he/him - Chief Diversity and Inclusion Officer
"But remember this, until you convert your bitcoin to something else, it really is nothing. Just a number on a screen. No different than any other security."in the history of trading all things, no traded security has gone straight up defying gravity. When you do see this it creates a euphoria, FOMO (for of missing out), and people who are normally more level headed will eventually say what the hell. Have I looked at it? You bet.
This is all fine and I congratulate everyone who has made money here. But remember this, until you convert your bitcoin to something else, it really is nothing. Just a number on a screen. No different than any other security.
Also know that these meteoric rises can take weeks or months, or years....when, not if it starts to go the other way, the door out gets really really small. This means the rate of a sell off is much higher than the rate of growth.
One of the really interesting parts of this is that there are other competing crypto currencies. This means that people might jump from one ship to the next. This would also potentially excellerate a decline as people will see the brand X currency start to take off (FOMO).
will it be the end of bitcoin? Highly unlikely.
I dont own any bitcoin. I also am not advising people to buy it, not buy it, sell it, hold it, ignore it or what ever. I am also not ruling it out as a hedge and may in fact buy into it at some point. I would prefer to wait however for a really big sell off but thats just me.
This is timebound
Today, one has limited options to actually buy goods and services using bitcoin. Microsoft, paypal, few other places and beyond that it's the domain of cyber criminals, human trafficking and organized crime
But soon (and I think I've already posted this elsewhere...losing track here), there are 4 billion people for whom our financial systems as they are today have failed. A farmer in Africa may not have a bank to deposit his worthless FIAT collected from a selling his beans at a local market, nor can he borrow money from a bank to expand operations. 4 billion people have no access to credit.
Bitcoin is going to change all that. In the developed world, we don't see that need. In the developing world, the demand is pent up and about to burst.
Africa is thought by many to be the next frontier. A day will come when Sierra Leon will accept only bitcoin for their diamonds, South Africa will accept only bitcoin for it's rare earth metals. They see it as the magic bullet to unshackle themselves from western FIAT slavery
Bitcoin will eventually become unhinged from FIAT