How come BTC is still so cheap?

[Oasisman]

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!

Why is Bitcoin so cheap?Is it really cheap?Some people might ask why is BTC so expensive?
Something,that is cheap for one guy is expensive for another guy.
So you are asking why is Bitcoin undervalued.The simple answer is this.Bitcoin is undervalued,because the FUD dominates the market and the FOMO phase is missing.
Most people don't care when a country like El Salvador adopts Bitcoin as legal tender.If a big and developed country accepts Bitcoin as a legal tender,the Bitcoin price will go thru the roof.FUD news coming from China will always be more popular than the bullish news coming from a small underdeveloped country like El Salvador.

Yes, It ain't cheap especially for the guys who have suffered some financial crisis because of the Covid effect to our current economy. But if you take a look at the bigger picture, what the OP described perfectly fits when someone bought pizza with 10,000 Bitcoin and there were only a few people bats an eye to the limitless possibilities.
Bitcoin price today is literally expensive, but It will not going to be considered expensive in the next 5 years.

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[beerlover]

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!

It is NORMAL for most of us to miss when available and then regretting later on. I am the one had missed bitcoins to grab for less than $30 (not $30k) by the early times of bitcoins; due to lack of awareness about the future of bitcoin, I remained as a fool and then regretting right now almost every day.

I have been watching many people were sharing stories like me and some people were praying for big collapse of bitcoin market so that they will enter at cheaper price levels yet in big volume. They are somehow right but definitely not up to their dreamy levels. Yeah, bitcoin is known for getting us second chances always still we can get only 70% or 80% cheaper and not 200% cheaper.

[slaman29]

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.

Every hype cycle is like this. People see or read (or now watch on tiktok) how people are making millions from dogecoin and "defi" stuff. So of course, they go in and get it. Worse, people even consider selling their Bitcoin to get into these shitcoins.

Then the regular "BTC dominance" nonsense pops up and then when the hype bubble bursts, even the scammers load off and stash into BTC.

[Hippocrypto]

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!

Yes you nailed it mate, right now it's at cheaper price compared from last bounced price. No regrets if folks will listen to the trending situation, and when there's another dip price before $100k is going to happen don't wait until it's too late. Grab the good opportunity that you'll going to have now and purchase btc at your preferred amount.

[jaberwock]

It is NORMAL for most of us to miss when available and then regretting later on. I am the one had missed bitcoins to grab for less than $30 (not $30k) by the early times of bitcoins; due to lack of awareness about the future of bitcoin, I remained as a fool and then regretting right now almost every day.

I have been watching many people were sharing stories like me and some people were praying for big collapse of bitcoin market so that they will enter at cheaper price levels yet in big volume. They are somehow right but definitely not up to their dreamy levels. Yeah, bitcoin is known for getting us second chances always still we can get only 70% or 80% cheaper and not 200% cheaper.

You should not regret missing out bitcoin that way, almost everyone around the world did miss bitcoin at that period. As a comparison humanity is getting closer to 8 billion population (probably already did considering unaccounted for people) and then only like 100 to 1000 people ended up buying under 30 and hold until now, probably less people who still have control of those wallets as well. So do not be sad about missing out, be happy that you rode along afterwards eventually.

Remember there are still a ton of people all around the world that never checked bitcoin even once, most people in the world never owned a single satoshi so far, and you ended up buying it before any of those people, and there are probably a lot of people who bought after you bought as well, so you are still earlier than 90%+ of the whole worlds population, that is a good place to be.

[Reid]

It's expensive if your monthly salary is $1000 and you want to bag 10 Bitcoins in just a little amount of time.  
History is what says it's expensive and then there's the economy. If people are making money at the same value as bitcoin does then it will look cheap.
I think what you just need is a bit of waiting, somewhere in the future we will be looking back at this value and we will just say we missed the big boat. Yes, I agree it's cheap for something so valuable.

[Fortify]

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!

By what metric do you assume it is cheap? "Potential" is a meaningless word in most circumstances and anyone who has been in business for a while can tell you that - the word is often banded around by people trying to sell assets they overvalue. Most investors in cryptocurrency want to achieve the huge gains that Bitcoin has achieved over the last yen years - a magnitude of 10x, 100x or even 1000x their initial input amount. For approximately every $35k of price in Bitcoin, it requires roughly $1 trillion to be invested - at it's peak of around $65k all the Bitcoin in existence was worth approximately $2 trillion and it has cut in half since that point. It can take mere millions or billions to multiply your asset value in much lower valued altcoins so it would make a lot more sense for new investors to look elsewhere.

[Vaskiy]

It isn't cheap, but taking into account the peak value of bitcoin what we've got at the moment seems to be cheap. Another factor that makes people think it cheap is the future price predictions and the price from which it has reached the present market. Moreover corporate networks and countries have begun to prioritise bitcoin over other forms of holdings. This will surely boost the price big. With all such positive thoughts we can find bitcoin cheap for now.

[Distinctin]

It's expensive if your monthly salary is $1000 and you want to bag 10 Bitcoins in just a little amount of time.  
History is what says it's expensive and then there's the economy. If people are making money at the same value as bitcoin does then it will look cheap.
I think what you just need is a bit of waiting, somewhere in the future we will be looking back at this value and we will just say we missed the big boat. Yes, I agree it's cheap for something so valuable.

And I was thankful that it was cheap so I can fill my bag while waiting for it will pump.
I'm not certain thinking that pumps will come so fast and easy coz aside from hearing that legalization, we also read some news that China is banning crypto, which is a more affecting story rather than what happens to El Salvador.

So I think the situation isn't surprising if the pump never happens today or tomorrow, might possible in the following days. Patience is something we need and I know that we all can do it if we have trusted Bitcoin.

[Abiky]

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!

Bitcoin is NOT cheap. An average price of $33k per coin tells us that Bitcoin is relatively expensive compared to real world assets. To many in crypto land, Bitcoin is still cheap since current scarcity doesn't match current prices on the market. Taking into account lost Bitcoins, as well as, subsequent halvings, Bitcoin should be worth more than $100k per coin. It will get there one way or another, but it will take quite some time to happen.

I'd consider El Salvador lucky to accept Bitcoin as legal tender, since the best is yet to come. It's a smart move that will tackle the negative effects of Fiat's inflation for good. Imagine if other countries join the Bitcoin bandwagon. Prices will never be the same as they are right now. It's why it's best to accumulate as much Bitcoin as you can while it's still "cheap" before it's too late. Otherwise, you'd be missing an opportunity of a lifetime to become filthy rich. Just my thoughts

[Slow death]

the problem in the crypto world is precisely that we are always being deluded and inducing that delusion to other people and the result always ends up in pump and dump. for example:

buy bitcoin for the price of $33000 and start a campaign that the price is cheap and more people start buying bitcoin and the price goes up and then when he realizes he already has a profit he sells

I've seen the rich when they buy bitcoin then rush to advertise on twitter

[STT]

Alot of the price at any time is momentum based, we lost our gain speed and stalled so now people have fear apparent when it just got cheaper for them.     I'd say we can tell BTC is overly speculative still and also we have to note that as a commodity it doesn't have vast stores ready to supply those who want it, sometimes the supply is not there and the protocol restricts greater production so price is forced up.   

[Johnyz]

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!

We’re on a bear market and i don’t think Bitcoin is still cheap considering it’s price right now and before. The good news from El Salvador is great but that news alone can’t totally make Bitcoin pump. Don’t worry, this is just the beginning and slowly Bitcoin will recover, it’s price will become more expensive next year.

[justdimin]

We’re on a bear market and i don’t think Bitcoin is still cheap considering it’s price right now and before. The good news from El Salvador is great but that news alone can’t totally make Bitcoin pump. Don’t worry, this is just the beginning and slowly Bitcoin will recover, it’s price will become more expensive next year.

I don't know if we are "still" in a bear market though. I mean yeah we were in one that is guaranteed, the price dropped more than %50 and that is called a bear market at all times. However after that we are stuck between 30 and 40 thousand dollars and we are not moving either under or over those prices, which begs the question are we still in the bear market? I mean we achieved some stability didn't we? That means that if we could recover and go higher we totally can do that because things are looking a lot simpler right now.

When you are still in bear market it is hard to go higher and higher, but when you are not in a bear market, achieved stability, then it can go to any direction. This doesn't mean that price will not go towards under 30, it just means that now we have equal chances of going back up again as much as we can continue to go down.

[DU18]

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!

We’re on a bear market and i don’t think Bitcoin is still cheap considering it’s price right now and before. The good news from El Salvador is great but that news alone can’t totally make Bitcoin pump. Don’t worry, this is just the beginning and slowly Bitcoin will recover, it’s price will become more expensive next year.

I also think that the current bitcoin price movement is relatively more stagnant than usual, and maybe this is the impact of the decline in bitcoin prices that occurred quite drastically some time ago, so I think this decline is a reasonable decline and will strengthen again when there is momentum that looks to be back up in the future, so it's better for us to be patient for now and hope that the bitcoin price will return to a positive path. price declines and increases are a common cycle in the crypto market, so we don't need to panic...!

[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!

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.

Cheap is for the most part a relative term, when we look at bitcoin and the fact that it was worth less than a dollar when it was created then a price of 35k for each coin seems expensive, but when we see the price it reached as its current all time high then 35k seems cheap and when we take into account how high the price will go during the next years then 35k seems like a bargain, as you can see the term cheap is very variable and if the person you quote think this is a cheap price then they are correct even if you do not agree with it.

[adaseb]

What people need to understand that it doesn't matter what price an asset is. Say you take a large company like Apple. And say there are only 10 shares and each share costs $1B. That has a total market cap of $10B, so $1B is cheap for 1 share.

Now how about if there are 100 shares but each share is $100M each, sure its cheaper but its still the same market cap and Bitcoin is pretty much the same thing. There can only be max 21 million worth of BTC and there is a good chance that with all the lost coins that in reality no more than 19 million or so will ever exchange hands in the future. Unless there is some exploit to crack private keys which sounds very unlikely in the near future.

So don't look at the price of BTC or assets look at the market cap as a total.

[darkangelosme]

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 you're right dude, right now Bitcoin is not popular on other countries at this moment but sooner or later they'll gonna know about Bitcoin and it will become intriguing on them on how they can make money on it.

[bryant.coleman]

So $35k is cheap for you OP? I think its a serious amount of money only rich people can buy in this current price if your just a normal investor with no huge capital $30k is already huge enough to gamble in BTC which the volatility is too high, if you have only $40k in your pocket, will you gamble the $35k and buy btc? Many people are hesitant to throw money into btc because of its tight regulations in every country but if this thing will be 100% legal worldwide btc will skyrocket up to $1m. 

Given the future potential, it still sounds cheap for me. You should not go by the market cap. Because the market cap accounts for all the coins in circulation, including the lost coins. The real market cap of coins that can be spent may be less than >$500 billion. This is less than the market cap of major corporations such as MSFT, GOOGL, AMZN and FB. Even TSLA is having a higher market cap. Do you really think that TSLA deserves a higher market cap when compared to BTC? IMO, the valuation for TSLA should be less than 1/10th of that of BTC.

[Kelvinid]

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 you're right dude, right now Bitcoin is not popular on other countries at this moment but sooner or later they'll gonna know about Bitcoin and it will become intriguing on them on how they can make money on it.

They will surely know about Bitcoin sooner but the question if that gives them the interest or they just think for another drama like a scam thing on their mind.

There is no particular reason why Bitcoin didn't pump back high at $40k after the said news but of course, we can't just rely on it that will contribute a huge impact and shows an uptrend motion. It wasn't that fast and easy market trick, El Salvador is too far from China and therefore,  the impact is too small that become unnoticed.