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Originally Posted by Chung Tran
Continue to rise?
It is in free fall as I type. All crypto is faltering. Why is Bitcoin unraveling again, after collapsing to near zero in 2018?
Could it be because it never had any economic reason to go higher? How does one value bitcoin? Nobody can tell me. All I ever hear is ''it will go up LATER, when people figure out that Bitcoin is becoming a new currency''. even if it does, why would it be an investment that goes up in value? How long are we supposed to wait until crypto returns yield? Why does it go down in concert with the NASDAQ stocks that were similarly bid up in price, despite a zero history of earnings?
I'm still waiting on a convincing argument. Just because the technology is relatively new, doesn't make it a worthy investment. Look ar Space Travel companies, for example. New, exciting technology.. Virgin Galactic is down 500% in a year.
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I hear you. Like I said, I don't consider it an investment like investing in a company that you expect to "use your money" to profit. It's just another way to gamble. You'll win some and lose some. Same as if you put your money in VIX, or, well, any index fund, or currency, or, well, just about anything traded on an exchange.
Bitcoin was the first successful cryptocoin, but I suspect that its success is waning. Lots of people don't like the amount of energy required to complete transactions. There are lots of other options, and I think one of them (or a future cryptocurrency) is going to topple BTC in just a few years, but which one that will be is anyone's guess.
In the meantime, like many other stocks, it's just a rollercoaster for traders to use to gamble. Compare March 2020 ($6k) to April 2021 ($63k) to July 2021 ($32k) to November 2021 ($69k) to today (back to $32k). It's crazy and I think it's the big traders with automated algorithms that are profiting off slow individuals who are making bad decisions.
I would not consider BTC to be a sound investment with long term (holding it for a decade) value.
