Bitcoin, baby!
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Posts
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Coming up to $54,000 per coin… I still predict it’s going to go to zero but having gotten in the year ago for a small amount it’s been a fun ride.
Curious if anyone thinks that bitcoin or any of the other virtual currencies actually have legs?
As a finance major/young professional, betting on bitcoin is a gamble to me. The fundamental of valuing securities/companies/ anything comes from the future cash flows discounted back to today’s value. Since bitcoin doesn’t guarantee future cash flows like bonds or derive its value from assets like stocks/companies, any movement in bitcoin price is based on people’s speculation.
Maybe in 100 or 50 years, we’d get rid of paper/fiat currency and move to cryptocurrency. But, I am not willing to participate in that gamble.. yet
Google, “net-positions-of-cme-bitcoin-futures-by-trader-category-weekly”. For some reason, I can’t post the link here. The hedge funds are short-selling bitcoin future, which means that they’re betting that the price is going to fall, and bubble is going to burst soon.
Same as Gamestop, these short-selling by hedge funds moves market price a lot, and leads speculators to believe that they should be investing when they should not.
It’s solidly sticking @ ~52k level… predictions are that it’ll go another 4x at least.
Still believe it’s a gamble – don’t invest more than you can afford to lose – but it’s fun watching it go up!
$65,000!
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