I have my doubts about getting stuck in this particular zone for much longer because this price floating around $10k feels a bit uncomfortable (or is the word unsustainable?).. [...]
I know bitcoin likely does not give too many shit about these various macro-factors, but in the short term, seems difficult to sustain any kind of flatness, even if we never know for sure regarding how long are we going to be here in the $10k range.... in bitcoinlandia.
I’ll be a contrarian here. Partly to play devil’s advocate and pick your brain; this is a mere hypothesis:
$10k is a neat Schelling point: It
is comfortable. I myself have long taken to thinking of a bitcoin as “more or less worth somewhere around $10k”—or more precisely, I tend to think of a U.S. dollar as currently being worth about 0.0001 BTC, more or less. It is convenient because I am not a speculator, or even really an investor; my HODLings are my “savings account”, and I think of Bitcoin as
money more than as an impliedly non-monetary asset. How many others think somewhat similarly? It’s a nice round number; it makes for easy mental calculations when carrying on financial transactions with people who still use dollars as a unit of account (!).
Thereupon, if some market factors are pushing the price
up, and others are pushing
down, and many people are setting walls of limit orders either just above or just below $10k, then why
wouldn’t the price sustain this kind of flatness for awhile? Is it not to be expected to converge around these major milestones before it eventually diverges?
I
do think that the long-term trend is up,
way up—just because supply is capped, and demand growth has barely even started toward its long-term potential. It will be some years before Bitcoin even remotely approaches saturation on the demand side! (Add to this the necessary compensation for depreciation of the dollar, Euro, etc.) So, at some point, we will need to break out and go far above $10k.
I also think that too-rapid increases driven by pure speculation are
not good. That is the definition of a bubble.
I do not want another November–December 2017 scenario. I am not watching the ticker and asking, “When moon?” I want to see a new ATH driven by increased adoption and usage as money—not by FOMO, irrational exuberance, etc. I want that, because I want for my bitcoins to have rock-solid fundamental value. Of course, at this juncture, increased adoption driven by loss of confidence in fiat currencies would not be a bad thing...
Too much speculation also increases volatility, which slows adoption—which detracts from Bitcoin’s fundamental value!
Thus, I don’t see the $10k range as “uncomfortable”. As long as it has stable support there, I am happy for the time being.
~
Fake news. The true news is bitcoin is crashing.
Why are you accusing me of “fake news” for reminding others of
your fake news (and past shitcoin pumpings)?
This is the end guys.
It looks like this is the end of bitcoin.
The true news is bitcoin is crashing.
Poll
