Bitcoin Worthless? Think Twice.

in #bitcoin7 years ago (edited)

As more and more negative headlines hit the news this week on Bitcoin, it is getting clearer that Bitcoin will be a hedge for the future markets.

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"Bitcoin's correlation with equity prices has strengthened recently, but we think that this will be just temporary. We still think that bitcoin is essentially worthless, meaning that it is likely to fare much worse than other assets in the coming months," Capital Economics said.
Source: CNBC

While knowing that Bitcoin investors and HODLers are skeptical of negative news toward Bitcoin, we should still remain vigilant and well informed of the market. News are usually made to strongly agree or disagree with the mainstream audience, so as to create a sensation, as media agencies do for a living.

However what they fail to observe is how Bitcoin was poised at US$20000, after much market speculation? Shocked at the prices? And now glad that it is dropping.

I see Bitcoin as a hedge fund, meaning Bitcoin will remain generally unaffected by stock market trends and eventually become an important asset when there is a financial crisis, etc. We have investors in Bitcoin coming from wealthy and diverse backgrounds and because of the blockchain nature of Bitcoin, transaction fees and taxes were never an issue for early investors. These investors keep Bitcoin as their hedge funds, and as long as they keep holding to their hedge, Bitcoin prices cannot go lower than the baseline.

Although fingers crossed at the moment, small investors like us can only hold on to Bitcoin right now. Especially if you have bought Bitcoin above US$10000, my suggestion is to hold it. Bitcoin price alone cannot determine the value of Bitcoin itself. I am now exploring other finance parameters such as inflation, market value and market supply to better understand Bitcoin's future.

-tysler

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All images used are under the CC0 license.

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i'd think the mainstream media have their ulterior motives. when it comes to bitcoin, it's more complicated than entertaining the audience.

first, they might try to intimidate more people to turn bearish and sell their coins so that the reporters themselves can buy them cheap.

second, they might serve their respective governments and banks. these people with authority and deep pockets may be paying them to stop bitcoin from taking their authorities and profits away by reporting more bad news.

they either often say "it's not even a currency" or avoid talking about it completely. what a joke!

The is a great opportunity to dive in and actually LEARN about crypto, not buy it because its the number one app on the app store. This period is transferring money from the impatient to the patient. Essentially Robinhood at its finest

@tysler It is obvious that most of the cryptocurrency holders are selling them off for the fear of losing everything, but once the whole market bounces back, it will be full of regret especially to those who gave up on..they should really think twice

I really hope so too. I was never a financially inclined person and much less have any real interest in stock markets until now. Bitcoin was my wake up call to stay ahead of technology, finance and the current times.

The market will bounce when the average job who invested in January can't take the pain anymore. If i had enough funds, I too would tank the market and fake out the amateurs to pick up cheap crypto. There's a lot more manipulation to it than most people think. It's all a game. But who says you can't make money when crypto is going down anyway?

@tipu upvote this post with 0.1 sbd :)

If you have any of that worthless bitcoin and you don't want it.
I'll gladly take it off your hands.

Me too. Bitcoin address 17dJpfXwvJzPSKMbo6Mcqi1VVag9WBURnq

Great article, thanks for sharing. I've hit the upvote button for you!

I think the issue is that they know Bitcoin, not the tech behind it. That's what gives crypto it's true value.

If you are looking to get hold of some crypto without investing or mining, look into https://www.crowdholding.com. They are a co-creation platform were you get rewarded for giving feedback to crypto startups on the platform. You can earn Crowdholding's token as well as DeepOnion, ITT, Smartcash and many other ERC-20 tokens.

Bitcoin is the king of cryptocurrency world thats the bottom line .

bitcoin is really an amazing cryptocurrency

Bencede artık bitcoin için dikkat etmek gerekiyor

Bitcoin is a real king of Cryptocurrency.

Bitcoin is the father of all altcoin

What is the base line for Bitcoin. is it already on base line or will it come further down. We see a strong resistance at this level.

Take a look at this > https://www.marketwatch.com/story/heres-how-much-it-costs-to-mine-a-single-bitcoin-in-your-country-2018-03-06 . As you can see (taking out the extremes), the cost of mining for 1BTC is 4-6K $, which means going much lower that 5K shouldn't be possible or most will stop mining.

es muy bueno, el bitcoin es el futuro, el problema que tienen es que las grandes empresas no quieren ni les conviene que el bitcoin sea popular ni a los lideres del mundo, véase el caso de payza hace poco, quieren que tengamos nuestro dinero en sus bancos pero al final el bitcoin ganara, lo bueno se hace esperar y las empresas tarde o temprano se tendrán que arrodillar al igual que los lideres, no importa todo lo negativo que lo quieran parecer ver. Otra cosa y pienso que bajara hasta los 3mil dolares y luego empezara a subir de nuevo...

yes many fluctuations right now for Bitcoin.. That Payza money laundering scheme at the heart of US and Canada! one day everyone will create their own crypto.

and sometimes, governments even make it so big for just catching a street dog selling or buying bitcoins. they keep saying it's traceable. you have no privacy on the blockchain...

if they are that good, why don't they nail Satoshi himself and scare everybody to abandon the network...

To what I know FBI is the has the largest Bitcoin wallet. -.-

I believe in Bitcoin from the deep of my heart & soul😍😍😍

You just buy the damn thing and be patient, this is the patient basically stealing from the impatient here...