Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
You know, Bitcoin has two small problems. Not Bitcoin, but how the world sees it.
1. Speculative asset: Which it definitely is. Not by design, but with derivatives and leveraged trading. Not a first order Bitcoin problem.
2. Too-good-to-be-true asset: With it's historical price development, Bitcoin is expected to crash into oblivion, sooner or later. Ordinary people are afraid to invest because they fear it's the absolute peak every time they even think about getting their fiat into BTC.
To the disadvantage of the retail market, smart institutional money are using these two sentiments to get cheap corn OTC. They will be the ones dumping on us, and if not, they will be the Bitcoin banks of the future. It's not that complicated. Well, in all its details it is, of course, but overall these two are currently the biggest problems in Bitcoins price dynamics. Well, this and people are seemingly thinking more short-term than ever before, to their own disadvantage.
my few cents
1. Speculative asset: Which it definitely is. Not by design, but with derivatives and leveraged trading. Not a first order Bitcoin problem.
2. Too-good-to-be-true asset: With it's historical price development, Bitcoin is expected to crash into oblivion, sooner or later. Ordinary people are afraid to invest because they fear it's the absolute peak every time they even think about getting their fiat into BTC.
To the disadvantage of the retail market, smart institutional money are using these two sentiments to get cheap corn OTC. They will be the ones dumping on us, and if not, they will be the Bitcoin banks of the future. It's not that complicated. Well, in all its details it is, of course, but overall these two are currently the biggest problems in Bitcoins price dynamics. Well, this and people are seemingly thinking more short-term than ever before, to their own disadvantage.
my few cents
You've identified at least two problems (although there are more) that are likely to affect people's acceptance of Bitcoin as an investment, let alone as a currency. As you say, most people are still very cautious about Bitcoin because they think that something like that simply cannot last forever and that there must come a time when it will collapse - and even when they clearly see that such a scenario is increasingly difficult to achieve, they hold on to their old beliefs because it is difficult for them to admit that you, me and some others were right, and they were clearly wrong.
It may sound a little offensive to some, but if someone hasn't been able to understand what Bitcoin is in 15 years, will they ever be able to understand it? Somehow I don't believe that people in general are that unintelligent, but rather that most are heavily influenced by what politicians and media say, which tend to glorify centralist beliefs.
It's rare that ordinary people have the opportunity to be ahead of people with large capital, and Bitcoin was (and still is) just such an opportunity that was offered to them on a golden platter while people like Saylor and companies like BlackRock were publicly saying that Bitcoin was doomed and that it was something only used by criminals. Today, the story has completely turned around, and it is once again shown that those who have money can always turn the game in their favor, only the stakes are much higher today than they were 7-8 years ago.
For all those who invested in BTC 10+ years ago and still haven't sold (most of it), the greatest satisfaction may be that we outsmarted them and that we won't sell them everything they want even if they offer $1 million for BTC
