Bitcoin is still early

[xraygoggles]

what is Peter Schiff suggesting? gold?

Yep, he's a gold bug, and has been for a while. Really anti-crypto, which is kinda strange for someone who is so libertarian. Cognitive dissonance is real.

[xraygoggles]

Just checking in and hoping some of you have allocated at least a small portion of your portfolio to Bitcoin. It has started a nice bull run, but has a long ways to go.
This thread is doing well....and it is going to hold up well with time:

https://www.whitecoatinvestor.com/forum/general-investing/204494-bitcoin-lets-see-if-wci-s-head-explodes

Do yourself a favor and do some reading....and although I was more patient in May with my recommendations....I'm saying to do it more quickly now. Good luck my friends.

What are your thoughts on Ripple? The SEC going after them for securities fraud seems like a big deal, but on the other hand, 80 or 90% of the trading volume is from Europe and Asia. The price crashed spectacularly last few days, and it may continue downward.

[xraygoggles]

Also: Bitcoin at 26.5k. WOW. I wonder when it will correct, and to what level (30k down to 15k, 50k down to 30k, 40k down to 1k?)

I sure wish I had bought a lot more than I did when my friend introduced me to btc at 300$....

[NapoleanDynamite]

What are your thoughts on Ripple? The SEC going after them for securities fraud seems like a big deal, but on the other hand, 80 or 90% of the trading volume is from Europe and Asia. The price crashed spectacularly last few days, and it may continue downward.

The people I have learned from...that have been in on Bitcoin for many years typically do not believe other coins will be necessary in the future. They may or may not be correct, but the more I learn about the other coins, the less I have wanted to hold any.

Ask yourself why the heavy hitters like Michael Saylor, Paul Tudor Jones, Bill Miller etc only hold Bitcoin and not alt coins?

In my opinion ETH, XRP and other coins do not belong in a Portfolio’s asset allocation for retirement. They may have spectacular returns over the next year or two but I would put them in a similar bucket as individual stocks at best. At worst they are scams (which is why the “crypto” space frequently gets a bad name). My opinion of Bitcoin is different. I think it not only belongs in ones portfolio but should have some significant portion. 5-10% would be a good place to start.

As for the price point currently with BTC, I am not surprised in the least. I think it will get to 30k amd then meet some resistance, but my opinion holds that it will break the 50k mark over the next 12 months. And if I’m being honest, this is a very conservative estimate. I honestly think it will be over 100k with a shot at 300-500k. I think the 3-500k marks are unlikely in the next 12 months, but very likely for the next 5-10 years.

For what it’s worth- I’m still buying....and my returns on BTC for the year are about 300% for the year. I bought in to approx. 5% of my portfolio initially. With returns this year along with additional DCA it now represents over 15% of my portfolio. I may rebalance some time in 2021 depending on many different factors.

[Brains428]

https://www.sec.gov/news/press-release/2020-338

Here is the stuff on Ripple/XRP, for the lurkers.

I'm wondering what will happen to BTC if GA goes blue.

[xraygoggles]

The people I have learned from...that have been in on Bitcoin for many years typically do not believe other coins will be necessary in the future. They may or may not be correct, but the more I learn about the other coins, the less I have wanted to hold any.

Ask yourself why the heavy hitters like Michael Saylor, Paul Tudor Jones, Bill Miller etc only hold Bitcoin and not alt coins?

In my opinion ETH, XRP and other coins do not belong in a Portfolio’s asset allocation for retirement. They may have spectacular returns over the next year or two but I would put them in a similar bucket as individual stocks at best. At worst they are scams (which is why the “crypto” space frequently gets a bad name). My opinion of Bitcoin is different. I think it not only belongs in ones portfolio but should have some significant portion. 5-10% would be a good place to start.

As for the price point currently with BTC, I am not surprised in the least. I think it will get to 30k amd then meet some resistance, but my opinion holds that it will break the 50k mark over the next 12 months. And if I’m being honest, this is a very conservative estimate. I honestly think it will be over 100k with a shot at 300-500k. I think the 3-500k marks are unlikely in the next 12 months, but very likely for the next 5-10 years.

For what it’s worth- I’m still buying....and my returns on BTC for the year are about 300% for the year. I bought in to approx. 5% of my portfolio initially. With returns this year along with additional DCA it now represents over 15% of my portfolio. I may rebalance some time in 2021 depending on many different factors.

Ripple was disliked by many people because it's not a centralized cryptocurrency - it's distributed by a central bank: Ripple Labs, Inc. I was disappointed when I got the alert on my phone about the SEC lawsuit: I had to dump my coins immediately. Didn't want to risk it.

Ethereum however is a whole different ballgame. I would not consider it an altcoin. There is a lot of innovation happening on it recently: the explosion of the DeFi ecosystem on the blockchain, with entirely new tokens for that purpose; the advent of eth2, a sleeker and more robust network upgrade which improves mining efficiency; increased staking ability with the ability to get 5-10% returns yearly for lending your ether (great if you're a HODLer; I staked some of mine to see how it works out).

My crypto portfolio was half/half eth/btc before this moonshot last few weeks. Also have some Chainlink tokens, which is the most prominent and largest market cap token for DeFi, as well as Bitcoin Cash, that I got when it forked off of Bitcoin in 2017. The rest are highly speculative; even more so than the top 2. I have noticed that they haven't followed Bitcoin's rise like they did in 2017. Maybe their time will come soon enough...

I'm very much looking forward to 2021: with the rush of institutional buying, creation of crypto ETFs, easier access to crypto for retail investors, and its continuing innovation, particularly the aforementioned DeFi platform, it will be another breakout year for the big coins. I agree with you on Michael Saylor: he's a very bright guy, and is taking a calculated risk. I watched some of his interviews after I found out his big bets on Bitcoin, and came away impressed by his reasoning behind making the switch.

[NapoleanDynamite]

https://www.sec.gov/news/press-release/2020-338

Here is the stuff on Ripple/XRP, for the lurkers.

I'm wondering what will happen to BTC if GA goes blue.

Republican or Democrat...I’m not sure it really matters for BTC. Unless the government decides to tighten fiscal policy, I don’t see the price trend changing anytime soon (minus the volatility). I don’t think they can do that anytime soon without sending us into a global depression.

I believe the bigger concerns come as bitcoin grows. Gold, Bond, and treasury reserve holders will fight back.

[jacoavlu]

Ripple basically doesn’t belong in the same conversation as Bitcoin

Arguably same for Eth as there are significant concerns about its version “decentralization”

[NapoleanDynamite]

https://www.sec.gov/news/press-release/2020-338

Here is the stuff on Ripple/XRP, for the lurkers.

I'm wondering what will happen to BTC if GA goes blue.

If Georgia does go to the Democrats, the tax implications on BTC may change....but I would say this is true for every other investment that we hold.

Based on a runoff we just had in our city, I think the Republican senators will win in Georgia. There was a strong anti-Trump vote that showed up in November that will likely not show up for the runoff. Just my 2 cents.

[xraygoggles]

https://www.sec.gov/news/press-release/2020-338

Here is the stuff on Ripple/XRP, for the lurkers.

I'm wondering what will happen to BTC if GA goes blue.

The SEC FinCEN unit under Trump is currently rushing to make new proposals to require exchanges like Coinbase to log personal information about their crypto holders. It's purely political, without the requisite 60 day comment period from the public. Trying to cram down a horrible policy right before he leaves, to favor his cronies, I'm sure. Par for the course last 4 years. This admin is not crypto-friendly at all.

Biden admin will be much more favorable IMO. Not because they are somehow holier or anything like that, don't get me wrong. His incoming staff is comprised of the same academic Wall Street-types that O had. And since the Smart Money/Big Money is now getting into Bitcoin at a breakneck pace, they will surely play a role in making sure there is every reason for it to succeed.

[Brains428]

I clipped my original comment- my wonder about GA going blue is more of a question of a potential pullback in risky assets in early January (BTC and good old fashioned equities included). Even a 30% pullback would only bring 1 BTC down to 19k or so, which still prices out a lot of people.

[jacoavlu]

I clipped my original comment- my wonder about GA going blue is more of a question of a potential pullback in risky assets in early January (BTC and good old fashioned equities included). Even a 30% pullback would only bring 1 BTC down to 19k or so, which still prices out a lot of people.

anyone buying btc should be treating it same as investing in equities - for the long term. Buy as if you can’t touch it for 10+ years

and priced out makes no more sense than saying someone is priced out of buying SP500. They’re essentially infinitely divisible.

[Lordosis]

How does one short Bitcoin?

[Brains428]

How does one short Bitcoin?

https://www.ledgerx.com/

Never used it. It's what showed up on google. Good luck

[Lordosis]

https://www.ledgerx.com/

Never used it. It's what showed up on google. Good luck

Haha, No. Just no.