Quote from: The Pharmacist on Today at 12:59:45 AM

I just had to un-ignore the Speculation section seeing as how bitcoin is going through the roof and I'm interested in hearing what people have to say about it.

Quote from: Dsdaq on January 03, 2021, 03:56:07 PM

There is a saying that whatever goes up most come down.

A lot of people would argue that it's not just a saying but a law of both physics and finance--and I don't think I'd be able to argue against that successfully. Bitcoin has shot up really far, really fast, and usually that means it's going to experience some kind of correction sooner or later.

The thing that appears to be different between 2021 and 2017 is that the price is seemingly being buoyed by institutional investors with very deep pockets and not thousands of speculators who would tend to sell once they've made a decent profit. I think companies like MicroStrategy and Grascale are in bitcoin for the long term and thus shouldn't be dumping large amounts of it onto the market and thereby initiating a correction or crash.

We'll see though. Most of my predictions about bitcoin have been wrong, so I'm not even going to try to make one here. I'm just keeping my fingers crossed that the market can sustain it at around $34k or so for a while.

Yup that's the key. Instead of emotional FOMOing retail investors who just heard about bitcoin and bought it to get rich quick (and dump it as soon as they see their first correction) it's long term holding institutions that are eating up all the supply. Apparently east asian whales have been selling a lot of their bitcoin, which means whale supply is moving into long term institutional holds. And that trend will continue. Pretty soon there is going to be such an absurd supply shortage things are going to get real interesting. There will be corrections, but they won't last that long, cuz institutions aren't gonna leave the market for years like retail investors do, they're just gonna buy more at a discount when they get the chance, leaving fewer and fewer liquid coins on the market for the rest of the world. I have a feeling the next few years are going to blow every one away. John McAfee was just a few years too early in his prediction.