly low represneting 83% decline in a year. Not something unusual for such an extreme volatile asset class. BTC is not dead but won't fly anywhere in the near future...and here is why.
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The whole Crypto cap sitting at $100b is too undervalued.....Visa recently reported 11 trillions of dollars worth of volume including both transactions and cash...that is very huge compared to the current cap of the crypto market which represents only 1% out total Visa volume...and that's only VISA, not mentioning Master card, American express and so on...So why are BTC or other cryptocurrencies caps not holding at their ATH value? Simple answer the adoption is not as flying as the value of crypto...Ultimately only the need of something justifies the value...and the price of any asset correct to the value of level of its usage...
Many crypto startups went bust dumping the market with it selling their crypto funds. If others survived, they did so because mostly they cashed early out of the holders expenses. Hodlers which ended up victims of both their greed and fear...$620b worth of value vanished in 2017 mostly in thin air, instead of being invested in adoption it went to whales pockets...Retail investors are much smarter now and they won't get in with the level of Euphoria they did in 2017 until after so many years, 5 or 9 years horizon...
The level of adoption is going at really slow pace and the number of hodlers is decreasing too...Personally I don't own BTC but I used it to receive or transfer cash only...I sell as I get my BTC in my address...but most of the time PayPal and other means still my favorite since they are regulated and adopted anywhere...
Bitcoin is a unique invention and here to stay but the slow level of adoption and the speculative nature of it are both the main reasons crippling BTC to reach its true value which can be way above $100k...Retail investors and businesses are scared to get in again in the short term so I won't be surprised if BTC will reach much lower price levels in the near future...but it will fly only when its needed massively on a global scale
What do you think? I would love to hear your thoughts!!!![Screenshot_12_14_18__8_13_PM.jpg]
OMG, finally someone realistic in the sea of delusional people. Well said mate, I wrote something similar to this few weeks ago. There were a lot of people in 2017 which were buying on 10-15k when media hyped cryptos, that will never happen again. Road to recovery will be long for sure.
Unfortunately, we are few thinking like this....Many people out there fall in love blindly with this...and forgot to reason that this is going nowhere up anytime sooner...have a good one!
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