Are people buying BTC @ $27000+ idiots?

[Battle1doom]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

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[LFC_Bitcoin]

It’s the start of the next bull cycle, do your research. Sure people buying now won’t make as much profit as somebody who bought in March but even buying now it’s likely they’ll make at least 2 or 3 x what they invest now by late 2021.

As somebody who’s been constantly buying & HODLING (selling nothing) since 2014, there is never a bad time to buy bitcoin if you have patience.

Look at a chart from all the way back since the first block was mined, what do you see? Long term, exponential, upwards price trajectory. Sure we have bull markets followed by harsh bear markets but the long term trend is always up. An asset that has its supply cut in half every 4 years demands price growth.

It’s simple math & science -

Time = upwards price trajectory

Therefore no, people buying now are not idiots. The idiots are the NOCOINERS with no BTC.

[Viscore]

Based on my experience, it's not really wise to buy during the peak, bad idea, unless you are a long term holder who are willing to hold longer and will not panic when the price dump. We are again at the time where some people get FOMO and we can't stop them since they believe the uptrend will continue and we also don't know if it will stop, so let them do their thing and learn if they make mistakes.

I'll just wait for the dip and then start buying.

[bakasabo]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

What about people who bought Bitcoin when its price was below $4,000? Also idiots? I think that smart ones are the one who got free hardware and electricity, and mined Bitcoin in 2009.
Take a look back in past, when the price was 19-20k. Those who bought Bitcoin in Winter 2017/2018 were crazy and brave. And now, after 3 years they are still in profit. I think that those who bought Bitcoin today at the price of $27k will get their profit someday

[Chrystora123]

buying Bitcoin at $ 27k is not an idiot but someone who dares to take high risks.  I still remember 2017-2018 when many people feel trapped in high prices because they bought Bitcoin on ATH (around $ 20k) when the price of Bitcoin goes down they immediately cut loss.  maybe when someone buys Bitcoin at a price of $ 27k, even though the price is likely to fall but in the next few years, it will definitely go up again.  the key to not losing is "don't sell below the purchase price"..

[Jawhead999]

So do you mean a people buying BTC in last ATH is idiots too? Even Bitcoin has got massive dump below $4,000, but now? Everything changed... Bitcoin going bullish reaching new ATH and right now it's worth for $27,000. It mean they get 1/3 profit from their investment (and if they still holding).

If you're a real long term holders, buying Bitcoin in any price is okay since you're HODLING.

[fiulpro]

The one rule I did read about in the investors magazine is
             "Never to invest when the price is up"

I do agree with your statement but not fully though. Right now the price of BTC is scaling up and it's looking really good for everyone but I am pretty sure that we will see a considerable difference in the price in few days or so. I do believe that it would be much wiser to wait up for the price to go down and then invest instead of investing right now. It is anyways a good idea if you just realized the value of BTC and do want to hold for a long term, then it doesn't really matters when you buy.

I do see people commenting a lot about how it's not a bad idea but I do believe that it is right now. We are in a state of Pandemic and it won't be able to hold out that price for too long. Sooner or later the price might go down. There is a very good possibility regarding that. Look out and learn from the past.

[error08]

Whoever buying bitcoin at $27k certainly not ordinary people without any planning for the future, they are institutional investors, high net worth individuals (HNWI), big companies, and traders with different plans, whether to get profits in a short time or intend to save it for the long term. Although it's not the best entry-level, we can't complain about the current price to get back to $4000 again, if no one buys at $25k, bitcoin can't rise to $27k, if no one purchasing bitcoin at $27k, it won't increase to $28k, so on and so forth, do you expect it to stagnant at current price and decline? do you think $27k is the limit for bitcoin? Of course not, which is why people continue to buy bitcoin even at the current level.

[Maus0728]

Maybe the correct term would be "late" since they have missed the opportunity to accumulate a larger fraction of bitcoin at an early date causing them to missed an opportunity of a good amount of profit. However, I think labeling people  who just recently bought their own coin as dumb isn't right. They may be late but the realization why they are purchasing bitcoin maybe different, it could be something related to achieve their financial sovereignty or perhaps an asset which could preserve their wealth for long ages.

Of course, as an average joe, I would think that buying bitcoin at once isn't a good idea especially if bitcoin's price keeps soaring. I would rather use "Dollar Cost Averaging" to stay ahead regardless of bitcoin's price movement instead of just staring at it like a dumb.

[mk4]

Is it the mentally challenged that are getting fleeced right now.

Says the same people who refused to buy at the previous all-time high peaks of the previous years because "it's too expensive". Even in 2017 it probably might've looked like a stupid decision back then to buy at the $19,700 peak, but look where we are at now.

[sapnu]

We cannot really claim that they are idiots since the value of bitcoin is still rising continuously. If they bought it having a high price like right now, they may not gain much but will still make profits from it, just not the same with those who bought it earlier or before the bull run. Who knows how high the value of bitcoin might be in the next few months or years, maybe those who bought it at 27k would still be happy as it reach 40k if ever in the future, so let us not be judgemental with their decision making, maybe they are just being wise.

[Bitstar_coin]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

Obviously if people are not buying how then is the price pumping so high? Fomo is a big thing and can make someone get confused, even i myself thought of buying when the price keep going up but I didn't,
I also ask myself same question, and I just conclude institutional investors are the ones accumulating who have long term goal in mind.

[Samayuki]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

I'm scared of Bitcoin ATH as well but what are you going to say if Bitcoin hits over 30,000$ in few more weeks? The crypto investment idea is investing only what you can afford to lose, it's very risky to invest right now accepted, so why not go in with little money if you think you are up for the risk? Risk management is the best

[bitbollo]

I have seen the same discussions back in 2014 after 2013 bull run... will appear constantly with bitcoin discussion. Everyone during these years was an idiot that had bought 1 btc for 1K usd.
There was even some suicide due to this crash... however take a look now of the market.
it was really insane buy 1 btc at 1K usd?  

[BrewMaster]

Could have bought it in March this year for sub $4000.

funny thing is that the same questions was being asked back then too. like you could have bought bitcoin at $3000 a while back or $200 a while more back...

Downside risk is much greater now than it was earlier this year.

not at all because the price being higher than {an arbitrary amount of time} ago doesn't mean it is riskier now.
it is only risky to buy bitcoin in bubbles and i don't see any bubbles at all.

[Noctis Connor]

Well there are not idiots when they had money to buy why not? People if they really want something they make way to get it, you can't judge them by investing their money into bitcoin not because they didn't know before that bitcoin has it good potential in our lives that can help in our daily living since they want to be part of trading industry too. Even they missed the opportunity to buy bitcoin way back then it is still cool because they change their mindset to invest where they can really earn profit from it. for me having bitcoin is a big achievement .

[Tushar Ramani]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

You could have mined a lot of BTC entirely on CPU power back in 2010. Did you do it? Have you become an idiot now?
People buying BTC at $27k have just come to know about Bitcoin and they will have a look at the historical price of Bitcoin. So, according to one proverb - "It's morning whenever you wake up", they are not idiots. In fact, they did something amazing today. Just because the time is wrong, it doesn't hold true to judge someone as an idiot.

[dimonstration]

Well there are not idiots when they had money to buy why not? People if they really want something they make way to get it, you can't judge them by investing their money into bitcoin not because they didn't know before that bitcoin has it good potential in our lives that can help in our daily living since they want to be part of trading industry too. Even they missed the opportunity to buy bitcoin way back then it is still cool because they change their mindset to invest where they can really earn profit from it. for me having bitcoin is a big achievement .

But it will be better if they invested earlier than now, there were too many opportunities to buy before so it will be better if they will wait a bit for some correction and just study the market now. If they plan for much longer investment then buying now can still be a good option provided they will not withdraw it when the price decrease or when correction happen since we know that the price will eventually increase again after some correction.

[CODE200]

Not really. They just believe in the potential of Bitcoin to achieve greater or higher market value. It is a sort of a gamble and there's really nothing wrong with it since it is their money in the first place. If you do look at their action as something foolish, then let them be, 'coz they are the ones who will suffer the consequences. But do not regret if they have made right speculations. The thing here is that, no one is certain of how will the market price move tomorrow. Possibilities are always two sided. If you anticipate a price downfall then sell already but do not belittle the decision of other investors who invested at a high market price just because that's how they see this market or the market price of Bitcoin. They made their own analysis and we should respect that.

[MoreStamps.Global]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

You could have mined a lot of BTC entirely on CPU power back in 2010. Did you do it? Have you become an idiot now?
People buying BTC at $27k have just come to know about Bitcoin and they will have a look at the historical price of Bitcoin. So, according to one proverb - "It's morning whenever you wake up", they are not idiots. In fact, they did something amazing today. Just because the time is wrong, it doesn't hold true to judge someone as an idiot.

Haha! A great explanation. I think judging someone too early especially in crypto space is not right thing do.