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[bytebulls]

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[bob123]

So?

If you are looking at BTC just as an investment to earn more money (FIAT), you do have the wrong intention in mind.
I don't care if the price skyrockets or not.

BTC will at least preserve your value, which can't be said about FIAT currencies. That's more than enough incentive to hold and use BTC.

[Lucius]

bytebulls, how much are you paid to promote that crypto news site? Copying part of the article and pasting the link it is not considered something that is desirable in this forum, and shilling for that particular site has brought no good to anyone in the long run.


As for the price, it is quite realistic given the overall economic situation, and the fact that summer is in the Northern Hemisphere, so the bulls enjoy their mega yachts and crystal white sand beaches. They can’t pump up the price all year, everyone deserves a vacation.

[mk4]

Additionally, the volatility and uncertainty surrounding traditional financial markets have failed to translate into a direct increase in demand for Bitcoin because the coronavirus-induced panic has seemingly highlighted the need for alternative monetary systems rather than push Bitcoin to the center of the global finance stage.

Think about this for a second, do we really expect the people be like: "oh damn, stocks are soo volatile right now. I should get into bitcoin."

Because the right move is to move to bitcoin, a more speculative and a vastly more volatile asset, right?

[Oyarebu]

Because, bitcoin price is Bitcoin price, oh, do you want it skyrocket? Then, you're on the wrong side of this technology and need a change of mind. Don't think of quick money mate, the benefits from this technology should be the first we see before thinking about what we can potentially earn from it temporary.

[bitmover]

I don't care if the price skyrockets or not.

BTC will at least preserve your value, which can't be said about FIAT currencies. That's more than enough incentive to hold and use BTC.

This is not true. A lot of people lost money investing in bitcoin, because the price now is 50% lower than ATH. Bitcoin is a risky investment, and anyone shouldn't invest their live savings in it believing it will preserve its value... Bitcoin price may go from 10k to 3k within a few days.

Although it can lost 70% of its value within days, it can sky rocket in the long term for values such as 100k, 200k...

If you are looking at BTC just as an investment to earn more money (FIAT), you do have the wrong intention in mind.

But I fully agree with this. We shouldn't think bitcoin just as an investment. Even if the price is forever stagnant (which I don't believe, and I think its price movement is upward in long term, but that's just a personal opinion) bitcoin is an amazing tech which can a lot for individuals, specially in developing countries (where there is a lot of abuse from goverments printing money, taxes and fees to send money abroad and so on).

[arwin100]

I'm sure you know how to read news right? We are facing a huge crisis by now and many people lose their job so expect that we will not see a skyrocketing price right now since many people cannot able to buy some bitcoins, and this is simple explanation so for sure you can weight those many reasons happening in the world. Maybe you are expecting to much on it by now but you should also consider the factors since bitcoin model is not design to go up always it's not a ponzi coin.

[Cnut237]

BTC fell from almost $8,000 to around $3,600 on some exchanges, all in a span of less than three days between March 11 and 13, placing its safe-haven status under question.

Bitcoin is not a safe-haven asset. No-one ever said it was. It certainly has the potential to be a safe-haven, but that's not the same thing at all.
Bitcoin at the moment is a highly speculative asset, and so at the first sign of global financial instability, it is natural that people take their money out of these speculative assets, which leads to dramatically increased sell pressure, which leads to the sudden price drop that you referenced.
The price drop is of little relevance as it was certainly to be expected and is a response to an external event. However the speed with which Bitcoin recovered much of the lost price is a welcome sign and suggests that fundamental confidence in Bitcoin remains strong. 

Additionally, the volatility and uncertainty surrounding traditional financial markets have failed to translate into a direct increase in demand for Bitcoin because the coronavirus-induced panic has seemingly highlighted the need for alternative monetary systems rather than push Bitcoin to the center of the global finance stage.

Think about this for a second, do we really expect the people be like: "oh damn, stocks are soo volatile right now. I should get into bitcoin."

Because the right move is to move to bitcoin, a more speculative and a vastly more volatile asset, right?

Exactly.

[UserU]

As for the price, it is quite realistic given the overall economic situation, and the fact that summer is in the Northern Hemisphere, so the bulls enjoy their mega yachts and crystal white sand beaches. They can’t pump up the price all year, everyone deserves a vacation.

I think he went all in when the price was near ATH, so he's been waiting since 2018

[mezzaluna]

You still think that Bitcoins price is still not skyrocketed? It already skyrocketed for the guy that bought a pizza with Bitcoin. It already skyrocketed for people HODLing it to have a profitable value from it. Bitcoin is already at a good price where it can either improve for the better or for worst.

It depends on how we utilize Bitcoin because not everybody has that many satoshis on hold. The price was already high within the last two years and it is still that way until now. Bitcoin is an investment that must be made with risky decisions because it is our own money if we buy it.

[stiffbud]

Additionally, the volatility and uncertainty surrounding traditional financial markets have failed to translate into a direct increase in demand for Bitcoin because the coronavirus-induced panic has seemingly highlighted the need for alternative monetary systems rather than push Bitcoin to the center of the global finance stage.

Think about this for a second, do we really expect the people be like: "oh damn, stocks are soo volatile right now. I should get into bitcoin."

Because the right move is to move to bitcoin, a more speculative and a vastly more volatile asset, right?

In case of an economic collapse the stock market is the first thing that crashes and then other domino falls. Thus to have a safer side a person should always hedge some of his money in crypto in order to have rainy day funds, as mostly it is seen that the crypto market used to rise when the stock market fall. Also when there was change in laws in China about capitalism in end of 2017 the Chinese stock market wasn't performing well, but guess what the bitcoin price rose tremendously back then reaching the ATH and that too in only a couple of months.

[LogitechMouse]

This is what newbies are doing right now just to have a thread on their own (actually not their own).
Copying a portion of an article coming from a popular site which in this case cointelegraph and then pasting it here and just putting the link of the article so it will not be considered a plagiarism. :|

Regarding to the question, price of Bitcoin is based on the investors and with what you said regarding Bitcoin being a safe-haven, at first place Bitcoin isn't a safe-haven but some stupid shits are just considering it as a safe-haven where it really isn't. Well, next time you create a thread it must be in your own words not like this .

[lambhudhai]

Pretty common question.  Glad you asked it.

I tend to look at the movements in price in terms of the entire ecosystem of cryptocurrency.  As more individuals or institutions participate broad scale adoption will occur.  Dollar Cost Averaging, my friend is key.  Make your strategy, identify your risk tolerance and move forward with rebalancing at scheduled intervals.

Play the long game!

[Sanugarid]

bytebulls, how much are you paid to promote that crypto news site? Copying part of the article and pasting the link it is not considered something that is desirable in this forum, and shilling for that particular site has brought no good to anyone in the long run.

I guess he was not paid to promote the crypto news site, he did it personally, he's just a lazy guy to think of something a far from the article. Not even his insight and opinion were given.


For the price that has not been skyrocketed, so what? that's a good sign of unpredictable market which means the speculation of the mass is good. There is a massive speculation to the price of bitcoin during the halving phase which did not happen, why? because you all did predict that to happen lol. Besides what else are you looking for? the price of bitcoin is incredibly high for its own class.

Aren't you the campaign manager of ByteBulls camp?

[DeathAngel]

We’re currently in a re-accumulation zone, it’s nothing to worry about. We’re still on track, the face melting rally won’t happen until Q3 or Q4 of 2021.

Have some patience OP, the good times will arrive.

[minairia3]

It depends on how we utilize Bitcoin because not everybody has that many satoshis on hold. The price was already high within the last two years and it is still that way until now. Bitcoin is an investment that must be made with risky decisions because it is our own money if we buy it.

Its also affected by the demand in the market. Its not that many are not holding, even they hold their coin as long the demand rate is just normal we can see it stable on that level. We are actually lucky that its price still at that particular zone even with crisis that we are experiencing now. Many people hoping we could reach the same ATH like the last time, of course we are, but it takes time for it to recover cause many factor are affecting it at the moment.

Everybody always asking the same question about price movement, no one is actually concern, how far btc go, did some company already implementing it or adopted it, always goes with the question when it would increase. Same goes, same goes.

[Mpamaegbu]

Except if OP were from Mars or any other planet apart from Earth, otherwise his sincere question should've been "Why Bitcoin hasn't crashed" seeing the whole gamut of this pandemic on global economies. For me, Bitcoin is doing fantastically well at the current price range.

Hypocrisy is the colour of seeing white and calling it blue.

[dothebeats]

You would think such if you are fairly new to crypto, otherwise you would think that it has risen significantly over the past few years and is continuing on doing so. People who complain about bitcoin's price stagnation are the same people who cry about its volatility making it unfit as a hedge against inflation. Given the current situation at hand, it is just normal that people would stay away from trading bitcoin in the meantime, but that doesn't mean that it is complete abandonment on their part. You know it's not only bitcoin that can be traded for profit during these times, right?

[Fundamentals Of]

Be careful what you wish for!

Bitcoin might end up just the way you and the rest of the easy-money investors prefer it to be, a mere tool to make money. If and when Bitcoin finally turns out that way, it will eventually die.

You should've asked, why hasn't Bitcoin still not the main currency right now?

[ChiBitCTy]

Rome wasn't built in a day.  It's going to take time for bitcoin to take off in terms of becoming a currency, or global currency.  I like to think of it, or compare it to the internet.  It took a while to take off, and it took some time for the world wide web to be created, to truly change the game in terms of how the internet was used.  I see the same here.