Remember bitcoin isn't going to bring you a huge profit quick. It will fluctuate but most likely you will have gain. Now 10, 20 years down the road, you definitely will see an increase in your funds. As long as things continue the way they have been. They most likely will.
Anthony Pompliano, who tends to be on the conservative side of medium term predictions and uses reasonable valuation metrics, is seeing 1M as his new 5 year target. If you are familiar with some of the more famous names in the cryptocurrency world I would recommend watching his recent appearance on Lex Friedman's Youtube channel.
I am wondering if there will be a drop in bitcoin prices in the near future, due to some investors having to sell to get funds for taxes.
Unlikely, the vast majority of BTC coins are in treasuries and whale accounts now and they are HODLing for years if not decades. Even in years past when BTC was held in much weaker hands there were no significant dips that could be attributed to tax selling.
The recent small drop looks to provide a good time to buy, before the rebound
Yes, if you trading BTC … good luck. But if you are buying to hold for several years or longer just about any time should be good to buy. RIght now is a little better than the last few weeks. The fact that US officials have indicated their biggest concerns yet regarding BTC and are talking about increasing regulation while some countries like Turkey have recently just banned BTC outright would have sent other stores of wealth like precious metals into a tailspin.
How and why does cryptocurrency work? Why is it worth anything? Can anyone break it down?
I start off small and see how it grows.
I would recommend searching "Bitcoin documentary" on Youtube to get a sense of what crypto currency is. Bitcoin differs in important ways from other crypto so this would be just a starting point.
The phase "Stack your Satoshi's" reflects how small incremental investments in BTC over time can lead to impressive wallets in the long run. Probably true of many altcoins as well.
I bought about $300 of cryptocurrency 2 months ago and I have made $375 from it. I'm at $675 now!!
Congratulations if this is the beginning of a long term strategy!
Buffett and the other guys say they see no future in it.
I raise you Mark Cuban, Elon Musk, the Winklevoss's, Tim Draper, Michael Saylor, Raoul Paul, Chamath Palihapitiya, Kevin O'Leary, and perhaps most impressively, Cathie Wood. I could go on but you get the idea. "The other guys" have been predicting the collapse of BTC for most of the 2010's. Who knows, maybe they will some day be right but I am not betting against the first and most widely supported blockchain based currency in the world.
Buffet also said similar things about gold yet Berkshire Hathaway has trimmed financials and entered gold miners. IF you believe gold or other precious metals can be a store of value then BTC can just as easily be substituted. And cryptos have some unique advantages over metals.
I consider it a possible bulwarks against hyper inflation. It doesnt seem terrible to have a little on hand in case things go crazy in the future
Elton Musk did a big hit to bitcoin, by causing a drastic price drop he will cause some to panic and sell out. But when the price stabalizes it could be a chance for. lot of folks to by in for the ride back up
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My thesis for investing in BTC is stronger than ever so I am very happy to see these price dips to accumulate at a lower basis. It would actually be nice if it dropped more considering where it will be 5 years out.
I wonder if Elton Musk is buying more bitcoin. He is smart enough that he could have had a strategy to cause the price to drop so he could leverage his buy.
That would go counter to what he has said recently stating that Tesla MAY release BTC from its treasury. He would be in BIG trouble with the SEC if he made statements about TSLA which is publicly traded but was actively taking the opposite position of his public statements.
I believe the main motivation for Elon's "about face" on Bitcoin in particular is the reported threats from China, which is VERY anti-BTC. The Chinese Communist Party has stated that they are considering what actions they will take following TSLA's announcement that BTC will be accepted for payment in retail transactions.
Musk is likely playing nice with China after being told that he "has a nice EV company there, it would be a shame if something should happen to it if they keep promoting BTC."
how can I gain knowledge on crytocurrency
Rosie L., read but remain skeprical of the concealed advertisements, trere if a lot of info out there.
I recently signed up for Coinbase. I'm learning a lot about crypyocurrency.
I am interested in getting into this
Same here
very interesting
