Bitcoin Forum

A lot of people expect btc to drop now though so there's potential it could just keep climbing. A final puff of steam back to 12k i dont think would be unexpected at this point if we do crash also.

It's possible we drop to 8.8k levels from here but also possible they move from retail that was going into stocks, gets withdrawn in a cradh and people instead move those funds to crypto.

I guess we'll find out once the current symmetric triangle ends, I was considering shorting some of my balance to keep the rest exposed though in case we do some sort of trollish breakout. I see companies like etoro are trying to push gold atm I'm getting a lot of ads for that... Maybe some of those will move to crypto if they're bored of the low volatility.

Following what happened in the early phase of the pandemic, a drop in price anticipation is in due course but then, this time, there is a difference. Noting from the part that, much haven't been discovered about the Covid19 and a lot of measures were yet to be adopted to tackle the pandemic resulted in the catastrophic drop as people who owned cryptos seemed to make a lot of withdrawal.
But this is not the case as before, with a lot on ground, things are surely going to move smoothly. People will continue to be out for work maybe following a particular scheme so, activities is sure to go on almost normal. Even if, Bitcoin and other Altcoins were to drop in value, it's going to be very slightly and then upon stability, your sure to expect a quick boost.

But it did overcome the 1st wave.
So what are your worries?
It might have been dumped during the increase of tested positive Covid-19 related disease but Bitcoin is still in a strong path right now.
IMO, it might just be a panic.
We might feel the economy going down first before we could tell that Bitcoin will surely fall at a huge amount of value. 

The issue right now isn't with second wave of covid19, most likely this is already priced in the markets. Eventually there will be a vaccine in months so even if people are in lockdown again, most likely it will be temporarily and not cause as much panic as before.

The larger issue is the presidential election which is going to take place soon. The stock markets will be on its knees for the result of the election and whchever way the market will go, crypto will quickly follow it.

So if Biden wins, the stock  market might have a sell-off and crypto will follow. Could take months or years for the stock markets to reach the highs it touched a while back. If Trump wins I am expecting a more bullish event and BTC and stock markets should rally.

That is a complicated chart for me.

I am sure many people are still waiting for the bull to comes to the market. But if the bull doesn't come after this, and it could lead to another drop in the price, we can buy more bitcoin at a low price. Even my friends say that the bitcoin price has the opportunity to go down below $9k if the support still not comes to bitcoin. This time, I am trying to prepare my money to buy bitcoin, just if the price goes down to that level price because we are not at the weekend. But if the price still is like this, then that will not be a problem for me because I hope the price will start to increase in the next week.

It won't really hit below $ 9k again, the price will continue to get close to above or below $ 10k but won't go far from that figure until the end of the year when the market really turns bullish, your analysis is pretty good sometimes a lot of things to take into account. Analyze, I analyze it that history will repeat itself, we won't go down below $ 9k again until next year it's at least just pause and continue the rally

I've never thought of it to happen immediately. If you have a lot of time to check the markets from time to time, you can do it if you see the sign of its drop.

But, I won't shift to USDT to retain its value. I'm pretty much confident that whenever it drops, the recovery is quicker to backup that. All the possibilities is there and I understand the worry of OP. Thanks for that chart.

There has been reported of second wave already, South Korea for once, and then UK but the price didn't move a bit and there are reports that we might close or did close the last quarter very strong. I agree with @adaseb, the US Presidential election might have a big impact specially if Biden won. So I expect that stocks market will seen a massive dump and then follow by crypto (correlation). So it's really up to you whether to hedge against USDT or just ride along if and HOLD if ever the market crashes because of the US Presidential election next month.

The news right now are not even enough to pull down the price of Bitcoin lower than $10,000. This is enough sign for me that Bitcoin is strong. You have cited reasons why Bitcoin could actually fall down. I agree; we are on bad times right now. The circumstances surrounding our lives right now are not that good. But I am amazed at how Bitcoin is strongly keeping its 5-digit price. So I am feeling positive that the coming months will be better for Bitcoin. If I were you, I'd rather keep my BTC intact.

We are so near to end the sideways trend and break the resistance level, I know the bottom was hit already and the time for a pump is about to come. The next trend will become more powerful in terms of volume, remember that we are on a last quarter of 2020 and we all want to end this year on a good level with bitcoin, the next up trend in the next big thing.

You bought BTC with a reason. Ask yourself if that reason still exist. If it does then do nothing. If it dont exist anymore then sell Bitcoin.
Usually thoughts as yours appear to people that exposed them self to much to Bitcoin. That is not healthy, so I would definitely advise you to reduce your exposure to Bitcoin and invest your wealth in more other things.

Anything is possible with crypto.

Don't act in panic. If you have unrealised profits, then this might be your chance to collect them before something bad happens just like you predicted.

I also believe we haven't done with Covid19 yet and there is more to come.

Do we have a chance to fill the CME Bitcoin Futures gap ?

https://i.imgur.com/2u37Gl2.png

From your chart there. I see a good spike candle that by analysis and all being progressive and good, that can be a bull forming gradually.
And with the area, what next is a positive hodl .
I don't expect much panic sell with the second visit of covid-19.

The price is now at $10,745 and still showing $11,000 on sight.

When I read a question like this then I know that the person who asked it is not a true believer in Bitcoin, although I fully understand that there is a justified fear that something bad can always happen. Bad things have happened before, although I say that it can always be worse and that nothing should surprise us, especially when it comes to Bitcoin.

If someone has a feeling that the BTC will drop significantly, and that it will remain low for a long time - then it is logical to keep the value in a stablecoin or just convert to fiat, and then buy everything back at the bottom and thus profit.

For me personally, the future of Bitcoin looks very good, but I am a long-term holder, and I am not too interested in what will happen in the next few months.

Bitcoin has been stagnating for a long time. The expected increase after the Halving did not happen. I think COVID-19 plays a role in this. The way it is going for a little longer, people may get bored and start turning to cash. As a consequence, this lowers the price of bitcoin.

I don't think people genuinely expected an immediate increase to happen right after the halving, except investors simply looking for a quick profit. That is not how the market works, pre-halving was seen as an opportunity to get in at a much lower price (below $10k) and prepare for a bull run within the next months which would range into a year or two depending on market factors. If there's no significant push in about May next year, which would be 12 months after the halving, then most would be bored and start to seek alternative investments.

Covid 19 played a role, as it caused economic crisis, limiting the amounts people had to invest in assets like bitcoin. It however also exposed frailties in fiat pushing people to seek an inflation resistant asset.
I don't see people switching back to fiat, even though the market remains sideways for a much longer time, that would be a bad decision and such investors would likely try to get back into Bitcoin later on, using a more devalued fiat against as asset with a growing value, which could lead them to get caught in a bull trap.

It wasn't that long ago, so I remember very well how convinced some were that halving would change something in the short term, and that was helped by the media with completely wrong information. But what to expect from the vast majority of investors who do not know the difference between Bitcoin and blockchain and what halving actually represents in technical terms - so I read that halving actually reduces the total amount of BTC by half every 4 years, which is of course a completely wrong interpretation.


I have no doubt that this is exactly what will happen, identical to what happened at the end of 2017 - most still do not want to invest in the long run, and in fact do not realize that they can profit the most in this way, not only because of lower BTC prices, but also because of lower transactions fee which will surely change in the event of a new big bull run.

Next week, we hope that bitcoin price can back to the high price and break $11k because this hour, bitcoin price seems trying to break $10,900.
Hopefully, the price can break that price and stay for a while on that price, or the price will have a chance to break $10,900 or $11k soon.
The bitcoin price looks been forced to go down again because the red candle still pushes the price down.
I hope that the bitcoin price still has power and can hold on to that price.
But if bitcoin price can not hold it, we will see another adjustment again, so prepare yourself.

Exactly, the answer here is that if you are already satisfied with the profit that you make on the current trend, then sell your bitcoin and you can always buy again later.

I'm not good at chart analysis but looking at the chart, and as of posting we are able to break the resistance level and we're back on the level of $10,800 which is a good side of an uptrend. There's more to come, US election is coming as well and yes the virus is not yet done so be ready for everything, what ever happens stay focus.

Since the huge drop that happened weeks ago, Bitcoin's price is sitting at the price range of $10,000-$11,000 "AGAIN".

Even though we are still in a pandemic, I'm optimistic with Bitcoin and I expect for it go up possibly next year. This year, my prediction is it will not pass at least the $14,000-$15,000 price or even the $13,000. I expect for more movement in Bitcoin as the upcoming weeks goes by either upward or downward. If the $10,000 support will be broken, possible next support is the 200 Daily MA. Overall, I'm not reacting to any movement of Bitcoin since I'm just holding it.

The jump to $10,900 was too quick and others say it may have something to do with this news, Square buys $50 million in bitcoin, says cryptocurrency ‘aligns with company’s purpose’. (https://www.cnbc.com/2020/10/08/square-buys-50-million-in-bitcoin-says-cryptocurrency-aligns-with-companys-purpose.html)

So it's early to say whether we can hold and sustain that growth. But I'm not seeing the price going below the 5 digits though (although the US election is near that might have negative impact short term), so there will be no adjustment, except to accumulate before it took off next year.

It is the current drop trend it makes us to worried and makes the decision to switch to a stable coin USDT. I don't it is a need just to save from losing because definitely if Bitcoin will drop, it will still recover shortly. I'm still positive that it never goes like that instead of seeing a rising momentum after the Defi losses its momentum. It needs time to see the uprising momentum and let that moment to come true without worrying so much for the incoming.  Likely, I see a huge comeback and looking for $13k-$14k in the last quarter.

is it not a symmetrical triangle?  for me I think it'll go back to 12400 again in a few weeks

Can't say anything for now since the movement is questionable so I'd rather want to monitor the market since I don't want to take a bad step at this moment, maybe in next quarter all will be clear since maybe that's an accumulation time for people since many think that the bull run will came on next year. But I'm not convinced for that matters since this year is different and for sure the pandemic contributes for the drops.

You do not explicitly say whether you are investing in the long or short term, but from your words it is clear that you are playing short term. Keep trying to time the market. I think the only system that works for that is to consult your crystal ball, as short term prices depend a lot on human emotions reacting to certain events and not to intrinsic properties of assets.

I prefer to invest long-term: buy and hold.

Wrong information is one of the problems in the cryptocurrency space, I came across a thread some time back discussing inaccurate facts posted on one of the popular websites, I believe it was investopedia.
New investors are usually not pointed in the right direction when seeking knowledge about bitcoin, and this forum is not promoted on external platforms so they are less likely to find it and even if they do, some would probably not be able to navigate it properly.
Reason why I would not mind the forum's official social accounts (like the one on Twitter) being more active.

+1
Small investors would be more discouraged by such fee spikes which comes with a bull run. Buying $50 worth of BTC and having to pay 10% of that in fees would put a number of people off.

Short term, it looks like we should expect a thrust above the $11,200 resistance. This symmetrical triangle broke to the upside:

https://i.imgur.com/WY3nQVl.png

I'm not convinced the market is ready to breach the August highs though. I think there is more ranging and consolidation in the cards. Filling the CME gap in the $9,000s is definitely possible.

That could be the reason, because that was a sudden mini pump.

Well, if the true reason for this current growth is what was mentioned above, then I'm pretty sure Btc would be staying around the region of $11,000. The US election may only have little to no effect right now IMO.
This price movement is just similar during Btc was hovering around $8,000 and $9,000 a few month back in 2020.

The market holds strong above $11000, but this resistance can be broken anytime soon by November. As the market is manipulative the good news that has come in recent weeks have made it move above $11000 in a much stabilized manner without marking any sideway slide in the market. By the next market drop we can expect some downward deviation gradually leading to $7500 - $8000 before marking a new high for the year 2021.

If you did this decision then maybe you are at bad situation now because hours after you posted this Bitcoin Price take 11,000 usd again and now?
closes to 11,400 and still climbing up.
and beside why in the world that you choses USDT?because of safeties but so low income?

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For me i would rather risk in investing in not stable coin but will have a chance to make more profit than in stable coins that safe but giving a little
income each time.
but I respect your decision hoping that you will never regret leaving Bitcoin to stable coin like Tether ...

In fact, bitcoin is still very stable while the wave of covid-2 is sweeping across many countries, today the price has surpassed $11k. I think you don't need to worry too much, when covid appeared people thought disaster, but the price of bitcoin is still good, and today when gold rises, bitcoin also increases rapidly.

I’m not experts looking at the chart and we cannot predicted prices if it were it will heading. But, the current price right now is close to 11,400$. When price drops it will bounce as to what I have observe from the previous cycle price of bitcoin in the market. In my own opinion, I wouldn't transfer my btc to usdt as I can see it will increase in the coming or following days.

Market seems to be on a rally and moving strongly upwards and now at 11400$. Bitcoin is a good to have and also it can have a good bull run in no time where it can move like 1 to 2k quickly and no one would not like to miss out such rise. So staying invested in it is really what I prefer and also a major huddle seems to 12k and soon if it can cross and stays above then we might be in a good year end closing.

There's that thrust above the $11,200 pivot!

https://i.imgur.com/QG1S6ew.png

I would bet on another try upwards in the short term, but I think the mid-$11Ks are a very tough resistance area. I'm not convinced it's moon time yet.

I can completely agree with that, because if we have crypto-related media that should be familiar with what they are writing about (and most of them actually place false or partially accurate information), then what can we expect from the mainstream media that are looking for inspiration for their articles precisely in such sources? Perhaps one of the best examples is Libra, which has completely driven the world's media crazy, so one morning I opened my local newspaper and read the headline "Libra, the Bitcoin killer is coming". A few people I helped with the BTC investment called me that day and were very worried about their investment, some even decided to sell.


Although we now have a fairly well-adapted SegWit, I think that in the case of the new big bull run fees will again be quite high, because at one point at the end of 2017 they were as much as $50 or more. Not to mention the congestion that will arise because all large crypto exchanges will probably not be able to withstand the pressure on their infrastructure - all in all, this would not be a time when trading is easy or cheap.

That will be the wrong decision to be made since if the prices is pumping up and decide to exchange it with stable coin for sure we will miss the opportunity to earn in this good movement occurring right now and I'd rather wait for more good things to happen since we might gonna see some more, but if there's a sudden movement came and price falls then I will do an action to sell and buy again when the price goes more cheaper.

Once again bitcoin price skyrockets and at the end of the day this didn't changed much in the market, people assumed that if one small thing happens there will be a big major move depending on it. Like let's say bitcoin moves from 10.5k to over 10.8k and suddenly we are closer to 20k because of it somehow, but that is not how this works at all.

However I understand the logic, people think that if you see a big trend that trend should be doing awesome tricks and moves yet in reality that is not the fact. Let's see what happens next, I say that bitcoin will not make any big moves after this as well, just because it is at 11.3k doesn't mean that it should be going above 12k, I just assume it will be around 11k and 12k and it will not move any below or above those ranges for a while.

Excuse me mate but When did Bitcoin skyrocket again?yesterday?when the price break 11,000$ again?
Mind checking the Movement for the last 7 days

https://coinmarketcap.com/currencies/bitcoin/

we only Hit $11,400 and this is not rocketing because for the last few weeks we already setting in $10,500-10,800 so nothings new on this one.

Only positive is what people want yet not enough to bring the price Skyrocket ,Maybe we need to establish position above 12k first before we can assume another Bull.

For now the price of btc is still quite stable above 10k and this can still happen. It is possible to go up quickly in any situation we must be ready to take risks but I am sure what I hold not to change to USDT because this is not a volatile market therefore better wait for what happens in the future a moment that you want will definitely happen.

Our decision will be right if we are sure and already know about BTC, actually analysis is also needed in this and ready not to be forgotten by delaying when the opportunity arises.

Bitcoin price has been able to break out from the symetrical triangle and seem like the price will up again. Also, if we look at the weekly candlestick it will form the bullish engulfing which is mean there so many investors who enter the market again after we got information about the second wave for covid 19. I will be expecting its price will go above 12k again and after that the next price is $20.000 as its all time high. That is just from the technical analyst only, we don't know what will happen next especially from fundamental factor.

Sorry if my sarcasm wasn't understood, I can understand how it could be misunderstood because I didn't use "skyrocketed" with "", obviously it didn't "skyrocketed" it just went up I was just mocking people who were trying to make it look like just because we went over $11k once again, they were all talking about how we are going to suddenly go to moon and be over $20k and so forth all those crazy people you have seen here a million times.

Basically what I was trying to say is that, we need to wait before we react, sure if it goes above $12k in a week and $13k after that very soon, I can agree that bitcoin big bull run might be coming, but until we see anything else, this small change doesn't really matter to me as much as people assume it should be impacting the market.

I think the direction of bitcoin is still very good, the uptrend line can still be seen on the Bitcoin chart,
and the future is of course still bright, if you want to start buying, I think this time is the perfect time

Covid 19 had worst impact on bitcoin and Ethereum price in practical.At the beginning of pandemic,it had a good movement.Now seems the price of bitcoin had get back to new pump.This will make a new investors for sure.All the pump of bitcoin price will bring the new investors and traders by the value pump.

You should have a positive mind about the crypto market, especially Bitcoin when the second Covid 19 pandemic happens again.

Indeed, currently the price of Bitcoin has little effect on the market, however, it is possible that the price could soar, even during this pandemic, many people are now switching to investing towards bitcoin, so there is no need to hesitate about that.

If I think I don't have to withdraw money to make USDT it can still be traded in Bitcoin today and in the future.

At least, you can try with trading to increase your money amount in bitcoin or usdt. And you can use the profit to buy gold, which will save your money value in the gold form. Bitcoin in the near month or two will be like this (I guess), and if there is not any good news out there, perhaps, bitcoin price will still move up and down like this. But in the long term, bitcoin can be back to the high price, such as $19k or more, but unfortunately, we don't know when that will happens.

We can now try to make more bitcoin and money, and we know that trading can be that way to earn money. So that is the chance that we have, and if you don't want to trade, I think you can hold your bitcoin in your wallet and do something else to make money. I am optimistic that bitcoin will have the time to rally, and if that is not happening this year, it could happen in the next year.

It seems to me that the second wave of COVID will not affect the economy as it was the first time, because then no one was waiting for it, and now everyone knows about it! So I wouldn't expect a strong price decline...

The economy is already suffering and its agony will continue with the current health crisis. Bitcoin will be affected by the less number of new users buying it maybe but this is mainly in countries with good economy since others with collapsed fiat would rather divert it in gold or cryptocurrencies.

I think in the same way, the impact will not be the same, when the Covid-19 was at its maximum, the market suffered, now today there are many options, more vaccines have come out, which gives security to people and not allows them to panic as much as at the beginning of the year.

The price recovery in the middle of the pandemic was a fact, although it is not to be trusted, a second outbreak according to the strains of that virus can be very dangerous and more when it mutates, in any case Bitcoin investors have realized that Bitcoin it is a safe haven in times of crisis.

More so I believed many countries must have learnt how to deal with and curtail the virus based on the measures taken so far during the first wave of Covid-19 proper and adequate care is now given to infected persons and rate of recovery is high except the aged and some vulnerable people  some countries like UK had three tiers of lockdown rules the impact of this lockdown would not affect their economy much, above all I don't Bitcoin will experience any major dump, even after the first wave the price rallied tremendously after reaching a low of $3900+.

If nationwide lockdowns are again enforced I imagine the price would take a hit. It wouldn’t be as bad as in March but there would be some kind of dip surely.

The hype about the pandemic was really huge and the shutdown was real but i did not see the same impact in the stock market if you take into account the entire market was shut including manufacturing units for a while and i am yet to understand how the market was able to hold firm for a long time even though there were some corrections every now and then, so if a second and third wave hits you need to see whether the markets could hold further.

So far the market isn't affected by this pandemic and it's just normal to see such price going up and down since it is what it is when there are active traders. And the hype of bull run is nearly coming so it's safe to assume that there might be a sudden dump but who knows what kind of rumor that will come out to make it look like there's a FUD but I'm really assuming there will be something like that in the near future.

So many predictions going about the dip and the new all-time, but it will go one way and that is the price will be better and we will see another all-time high next year that is if history repeats itself this is the same scenario we're in on Bitcoin's last halving, so this is the same scenario I'm going to take in now.

What pandemic hype are you talking about?
Is there a hype happened during this pandemic?
Again, I don't see any good effects on Btc's price that caused by the pandemic. Cryptocurrency isn't just affected by the pandemic and that's all. Corona virus didn't boost Btc price. Infact, it destroys every market in the financial industry and it destroys the economic state of the heavily affected countries. So, I don't think there's a hype in this pandemic.

Not totally affected to the extent that we didn't see a huge fall which people expects when pandemic hits, the price seems stabilize which is great posture for bitcoins when crisis is on. But on the other hand the pandemic is preventing the expected growth brought by the halving and I believe if this disease didn't occur and this the effect of halving occur for sure we will see the price reached to the past ATH or maybe it will get more.

I would say the perfect time was a few months ago or in 2021 because right now we are in the 4th quarter of this year and during these times the price of bitcoins usually remains on a higher side, I don't know the reason but I have seen this pattern over years as an investor.

At the beginning of pandemic the price was doing good movement? Mate are you kidding me? The price dropped as low as 4-5k during March when the virus was actually starting to spread.

I agree though that the price will now continue to recover as we move to a phase where although a second wave of corona is expected but I don't really expect too dire of circumstances as they were when the virus first came so price should recover slowly and we might see a new ATH in coming months.

It is your money so take the decision which suits you but since you asked for opinion, I would say that the corona virus pandemic is now towards it's end and if you are thinking of divesting your assets or bitcoins now you might regret when the price goes bonkers in upcoming months because in such tough times the crypto market stood strong and now as times are improving you are thinking of selling it? That might be a bad move if you ask me but then again I am no expert and it is easier to give advice than to do it myself.

I would be holding my small amount of coins whatever I have till March 2021 and if the price does not show positive signs I will liquid some part of it because I assume by March the pandemic should be nearly over and if the market does not improve by then I don't know it if ever will in neat future.

You might be right. However, it may not be so straightforward.

Presently, I believe the market agrees with you. Investors know that governments don't want to implement full lockdowns again because the economic costs are too great. They also know that central banks are willing to provide a floor under the bond markets in the worst case scenario.

But what happens if a second wave of COVID begins overtaking national health care systems? That was the motivation behind the lockdowns in the first place, and it's what could bring them again. Several European countries are hardening their current restrictions because cases are significantly ticking up again.

Whether this develops into full blown lockdowns again and whether other parts of the world follow suit remains to be seen. If that happens, it's going to rock the markets.

I would say bitcoin not falling was basically all it was created for, people assume that bitcoin going down would make it a lot worse but the reality is that pandemic did helped bitcoin to be seen in a different light, that is why it didn't went down that much. The reality is, bitcoin was created so when fiat currency gets screwed up by the politicians that would help you save your wealth if you put it in bitcoin.

So, assume USA prints another 20 or even 50 trillion dollars, I know it sounds like a joke but eventually over decades it will happen, if you keep your money in bitcoin your will be able to buy the same thing with 1 bitcoin you can buy today, maybe even more, but if you keep it in USD you will not be able to buy the same thing, your money will become less worthy.

https://talkimg.com/images/2023/06/12/Ahdxo.png


Still struggling to get past this 11.5k resistance but the backdrop is a rising trend up to this point so each point is in conflict until resolved.    Blue line is 2 day average, basic momentum which we are below just now more reliably I look at weekly average for split between positive and negative momentum so we remain positive and its reasonable to expect us to get past this to 12k and other higher prices.   However as a bet or trade, I'd rather wait for price action to prove itself first at this juncture.

Bitcoin has recognized as a currency in many countries and now its the most liquid and widely accepted currency in the world, however a lot of Investors are eagerly waiting to see a big change this year and predictions are coming in loads unfortunately the reality is different here.

Well the above resistance shows the price may go down but I don't think it will happen as we already in the last quarter of the year I am sure the price will slowly go upfront and boom the market.

If you are not here for the tech, you are doing it wrong. Even the price itself is tied to the tech behind it, if there was no blockchain that would have made bitcoin something lower than any game money out there, at least game money you could spend on the game itself and buy cards or whatever, with bitcoin you would have nothing.

The only reason people are so keen on buying bitcoin is the fact that it has a great blockchain technology behind it and that made it famous. Isn't there better tech out there nowadays? Of course there is but that doesn't change the fact that people first saw blockchain and how awesome it is from bitcoin and that is why they are constantly attracted to it. You do not have to love the tech behind it but you have to realize it plays a big role in it.

We can't say bitcoin is the most liquid and widely accepted currency in the world when there is obvious real answer of US dollars, or even euro could be accepted everywhere, gold is an asset but not a currency but widely used everywhere.

So, I could say that world is at a place where we could name a lot of stuff that is more widely used than bitcoin by far, bitcoin is just starting now and it is not anywhere near where it could be in the future, of course there are times when we can do it, of course we are going to be able to call bitcoin the most widely used currency one day, but that is not today, that requires a lot of time and money to reach there and we do not have that just now.

After maybe 10-20 more years bitcoin could be standard currency for foreign money exchanges, instead of changing fiat to fiat everyone could get bitcoin and move anywhere in the world to spend it without having to use their fiat, just not now.