Okay, first let me just qualify that I hate saying I'm successful, but I think that having grown two separate companies to over 6 million in annual revenue would qualify me as such. But I just want you to know I'm not some crazy person screaming into the wind.
Here are my thoughts on Cryptocurrency. Is it a bubble? Yes. Are we near the popping point? Not even close.
Think back to the 2008 real estate bubble. You could walk into a room of 100 people and ask who had a 'stated income' mortgage or some other high-risk mortgage and probably 30% of the room would raise their hands. Then you could ask who was flipping homes or had a secondary residence they were holding on spec. Probably another 20% of the room would raise their hands. That's what makes a bubble. The wide-spread impact and reach of a certain industry or vehicle.
Now, walk into a room of 100 people and ask them what Cryptocurrency is. Probably 10 people raise their hands. Ask them how many own any, and I guarantee no one raises their hands.
You see, we're living in an echo chamber where we think that this is all anyone talks about. But it's not. Sure, Bitcoin is getting some attention, but nobody knows what the hell it really is. And no one is really going to be impacted by its ups and downs.
So, in terms of this bubble reaching saturation, we're still a long ways off.
Now, are there ways that this bubble could not pop? Sure. There's a bunch actually.
The biggest reason Crypto could very quickly become legitimate is the current relationship between the US and NK. If war breaks out, then people are going to get spooked. And fear drives speculation, and this type of fear would drive speculation into decentralization.
The second way it would not pop is if the US economy pops first. Which it most likely is going to have a sharp adjustment here soon. And when the dollar takes a beating, unemployment goes up, and things get a bit scary, crypto will again look like a safe haven.
The fact that crypto has been rising as steadily as it has WHILE the dollar has also been rising in value is kind of crazy.
In my opinion, I could see BTC get to 20k. And I don't think it'll actually take that long.
I'm very bullish on crypto as a whole. But I actually don't own that much BTC. I'm taking flyers on smaller currencies and tokens because I like the upside on those more, plus if I'm gonna gamble, I might as well go big or go home.
Any how, just my two cents.
I kind of agree with your post and I also run my own business turning millions. But i also agree the fellow user that we are not bitcoin experts. And I am not.
However, heres what I see the problem with bitcoin after going through the mindsets of the bitcoin owners here.
First of all, most if not all, are only interested in bitcoin because they see the prospect of Bitcoin going up in value and their wealth goes up. Many of these talks about how great Bitcoin is, decentralised system, P2P with minimal fees etc etc. the problem is, many of which are not interested in USING their bitcoins to pay for products or services, instead they rather hold onto their coins because it will go up in value. At the same time, they are hoping some "game changer" comes into play and alot more merchants start to accept Bitcoins which raise awareness to the mainstream and more people jump on board, but wait, they still would not spend their bitcoins. This is the biggest problem. If talking about "game changer", the game changer is all the bitcoin owners start to use their bitcoins and have a healthy ecosystem happening. Care less about whether Bitcoin will go up in value or not, then you are a true Bitcoin believer. If you are a true believer, you would believe the foundation of the system and what it brings to the World. Not a "true believer" that the coin will triple its value.
The truth is, the mainstream will never jump onto Bitcoin because it is so volatile. And again, let me get this straight, you want more people to jump on the bitcoin because that drives the demand higher and you, as an initial bitcoin holder would triple your worth? So basically, brainwash the new users with the Bitcoin philosophy, let them use Bitcoin for what they are made for so you can benefit in the end?
the only "mainstream" that are on the Bitcoin "bandwagon" are the day traders. Basically, like you, just making the difference in their "investments". But you would agree with me, Bitcoin is bigger than that. It shouldnt be used as a way to increase your wealth.
The conflict of interests is that, the only way the mainstream public will jump onto Bitcoin is when the value of Bitcoin stabilises and when that happens you wont triple your wealth anymore.
If you are a true bitcoin believer, make Satoshi proud and start using Bitcoin instead of having Bitcoin sitting in your wallet waiting for some newbies to jump on and drive up the demand so you can benefit financially from it.
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