I was recently thinking about at what point does buying Bitcoin become unpalletable to new investors, and at what point will they look to Ethereum, Litecoin, and other alts?
Here's what I mean. Bitcoin is currently sitting at over $58,000. If we divide $58,000 by $100 we get 580 weeks. If we divide 580 by 52 we get 11 and some change.
That means your average person who is able to put $100 per week into Bitcoin, it would take them over 11 years to acquire one Bitcoin. For some reason psychologically we like round even numbers, not percentages. And this is considering someone has that much to invest. While $100 a week doesn't seem like a huge amount of money, that's $400 a month. We're looking at two generations ie Millenials and Gen Z who's wages haven't kept up with inflation, housing costs or college costs. Two generations weighed down by student loan debt, etc. The percentage of people who can even invest that much is likely rather small.
So one of two things is going to happen and there's a variety of theories about this but either people find the price of Bitcoin unpalletable and invest in other coins, or people start looking at acquiring Bitcoin as stacking Satoshis rather than whole coins, although to date that concept has never really taken off.
For those of you out there who are new investors, how do you look at this. Does the high cost of Bitcoin sway you to look into investing in other coins and other projects or are you looking at it like I'm going to get as many Satoshis as I can?
We're seeing Bitcoin Dominance diminishing which leads me to believe new investors and investors without a lot of money to invest are looking into other coins.
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