How come BTC is still so cheap?

[imstillthebest]

at 33,580.00 usd i dont think that was cheap and compare to what the value of btc before . btc already go a long way .
 the current price could be cheap for you than what we have last bull run which was 60k and even if there are countries that legalize btc but thats because we are now in the bear run .  some are buying now but most of them are waiting for more drops  . this makes the progress slower

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[DarkDays]

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Trading volume is there, but I guess speculators are shorting bitcoin at this point and taken profits in a daily basis. Maybe there are some who continue to accumulate, but obviously, the bears are now taking control of the market. We have a new month now, so hopefully July will be the start wherein we may see some break out run to $40k, so let's see. People should take advantage of the cheap price right now.

'Cheap' isn't the words I'd use but more like volatile. Because of the unprecedented volatility I guess people are waiting for a better bargain. There are speculations that July will cause a dip because of the Grayscale unlocks, so after middle of July we should be paying close attention to the market.

Here's a quick update on Grayscale: https://en.cryptonomist.ch/2021/06/16/grayscale-will-unlock-16000-bitcoin-in-july/

[ChiBitCTy]

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Yeah I certainly agree with you that in the grand scheme of things that bitcoin is pretty darn cheap right now.  I personally do not think that the world cares a whole lot about el Salvador adopting bitcoin.  Don't get me wrong, it's a great thing and a great step forward but El Salvador is a tiny country and it's not a massive deal in the grand scheme of things.  Though they were first and like you said I agree, more will eventually be joining in.

[RILWAN]

You are right the price of bitcoin is still way cheap if you understand the potential it has for the future. We are going to see more countries coming to adopt bitcoin that time Bitcoin prices will skyrocket.

[isaac_clarke22]

I see you a lot here in BTC Discussion, and you are a strong hodler from what I can read from your past replies. Let the price of the BTC be right now. It is quite expensive now actually for those who have been hodling it since last year.
Haven't saw the El Salvador adoption of Bitcoin, but I guess it just that people are not really into it.
Let them be, OP. Enjoy the lower tides for now.

[taufik123]

yes currently BTC is still very cheap and this is an opportunity for everyone to take part and buy some Bitcoins before Bitcoin reaches new ATH. Bitcoin's current decline is due to FUD from China which is making the whole world go into an uproar about China not accepting Bitcoin. But other countries, such as El Salvador, have adopted large-scale adoption. Bitcoin is still very and indeed a good long-term investment. The $100k target has not been reached yet.

[Leviathan.007]

Bitcoin got a great potential to rise and reach new ATH but since there are many counties and governments standing against bitcoin and many people are worry about blocking their funds, there is a fear between the investors and the traders. Specially, after what's happening in China, people have only there ways ahead, they can lave the country, stop using bitcoin or do anything underground which will create a black and unsafe market. That's why and because of this fear between bitcoiners the price is this much low. However, just after the next halving people will buy bitcoin for much more money and fell regret.

[Maymoney]

One country bans, another accepts. Let’s keep it rolling

[SaShiRaJaVu]

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Looks like you are holding a lot of coins and how much you invested in Bitcoin to think that the price is still low ?. In terms of the scaling it is well above the price i was expecting, countries accepting Bitcoin is great and we need to lookout for the amount of users that are making that change and if there is a huge spike in investment from El Salvador then we can very well say that it was great for the community as the price has spiked.

[BrewMaster]

to be honest with you i am also starting to have the same question myself. although i could justify it so far by saying that due to the massive drop of 50% the bitcoin investors are super scared right now and this fear lasted for 2 months but it should already be enough fear. i mean how much longer are people going to fear the drop? price should start rising up and go back to normal $50k+ prices already.

[cotton ball]

why is bitcoin cheap, maybe the influence of the Chinese state that continues to prohibit bitcoin mining in their country, even though the price of bitcoin is cheap I am very sure everyone on the forum will not sell their bitcoin, because everyone in this forum, already knows how bitcoin works, when it is cloudy, when it rains, and they already predict when it will be sunny, true bitcoin will not back down in the battle, and will not give up before the fight...

[lablab03]

People don't see it because they're hoping it will decrease more. And they don't see bitcoin is currently at the support level so it will not go further which as always despite of the situation. And yes definitely this is the cheap price of bitcoin after the ATH because it's been how many attempt that the price trying to decrease more below the current price but it didn't succeed. So if they miss the train because they don't take this opportunity then its not our problem anymore.. Let them realise their mistakes.. Lol

[BITCOIN4X]

You are correct. But for me the fact that El Salvador joined in means a lot, it's the perfect indicator things will be great. Too bad not everyone can see it. They deserve to be poor and use fiat I guess.

I think the inclusion of El Salvador as one of the countries that adopt bitcoin as a mean of payment will make us have strong fundamental to see the price increase. Meanwhile, price movement have not had a major impact after El Salvador announced its interest. I just think that the fundamental generated by El Salvador are not going to result in a spontaneous reaction to the price and we really should see it rising gradually.

[South Park]

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

In fact this is complete normal, the news of El Salvador adopting bitcoin as legal tender all over their territory is a great fundamental news that will without a doubt raise the price on the long term, but the short term is more influenced by the market sentiment which right now is bearish, so despite the good news the price is not going up that much, so do not worry eventually bitcoin will stop being this cheap and people are going to lament not taking advantage of the opportunity.

[Lee_Mire]

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

I don't understand how you can say $35K per coin is "cheap". For an asset that is just over a decade old and that entirely exists electronically, $35K is an amazing price. Now, I'm not saying bitcoin cant go much higher but to describe $35,000 as "cheap" is plain wrong.

[carlfebz2]

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Being optimistic isnt bad but talking honestly on the price of bitcoin then it isnt really cheap actually if we do talk about purchasing a whole coin but we know that we can buy in fractions which is really a great thing.

We dont necessarily need to buy as a whole because that cant really be achievable or attainable for most people unless into those people who do live out on rich countries and totally financially capabled.

Cheap in the sense of potential for future years to come but to know that not all would really be having that risk management or simply doesnt really have the money to put that much.

[teosanru]

This is the only thing I don't understand right now. It is extremely cheap. The potential is huge, El Salvador goes all in BTC and people still don't have the eyes to see it. More countries will soon join in, people will regret it later for not buying but it's their choice. It's still so cheap and this is not normal!

Ok you are saying it's cheap, but what is the value you have in your mind for btc? And what is the reason that you have that value in your mind? Which valuation technique you are using the arrive to that value? I know the answer, it would be your gut feeling that's it. Everyone has their own aspirational values for bitcoin, now when people having lower aspirational value are ready to change their aspiration and buy higher it is when the price increases. Otherwise you can even value a dogecoin for one million.

[KingsDen]

We wouldn't confidently say bitcoin is cheap.
When we say a product is cheap we do so according to two factors;
1. In relation to ones financial value or worth(Purchasing Power)
2. In relation to the price of similar(alternative)products.

According to purchasing power;
 $500 product is definitely cheap for Bill Gate and very much expensive for me.
According to the price of the alternatives;
Currently, there is no altcoin that is expensive than BTC.
Therefore, BTC is not cheap. Maybe we could use another word or group of words like "Why is Bitcoin still buyable or  why is bitcoin undervalued"

Secondly, El Salvador adopting BTC is a great news. However, I am so much concerned about the sustainability of their decision. It would actually do more harm than good if such decision is reversed in the future, just as we witnessed with Elon and Tesla.
Thank you!

[dothebeats]

Because the focus of the people is not directed towards btc but rather on other things. Majority of the people still ignore the fact that in times of FUD and mudslinging, and when there's a lot of blood in the streets, that's the time when you should buy bitcoin. History never lies, and it has been happening since 2011. No matter the price point is, when a major crash + FUD starts to happen, that's when the smart ones start to accumulate, until such time that the cycle reach its height again and then they will be the ones to dump.

[Ararbermas]

Bitcoin is still cheap amd i'm agree with that, because it goes back to the support level which 30k and it's very obvious to be honest that bitcoin showing a potential and wants to go further during the uptrend but whales take over and bring the price back.  60k isn't enough if didn't fell like a rock. As the matter of fact most of the predicted value of bitcoin on this year were 100k to 200k so if we will base on the current price it's still cheap..