Quote:
Originally Posted by ithos
Bitcoin probably has some major moves to the upside left in it. The crypto whales still have the same manipulative tricks up their sleeves and there will probably be another wave of hedge funds and billionaires who will dive in for the first time because of FOMO. But the recovery from 80% pull backs that so many talk about happened when the market cap was much lower so it took far less inflow of new money to make that happen. The higher it goes the more greater fool money it will take to keep it thriving as so many early adopters are cashing in while they can.
Also if you look at the major moves they were when PayPal became brokers, derivative markets entered the fray and when the bitcoin ETF was created. The only catalyst you have left that I can think of is if governments start to pile in like El Salvador did.
I still believe that Tether will be its downfall once it has been exposed or a superior crypto becomes widely adopted. Also there are many major institutions and corporations who piled in late have to report why their investments dropped 30 to 40% in one or two quarters that will not repeat that mistake.
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You make some good points but there are more catalysts ahead. There is no real Bitcoin ETF. Yet. It will get approved eventually and when it does even people like the luddites in this thread will jump in. There is also scarcity. Only 2 mil more will be mined. Another halfing coming up in 2 years. Those have been catalysts in the past.
There will also be headline upside when cash rich companies like Apple + Google announce they're carrying BTC on their balance sheets. That is coming.
It's still early days as far as main stream adoption goes. When every 401K has the option to buy BTC then we'll be near full adoption. By then we'll be trading a fixed asset with minimal new coins available.
With BTC still standing pretty strong while many many crap coins tanked completely that is just one more argument for BTC as the singular mainstream crypto asset.
The ponzi scheme analogies are pretty funny. Especially coming from people watching their Fiat currencies shrink in front of their eyes.