Morning Folks!!
I have been telling Berkens that I think that eventually Gold and Bitcoin will be priced at the same level. So that means that bitcoin $1250-$1300 is on my horizon. When? Well, I think bitcoin will be going down as we approach April 15th and tax time. I see no reason for it to go up after that and so I see it declining for the remainder of 2019.
I have been out of bitcoin for over a year. Way before the BIG crash. It was a perfect storm in late 2017. Bitcoin got caught up in Christmas, and we saw a phenomenon. Things like that don't often repeat itself. But we all witnessed something extraordinary.
There was still demand for bitcoin for Valentine's Day 2018. Even for graduation time 2018. How do I know this stuff?? I just do. There is n question. It's just an invisible phenomenon that can be seen when you have a trained eye of what to look for. Some think BIG buys drive up prices when it may be quite the contrary. One person buying 1000 coins may not even move the needle. 1000 people buying 1 coin each can send the price to the moon, even if the price is hollow. That's just the way it works. The increase came from SMALL buyers. Guess what?? The small buyers are all gone and the big buyers are on to the next big thing and it ain't bitcoin or any crypto coins. They have their own stable
But that's all over now. Bitcoin for Christmas 2018? NOPE! That was a fluke in 2017 and won't even be a thought for 2019. We all witnessed something unique. That's why studying business history is key to YOUR success! It's the onramp to the next big thing. Don't ask what the next big thing is, DISCOVER IT!!!!!
I watch bitcoin "Climb Lower"every time there is an upward spike. That upward spike usually dissipates and then loses ground. Not good!
Bitcoin has a place and a use. But the frenzy is over, and I don't see it coming back unless we have WW3 or there is some significant instability. As a currency, it will stay, but I don't believe it will ever be $20,000 again. I don't even see $10,000. I don't even see $5000. We watched a phenomenon, and now that is just part of history, the history of
May go down in history with tulips. The demand is down and I just don't see a bright future. There was a moment and people made fortunes. Moments don't last forever. It was real and you had to participate and take a risk to make $$$. But IMHO, that opportunity is over. And as far as other coins, good luck! Just another money grab. There is always room for Coke and Pepsi. Hertz and Avis. Nike and Addidas. Apple and Microsoft. Study business and there are always 2 great rivals. Rarely, but sometimes a 3rd or 4th. Ford and Chevy. Mercedes and BMW. Toyota and Nissan.
Consolidation usually eats up the smaller and the weaker. Of course, things can change. But look at Venezuela. That would be a perfect place for bitcoin and a boom. But does not seem to be happening. Stay tuned. But I believe Gold and Bitcoin will eventually be priced the same. They both represent something similar. However gold has more uses, but bitcoin will be easier to spend. They are the same to me, but things can change. Governments and currencies can collapse. Bitcoin is a monetary instrument that is the single biggest threat to governments and countries. So I still the importance, just don't see the value because we witnessed a stampede. A Frenzy. It was cool and great and fun to watch! Best thing since the Pet Rock. It was the Hula-Hoop of finance. Hula-hoops are still around, but the frenzy ended 60 years ago.
NEXT!!
Rick Schwartz
John
> “Bitcoin is a monetary instrument that is the single biggest threat to governments and countries.”
They can effectively squash it any time they want and render it practically worthless. All they have to do among other things is outlaw brick and mortar from accepting it, and business will fall in line. And I’m confident “they” eventually will if not in our lifetime. In this country “government” will never tolerate anything as “money” on a meaningful scale outside of its control and that of the (private club, non-government) Fed. You might even say that in reverse. It’s only a matter of time.
This day is eventually coming and the technology already exists for it now: thedomains . com/2018/12/19/u-k-tax-authorities-do-not-see-crypto-assets-as-currency/#comment-228931.
John
PS, the “bs” has already been in place for sometime now by “government” only allowing it to be considered a “commodity” instead of a “currency” or “money” – just like with gold.
John
And PPS, the nice thing about gold is that it really does have real value intrinsically.
Bobby
Dear Rick,
I have spoke of this before.
More than likely we bottom Next year (2020) at $500-750 per bitcoin.
This is about Trading! About trading vehicles.
And trading vehicles have trading patterns hence Technical Analysis.
Commodities, currencies, equities, etc.
They all trade in patterns.
Typical blow off tops take 3 years to correct (bottom specifically).
– Tulip mania peaked in 1634, bottomed in 1637
– Look at the 1929 stock market. Peaked in 29 and bottomed in 32.
– Silver peaked in early 80, bottomed in late 82.
– Dow tech bubble of 1999/2000. Peaked March 2000, bottomed in 2002.
– Dow housing bubble peaked in Oct 2007, bottomed in March 2009.
– Nikkei stock market peaked in 1989. 1st major bottom in 1992.
Return to glory on Bitcoin?
Not sure but it took the Dow in 1929 25 years to get back to that level in 1954.
Silver based for around 20 years after 82 before launching back to $50 in 2011 over 30 years later.
The Nikkei is still struggling to regain the 89 level.
And tulips never came back to anywhere near such manic price levels of 1634.
See the patterns? All based on collective human behavior.
Bobby
Correction – my tulip data is off IF historical financial data for that time period is correct. If so, the peak and bottom occurred within one year.
Everything else I mentioned checks out.
Reuben
I am creating my own coin. It will be very different from all these worthless coins. I will keep you updated
John
LOL – like the domain-killer website you won’t tell us about? :D
Snoopy
Oh dear, Reuben’s non existent coin is somehow amazing and everyone else’s is worthless. Sound a lot like “SPAM = Sites Positioned Above Mine” for the crypto world.
If you work 247 Reuben perhaps you need to sleep a bit more?
Reuben
Don’t worry. I will show you, just give me some time. I work almost 247. I wish I was born when these things started
John
I already gave you a triple dog dare in the earlier thread, Reuben. You can’t go against a triple dog dare.
I’m confident nobody cares if the domain-killer website is not finished yet. I’m sure people will be happy to see it as is. The great new coin can wait.
Jay
CRYPTOCURRENCY is the keyword not bitcoin in my opinion.
bitcoin can disappear tomorrow but cryptocurrency will last forever.
John
Government controlled digital currency which is no doubt cryptological, and not “forever.”
Jay
Cryptocurrency is Forever
Cryptocurrency is decentralized
If you are stupid enough to buy government
controlled digital anything you are a fool.
John
Buy? Wow, you are clueless, and you didn’t read my other comments. Decentralized is a joke if it has little to no real value after “government” decides to crack down.
Jay
You are truly a troll and a jackass goodbye. You would have to shutdown the internet you fool. Jesus Christ my IQ just went down responding to your idiotic comment. Stick to your CLUELESS GTLD “investments”
Btw where is your domain name John all you have is that cheesy two dollar carnival glass picture of vegas you threw 3 darts to get. And btw I drive a 488 Ferrari gtb what do you drive?
John
No, all you people who think crypto is some great answer and antidote to government power and control are deluding yourselves. And I don’t know where you’re getting the “gtld” thing so I can’t let readers think you know what you’re talking about. I have a very tiny # of them as an END USER, a small # of great .US, a few net’s and org’s, and hundreds of .com’s. I won’t comment on the driving thing, but that looks like a very impractical waste of money and it’s not good to brag about such things. Wouldn’t even want it. And thanks for calling me all those lovely names.
Jay
I bought it for $4200 but you don’t know what the hell im talking about you are really clueless! and second you’re not talking to your weak ex brother in law. This is a real blog so if you cannot hang with the big dogs stay on the porch and don’t try and call out people you don’t know.
John
Well Jay it sure looks like you’re the one having trouble hanging with me. And you’re right – I have no idea on earth why you would mention your Ferrari and ask what I drive if you only paid $4200 for it. Most normal people would have inferred certain normal things about why you would have even done that for a car that’s normally around $250k prior to revealing the price here, so I guess I’m clueless. Most normal people would have inferred certain normal things about telling me to stick to my “CLUELESS GTLD investments” too.
Personally, I have inferred that you have become quite upset.
The talking point about having to “shutdown the internet” when it comes to crypto, by the way, sounds appealing and reasonable, but it doesn’t hold any water. I briefly bought into it myself a while back. But there are only so many kilos of coke and marijuana one might want to buy, only so many bootleg videos and mystery boxes. Bitcoin and crypto only really have value and are perceived to have value if they have really money-like value in the mainstream, with acceptance by businesses and the implied future progress of mainstream adoption. All “government” would ever have to do is outlaw that with a single word, and then the party’s over. And that is where this world is heading. Digital currency, controlled by “the government,” and you can forget about being able to use your Bitcoin or other crypto not under government control on Amazon and at the shopping mall and grocery store and to pay your bills.
Jay
My $4,200 investment in cryptocurrency turned into $360,000 but you wouldn’t understand that because your tiny little GTLD mine cannot compute high dollar amounts much less anything else. I am done responding to you. Bye
John
Okay so then you did blow around $250k on the Ferrari? Wow, that would be sad. And I thought I just set you straight on gtlds and me…
John
And by the way: I probably have FAR less new gtld domains than Rick does, and Mike Berkens, and whoever.
So there. (That’s really for the readers, not you, no need to come back upset again.)
Snoopy
You can see it is still badly overpriced by the number of people still making crazy predictions. It won’t bottom until most of the people with a get rich quick mentality have left, that is years away. May go to $200. It has its place though (grey market transactions, avoiding government oversight etc) and I don’t see it going away.
domain guy
There is a possibility of a bitcoin etf in the future. And bitcoin is the original concurrency which I think will stay higher than any other concurrency.I could also see the winklevoss twins doing something to create market value/demand for bitcoin in the future.The bitcoin could be pegged to a market or service. Interesting rick you see a free fall.
Michael Anthony Castello
It would be better as a digital currency- $1 to bitcoin $1.25 dollar. That way it could be used by the common comsumer and investor. It’s mass usage could pay for its mining cost. The problem with the day to day viability of crypto is the cost of mining it needs to have crypto above the $5k mark. I don’t see any way for it’s future unless it is controlled by governments, which completely kills its relevancy.
What makes the dollar globally valuable and viable is the US military that protects it. That costs around $700 billion per year and the economic world sees it as security. Crypto currently does not look stable nor secure.
Snoopy
Bitcoin could drop to $50 and mining would still be viable, the stuff in the media about the cost of mining is nonsense.
Jose
The values of the crypto coins the first Bitcoin was an spectacular launch and the millionaire inventors and big fortunes, get many USD.
Small investors at the beginning of Bitcoin make very good money. small and medium investors hold Bitcoin to a limit then see that it was in free fall and its collapse was predictable.
Now for the little to read be $ 3000 but the other currencies fall a few days ago, there will never be a stability to not have the approval of the US Federal Reserve and will take a long time to have it in my humble opinion.
Happy Day. Jose.
Alex Verdea
Bitcoin is dead! The 1% of people that were thinking BIG back in 2009 and bought into Bitcoin got to be BILLIONAIRES and Millionaires TODAY.
The other 99% bought into the “craze” aka “GET RICH QUICK”.
According to Google Trends and Twitter stats Bitcoin is fading.
If you are going to get “rich” DON’T do the “Get Rich Quick”; instead go for “Get Rich For Sure”!
What I am saying is BITCOIN is NOT the right vehicle!
That’s my 2 cents for today…