I need bitcoin to be $690 to break even.....will I make it?

[WhatTheGox]

Will I make it?

Eventually. Sit on your paper losses until then.
If you have some extra cash, buy now to bring the break even price down.

I do, but I also put in ~$25K into bitcoin in the last year, which is a lot already, should I really risk more.... bitcoin price recovering is still uncertain

Just hold it for a few years and forget about it.  We've seen this story before.  In a few years you could be a millionaire and look back and laugh at considering selling.  Work on some other stuff or just help promote bitcoin meantime.

[Dafar]

Will I make it?

Eventually. Sit on your paper losses until then.
If you have some extra cash, buy now to bring the break even price down.

I do, but I also put in ~$25K into bitcoin in the last year, which is a lot already, should I really risk more.... bitcoin price recovering is still uncertain

Just hold it for a few years and forget about it.  We've seen this story before.  In a few years you could be a millionaire and look back and laugh at considering selling.  Work on some other stuff or just help promote bitcoin meantime.

Thanks, and yes that's what I'm doing

[neurotypical]

Btc is just a speculative instrument without a real use case scenario right now.
If it will find its place in the economy then yeah, it could probably go higher than that. You want to throw 1% of your portfolio and hope for the best? Do it. Are you bagholding from when the price was more than two times of what it is now? Then something is not going well with your equity management and there are no reason right now to take even more risk and loss.
You are talking 10 years in the future, but do a reality check and think about how many things will happen and how technology will change in ten years. The only thing that can and will grow exponentially in this world is technological advancement. It means that everything you hold today is most likely not to increase in value because things tend to become obsolete faster and faster.

But you are comparing Bitcoin to the regular technological advancement that happens every X year, you are underrating it greatly. Your post sounds like, "why buy an Iphone 1 when there will be Iphone 6's in a couple of years". When we are talking about one of the most important technological advancements in the last 100 years. The network effect is already strong enough to become the most powerful computing power network in the world, imagine in a couple of years. Any advancements that happens will always be smaller than what Bitcoin solved because of simple statistics, therefore Bitcoin can implement any of these changes withing itself.

[BitRod]

i see bitcoin topping off around 600 this year then next year will be amazing. Just wait

[masterzino]

I think we'll probably be in the $200-$300 plateau for a while longer but i predict it'll reach $1k within 2 years.

[aahzmundus]

Will I make it?

I'd say yes, if you're talking about 5-10 years of time.
There's prediction that it'll cross 300 again by the end of this year, but be warned that this is just speculation.
It can't be predicted for sure, but I personally believe that Bitcoin will rise and will play huge role in our future

[bumm]

Will I make it?

Well predictions for these year tells that bitcoin prices will reach upto $600 this year. In a best case scenario it might go over $700. Although it does not seem so if we see the current trend, which is stuck between $220 to $250. Still let us all hope for the best . 

[NorrisK]

How about you buy a couple more at this price? That way the break even point will drop. Assuming you did not spend too much to get coins at 690 avarage.

[Amph]

Will I make it?

I'd say yes, if you're talking about 5-10 years of time.
There's prediction that it'll cross 300 again by the end of this year, but be warned that this is just speculation.
It can't be predicted for sure, but I personally believe that Bitcoin will rise and will play huge role in our future

5-10 years for reaching a mere 690? this must be a joke, if by that time bitcoin is still at 690, then something went utterly wrong, and bitcoin is done, none can save it anymore

in 10 years the network will go against 3 halving(counting the one of the next year also), the supply will diminish to 450( pay attention this is the the mining supply), the absorbtion will be only 310500, compared to nearly 900k of what it is now(230 x 3800)

basically you're saying that bitcoin will face a slow decline from now and that his death will happen in 5-10 years

assuming that bitcoin won't die, a realistic estimate based on the absorbtion of the mining supply, should tell you that the price will be at least equal to what it is now

so we are talking about a price x3 of what the OP is aiming at, around 2k at the very least

[odolvlobo]

5-10 years for reaching a mere 690? this must be a joke, if by that time bitcoin is still at 690, then something went utterly wrong, and bitcoin is done, none can save it anymore

It is entirely possible for Bitcoin to become widely adopted while the price to remains where it is now or even falls.

[HarryPotHead]

5-10 years for reaching a mere 690? this must be a joke, if by that time bitcoin is still at 690, then something went utterly wrong, and bitcoin is done, none can save it anymore

It is entirely possible for Bitcoin to become widely adopted while the price to remains where it is now or even falls.

Yeah, that's true but it cant stay that way for ever. In the beginning of mass adoption we may see that but once its taken hold there will be no stopping this rocket to the moon we call Bitcoin.

[eerygarden]

5-10 years for reaching a mere 690? this must be a joke, if by that time bitcoin is still at 690, then something went utterly wrong, and bitcoin is done, none can save it anymore

It is entirely possible for Bitcoin to become widely adopted while the price to remains where it is now or even falls.

Do you think? I look at it in the sense that if it becomes widely adopted then it's demand would obviously sky rocket and naturally the exchange price would rise. I would be quite surprised if it's popularity increased and its current value remained the same.

[Amph]

5-10 years for reaching a mere 690? this must be a joke, if by that time bitcoin is still at 690, then something went utterly wrong, and bitcoin is done, none can save it anymore

It is entirely possible for Bitcoin to become widely adopted while the price to remains where it is now or even falls.

i don't think so, for example if big business companies enter in play they need to move an enormous amount of money, in the range of billion, and with the current tiny market cap, they will end in controlling the total supply, thus making everyone else(especially small business) deprived of the opportunity to use bitcoin

this is the primarily reason, why the price matter, and why can't stay at this level, when the fully adoption will kick in

[odolvlobo]

Yeah, that's true but it cant stay that way for ever. In the beginning of mass adoption we may see that but once its taken hold there will be no stopping this rocket to the moon we call Bitcoin.

Do you think? I look at it in the sense that if it becomes widely adopted then it's demand would obviously sky rocket and naturally the exchange price would rise. I would be quite surprised if it's popularity increased and its current value remained the same.

That's nothing more than wishful thinking and wild speculation.

i don't think so, for example if big business companies enter in play they need to move an enormous amount of money, in the range of billion, and with the current tiny market cap, they will end in controlling the total supply, thus making everyone else(especially small business) deprived of the opportunity to use bitcoin

this is the primarily reason, why the price matter, and why can't stay at this level, when the fully adoption will kick in

Amph, you make a good argument though. Moving billions of dollars worth of bitcoins would require a more valuable bitcoin to support it, but keep in mind that entities moving those amounts of value in dollars don't actually move dollars. They use things like treasury bills and plain old IOUs. Large movements of value denominated in bitcoins would probably be similar.

Other reasons why increased adoption does not necessarily mean increased price:

• Fractional-reserve banking. If you believe that Bitcoin is immune to fractional-reserve banking, you are being naive.
• Bitcoins, and other crypto-currencies and crypto-assets are much more efficient to transfer. For the same amount of economic activity, many fewer bitcoins are needed. The demand as a result of increased adoption would not be as high as you think. Especially with the huge overhang of hoarding that we have now.

[Amph]

one scenario where i could see bitcoin remaining in this current price situation, or slightly higher, while reaching fully adoption(or fully possible adoption, there is a big difference here), would be a scenario full of other useful coins, that will be adopted on large scale(but still under bitcoin in terms of network power and price) and therefore will dilute the overall price of bitcoin

[eerygarden]

Other reasons why increased adoption does not necessarily mean increased price:

• Fractional-reserve banking. If you believe that Bitcoin is immune to fractional-reserve banking, you are being naive.
• Bitcoins, and other crypto-currencies and crypto-assets are much more efficient to transfer. For the same amount of economic activity, many fewer bitcoins are needed. The demand as a result of increased adoption would not be as high as you think. Especially with the huge overhang of hoarding that we have now.

could you elaborate on fractional reserve banking for me please?

[randy8777]

5-10 years for reaching a mere 690? this must be a joke, if by that time bitcoin is still at 690, then something went utterly wrong, and bitcoin is done, none can save it anymore

It is entirely possible for Bitcoin to become widely adopted while the price to remains where it is now or even falls.

Do you think? I look at it in the sense that if it becomes widely adopted then it's demand would obviously sky rocket and naturally the exchange price would rise. I would be quite surprised if it's popularity increased and its current value remained the same.

you expect too much from bitcoin, bitcoin at $1000 will be an amazing achievement. a market cap of around $20 billion is more than enough.

[Erdogan]

Btc is just a speculative instrument without a real use case scenario right now.
If it will find its place in the economy then yeah, it could probably go higher than that. You want to throw 1% of your portfolio and hope for the best? Do it. Are you bagholding from when the price was more than two times of what it is now? Then something is not going well with your equity management and there are no reason right now to take even more risk and loss.
You are talking 10 years in the future, but do a reality check and think about how many things will happen and how technology will change in ten years. The only thing that can and will grow exponentially in this world is technological advancement. It means that everything you hold today is most likely not to increase in value because things tend to become obsolete faster and faster.

It is money now, highly liquid with good money properties.

Imagine you live in Argentina, and want to go to the US on vacation. You have to convert your pesos to USD, spend, and convert the remaining USD back to pesos when you come home. That is the same as I do now using bitcoins in stead of pesos.

[eerygarden]

5-10 years for reaching a mere 690? this must be a joke, if by that time bitcoin is still at 690, then something went utterly wrong, and bitcoin is done, none can save it anymore

It is entirely possible for Bitcoin to become widely adopted while the price to remains where it is now or even falls.

Do you think? I look at it in the sense that if it becomes widely adopted then it's demand would obviously sky rocket and naturally the exchange price would rise. I would be quite surprised if it's popularity increased and its current value remained the same.

you expect too much from bitcoin, bitcoin at $1000 will be an amazing achievement. a market cap of around $20 billion is more than enough.

You know what? You are probably right. I first got excited by bitcoin around a year ago. I bought a few and held until I sold for roughly 50%-60% loss a couple of months ago. The thing that remains though is that the technology is still very exciting and it's potential is huge. It's all down to other people though to make it happen. I can only join in with dreaming the dream. But that's actually pretty important as the more people that believe bitcoin has value is what will actually make it more valuable.

[LottoBooking]

Will I make it?

How much do you hold currently?

~40 BTC

Five years to break even - reach $690? Are you kidding me? At current Bitcoin growth, I believe that Bitcoin will reach $700 in two years time. And probably over a thousand in five years.

That's what I'm hoping

I do, but I also put in ~$25K into bitcoin in the last year, which is a lot already, should I really risk more.... bitcoin price recovering is still uncertain

Don't be stupid. If you are asking strangers on a website how to invest your money, then you should not be investing at all. Sell your bitcoins and put the money in a savings account so you don't lose it.

It wasn't a question... I'm telling him who much I'm already risking and why I probably shouldn't risk more.

Sell my bitcoins now? LOL.... yeah, that sounds stupid

Losing $15,000 because of BTC simply implies how risky that is...
It's terrible, and I'm sorry for this loss you're having, but if I were you I would take the loss and avoid further losses, I don't think the price of BTC will go up, it has more chances to keep on dropping especially in light of raise of interest rates (you don't get interest % on your BTC).