Will Bitcoin collapse or mature?

[Ultegra134]

Came across this article today, it's in Greek, but I'll summarize quickly. You could also use Google Translate through Chrome.

Basically, the following article is mentioning two of most dominant predictions about Bitcoin, it's collapse or skyrocket, surpassing $200.000. A few examples of experienced analysts and  economists are mentioned below. Firstly, Tom Lee, of Fundstrat Global Advisors, believes that the price of bitcoin will quadruple by 2022, reaching $200.000. Another crypto market analyst, Nicholas Merten, agrees.

The main principle the article is following is that throughout the past few years, Bitcoin didn't crash below its lowest point. For instance, in 2016, its lowest point was $365, while in 2017, it was $780. And this pattern follows for the rest of the years. With the same logic, Bitcoin won't fall below $27.734, the lowest point of 2021.

On the other hand, the famous economist and professor of applied economics at Johns Hopkins University, Steve Hanke, claims that while the price of bitcoin is close to $ 50,000, its value is zero. The head of the largest bank in the world agrees with him. According to JPMorgan's Jamie Dimon, bitcoin has no value.

In conclusion, we're seeing two sides of the same coin. On the first instance, we're seeing market analysts, praising Bitcoin and cryptocurrencies, while on the contrary, well-known economists, who are also related with large bank/financial institutions, are against Bitcoin and cryptocurrencies in general. I'm not sure if it's a coincidence or not...

What's your take on this matter?

Source:
https://www.liberal.gr/market/bitcoin-tha-ektoxeutei-sta-200-000-dolaria-i-tha-gkremistei/423177

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[Lucius]

Tom Lee is one of the most confused people to speculate about the price of Bitcoin for years, and I don’t know how he’s no longer embarrassed with all the nonsense he’s said? In short, there is not much to say - they all have their reasons to be pro-Bitcoin or against, and I personally am not interested in their opinion at all, they are actually as irritating as broken records...

The only thing that is a little strange to me is that they didn't include the famous Warren Buffett or maybe Peter Schiff in the whole story, because they also have something to say on the subject. But when we look back, those stories have been going on practically since Bitcoin existed, and while they talk about how worthless Bitcoin is, let’s look at how much 2014 was worth compared to 2012, and then 2017 compared to 2021.

I don't see any logical reason for Bitcoin to collapse, but I understand why bankers, politicians, and some successful business people want it - fortunately, some desires cannot be realized with money or influence.

[Findingnemo]

I believe there is no such thing called crypto experts they are crypto FUDsters.

Until now bitcoin is just growing more year after year but we don't know what will happen in the next 10 years, even USD may lose its value and face hyper inflation or there will be a new currency which may surpass everything!

[Charles-Tim]

A few examples of experienced analysts and  economists are mentioned below. Firstly, Tom Lee, of Fundstrat Global Advisors, believes that the price of bitcoin will quadruple by 2022, reaching $200.000. Another crypto market analyst, Nicholas Merten, agrees.

This may not become true by 2022, but bitcoin would still hit that price certainly, but the year this will happen might take longer than 2022.

On the other hand, the famous economist and professor of applied economics at Johns Hopkins University, Steve Hanke, claims that while the price of bitcoin is close to $ 50,000, its value is zero. The head of the largest bank in the world agrees with him. According to JPMorgan's Jamie Dimon, bitcoin has no value.

This is one of the people that is misleading people about bitcoin. They are old people that do not believe in the latest, they just prefer the old way.

Is it right? Bitcoin at $50000 but having 0 value? This is contradictory. People are buying and selling bitcoin at a certain price, but saying it is worthless. How is it worthless? It is not. Just ignoring these people is the best.

[Ultegra134]

Tom Lee is one of the most confused people to speculate about the price of Bitcoin for years, and I don’t know how he’s no longer embarrassed with all the nonsense he’s said? In short, there is not much to say - they all have their reasons to be pro-Bitcoin or against, and I personally am not interested in their opinion at all, they are actually as irritating as broken records...

The only thing that is a little strange to me is that they didn't include the famous Warren Buffett or maybe Peter Schiff in the whole story, because they also have something to say on the subject. But when we look back, those stories have been going on practically since Bitcoin existed, and while they talk about how worthless Bitcoin is, let’s look at how much 2014 was worth compared to 2012, and then 2017 compared to 2021.

I don't see any logical reason for Bitcoin to collapse, but I understand why bankers, politicians, and some successful business people want it - fortunately, some desires cannot be realized with money or influence.

I've been reading such stories since the dawn of Bitcoin and cryptos. Likewise, I mostly wanted to point out the differences between pro and against Bitcoin and their status. I don't know any of these two guys being mentioned (pro-Bitcoin), because honestly, I don't actually bother with predictions and analysts.

A few examples of experienced analysts and  economists are mentioned below. Firstly, Tom Lee, of Fundstrat Global Advisors, believes that the price of bitcoin will quadruple by 2022, reaching $200.000. Another crypto market analyst, Nicholas Merten, agrees.

This may not become true by 2022, but bitcoin would still hit that price certainly, but the year this will happen might take longer than 2022.

On the other hand, the famous economist and professor of applied economics at Johns Hopkins University, Steve Hanke, claims that while the price of bitcoin is close to $ 50,000, its value is zero. The head of the largest bank in the world agrees with him. According to JPMorgan's Jamie Dimon, bitcoin has no value.

This is one of the people that is misleading people about bitcoin. They are old people that do not believe in the latest, they just prefer the old way.

Is it right? Bitcoin at $50000 but having 0 value? This is contradictory. People are buying and selling bitcoin at a certain price, but saying it is worthless. How is it worthless? It is not. Just ignoring these people is the best.

Well, the price is set by the current demand and supply, I believe that they're saying that because Bitcoin is not tangible, like gold is. However, the same thing can apply to gold too, if for some reason the demand decreases, its price will decrease too.

[cafucafucafu]

I think that it is probably somewhere in between.

BTC will never really replace fiat, but it will have an increasing amount of followers and believers who hold it as a long-term asset.

It will definitely not collapse, but it will likely also not perform the way it did for the past decade. There is a lot of unjustified optimism from people extrapolating returns from the past decade to the future.

[dothebeats]

These sides have been the same for too long, and I don't think it matters up to now whatever their take on bitcoin is. Dimon and Lee have both made fun of themselves by saying things on the extreme end of their belief in bitcoin. Most of their predictions didn't hold too much weight, but since they are 'successful' enough, their nonsense predictions are being sensationalized by a lot of people.

Even people with the most basic knowledge of bitcoin can tell you with certainty that the price will only go up or down. You don't have to be rich to know that, really.

[Fundamentals Of]

Until now there are still people who insist that Bitcoin's value is zero. It is not. If these economists are insisting that Bitcoin's value is zero, it only means they have not yet understood Bitcoin. Bitcoin is energy. The amount of energy and work that is involved in making Bitcoin is what Bitcoin is all about. Bitcoin is not just a grain of sand or a fallen leaf. It is nothing similar to a thing that is effortlessly coming out of nowhere. It is produced just as gold is produced. And it is scarce.

[mk4]

Satoshi said it himself: "I’m sure that in 20 years there will either be very large transaction volume or no volume."

It's not exactly what he said, but it's almost like saying that bitcoin will be worth A LOT in 20 years or it would be worth near-zero. So far 12 years in Bitcoin is holding really really strong. But hey, despite me being super bullish, who knows?

[Dave1]

And that is the thing with bitcoin isn't it? It can't be defined by any "true economics" in the world.

So what it means is that those economist haven't seen this kind of disruption so their argument is flaw in the beginning.

If it will collapse? then we shouldn't have survived the first 10 years. And yet we are moving in the next decade and bitcoin is getting stronger.

[adaseb]

Yes the low of the year is a great way to determine a bottom however it always isn’t correct. The low for 2014 was breached and it headed lower in 2015.

I think an ATH is not a reliable measurement of strength in my opinion. Usually it leaves a long wick and many never sell at the ATH. However if a low forms and that low isn’t breached in 1-2 years but it can mark a bottom.

So the yearly low and 200WMA are perfect bottom signals.

[Wexnident]

Well, the price is set by the current demand and supply, I believe that they're saying that because Bitcoin is not tangible, like gold is. However, the same thing can apply to gold too, if for some reason the demand decreases, its price will decrease too.

And that's why it's the mindset of the old. They pretty much deny anything innovative and want to stick to the old ways since it's personally tested for them, which in turn just generates an impasse that doesn't let them improve at all.

I'm personally bullish but that ofc wouldn't stay the same. Maybe after a few decades more of growth, we'd see the market grow to a point where it wouldn't exactly increase in price anymore, but also wouldn't decrease. It'd stay at that point where we can see its availability as a medium of currency. But hey, anything could happen, it is a volatile market and since the market is able for everyone therefore controlled by no one, nobody could really predict what would actually happen.

[SirLancelot]

Firstly, Tom Lee, of Fundstrat Global Advisors, believes that the price of bitcoin will quadruple by 2022, reaching $200.000. Another crypto market analyst, Nicholas Merten, agrees.

Tom Lee remains bull always and we had lots of discussion on his bitcoin speculations. But as of now, we first need bitcoin to have a new ATH in 2022 before assuming anything bigger to test. Dollar's devaluation and new strain of pandemic are leading us to a slower economy by the first quarter of 2022 hence we may expect bitcoin bulls to return back for a stronger action.

For instance, in 2016, its lowest point was $365, while in 2017, it was $780. And this pattern follows for the rest of the years.

We have lots of buyers around those lower prices but not at the current prices which is the problem and causes the sideways market; I mean everyone looks for cheaper prices to accumulate more which also leads whales to manipulate the market.

[DU18]

I am sure that it will mature, bitcoin is running for so many years many people used and trust it so it is impossible to collapse, even negative news from China and from any other sources cannot make the price collapse, it always down after the negative news and rise again this happens so many times so I think bitcoin will never fall.

Bitcoin strong fundamentals certainly do not doubt us to continue to hold bitcoin, but what is happening right now is beyond our expectations, investors fear of the Omicron variant of the covid virus has clearly triggered the market to experience a strong tornado, and I personally believe when the storm is over later,  we will see the price of bitcoin back to recover in the market.

[Ararbermas]

It will last long and will be matured more in the future although there are some news that bitcoin is almost done because of the percentage of mined BTC nowadays. I still do believe that bitcoin will be alive 10 years from now.. It's unstoppable so there's no impossible it will last long than other trusted crypto in the market.

[Vaculin]

I am sure that it will mature, bitcoin is running for so many years many people used and trust it so it is impossible to collapse, even negative news from China and from any other sources cannot make the price collapse, it always down after the negative news and rise again this happens so many times so I think bitcoin will never fall.

Bitcoin strong fundamentals certainly do not doubt us to continue to hold bitcoin, but what is happening right now is beyond our expectations, investors fear of the Omicron variant of the covid virus has clearly triggered the market to experience a strong tornado, and I personally believe when the storm is over later,  we will see the price of bitcoin back to recover in the market.

There is no stopping for bitcoin as it will always move forward no matter what. What we have at the present is just a short correction so it won't cause the market to collapse. Instead, we will witness bitcoin to mature even more and will most likely to reach a higher ATH once the correction is over. With all the achievements made by bitcoin as a decentralized currency, it cannot be deny that there are still anti bitcoin people who loves to spread false alarms for bitcoin and if you are weak, you'll end up believing them.

[hugeblack]

Steve Hankey calculates inflation for many countries and his method is old, so the fact that Bitcoin has a value of zero is contrary to reality, but it is a theory because there is nothing linked to Bitcoin (it would be true in 1970)

The crazy rise of 200,000 is unexpected and most of those who say that are very optimistic.

Some still believe that the price will cross the 100k barrier during the next year, but the most likely thing is that we will not see a price lower than 20k again.

[tokeweed]

Came across this article today, it's in Greek, but I'll summarize quickly. You could also use Google Translate through Chrome.

Basically, the following article is mentioning two of most dominant predictions about Bitcoin, it's collapse or skyrocket, surpassing $200.000. A few examples of experienced analysts and  economists are mentioned below. Firstly, Tom Lee, of Fundstrat Global Advisors, believes that the price of bitcoin will quadruple by 2022, reaching $200.000. Another crypto market analyst, Nicholas Merten, agrees.

The main principle the article is following is that throughout the past few years, Bitcoin didn't crash below its lowest point. For instance, in 2016, its lowest point was $365, while in 2017, it was $780. And this pattern follows for the rest of the years. With the same logic, Bitcoin won't fall below $27.734, the lowest point of 2021.

On the other hand, the famous economist and professor of applied economics at Johns Hopkins University, Steve Hanke, claims that while the price of bitcoin is close to $ 50,000, its value is zero. The head of the largest bank in the world agrees with him. According to JPMorgan's Jamie Dimon, bitcoin has no value.

In conclusion, we're seeing two sides of the same coin. On the first instance, we're seeing market analysts, praising Bitcoin and cryptocurrencies, while on the contrary, well-known economists, who are also related with large bank/financial institutions, are against Bitcoin and cryptocurrencies in general. I'm not sure if it's a coincidence or not...

What's your take on this matter?

Source:
https://www.liberal.gr/market/bitcoin-tha-ektoxeutei-sta-200-000-dolaria-i-tha-gkremistei/423177

But check the chart out.  2017 ath is around 20k, that’s more than 20x BTC’s 780 USD low for that year.  This year, the 27k low is less than twice the current price of BTC at 47k and a tad less than three times BTC’s ath.  So be careful in assuming that it would never break down 27k.  It may very well could imho...  Unless we see another parabolic move up. 

What about instead of the moon or collapse, BTC goes range bound between 30k and 60k for 2022?  Maybe even 2023 too.

[justdimin]

On the other hand, the famous economist and professor of applied economics at Johns Hopkins University, Steve Hanke, claims that while the price of bitcoin is close to $ 50,000, its value is zero. The head of the largest bank in the world agrees with him. According to JPMorgan's Jamie Dimon, bitcoin has no value.

Such these people are speculating about bitcoin for years still bitcoin managed to scale above $65k levels hence who is the winner here? Bitcoin's potential is already a time proven one. Hence, such haters do not need any attention from this community for sure.

I am confident about Warren Buffet as well is going to make a positive comments on bitcoin very soon; people who do not understand the modern evolution might be making negative comments and we really need to move on them rather than weighing about their comments as bitcoin is doing perfect for more than decade hence what is going to change which was not in last 11 years but all of sudden.

[wxa7115]

Came across this article today, it's in Greek, but I'll summarize quickly. You could also use Google Translate through Chrome.

Basically, the following article is mentioning two of most dominant predictions about Bitcoin, it's collapse or skyrocket, surpassing $200.000. A few examples of experienced analysts and  economists are mentioned below. Firstly, Tom Lee, of Fundstrat Global Advisors, believes that the price of bitcoin will quadruple by 2022, reaching $200.000. Another crypto market analyst, Nicholas Merten, agrees.

The main principle the article is following is that throughout the past few years, Bitcoin didn't crash below its lowest point. For instance, in 2016, its lowest point was $365, while in 2017, it was $780. And this pattern follows for the rest of the years. With the same logic, Bitcoin won't fall below $27.734, the lowest point of 2021.

On the other hand, the famous economist and professor of applied economics at Johns Hopkins University, Steve Hanke, claims that while the price of bitcoin is close to $ 50,000, its value is zero. The head of the largest bank in the world agrees with him. According to JPMorgan's Jamie Dimon, bitcoin has no value.

In conclusion, we're seeing two sides of the same coin. On the first instance, we're seeing market analysts, praising Bitcoin and cryptocurrencies, while on the contrary, well-known economists, who are also related with large bank/financial institutions, are against Bitcoin and cryptocurrencies in general. I'm not sure if it's a coincidence or not...

What's your take on this matter?

Source:
https://www.liberal.gr/market/bitcoin-tha-ektoxeutei-sta-200-000-dolaria-i-tha-gkremistei/423177

In a way I do not blame them, even satoshi made a similar prediction in one of his posts, however I think that now that it has gotten so big bitcoin will never reach a value of zero, as a decentralized network which is independent from banks that can transfer value all over the world in a fast way will always have some value.

But how high that value could be? That is what no one really knows, obviously as you may guess since I am here in this forum I think the potential of bitcoin is unlimited as I think that as time passes bitcoin will mature to the point we will be able to use it in almost any store in existence around the world.