Bitcoin price hits $100K for first time in history

11 years ago I sold 100 BTC, and made pretty good money. With that said, the more I think about BTC, the less sense it makes to me. Exceedingly few people actually use it for anything practical. The “store of value” functionality has completely eclipsed the practical use that Bitcoin maxis were preaching back then. Since 2016-2017, it seems like people have bought it for the sole purpose of seeing someone else pay more for it. It will never become some “universal” currency that overtakes national fiats. Right now it seems like people are only hoping for governments to hoard up BTC, to moon the price and provide exit liquidity for early holders - which IMO would be reckless spending. It is the ultimate make-believe asset.

Also, when I ran the numbers some time ago, I figured a realistic max value for 1 BTC would be 500k-1M.

So the big money has been made, imo. Betting on a good stock could make you just as rich, as waiting BTC to reach its max. Most money will be made buying and selling between the boom cycles.

Re: Bitcoin price hits $100K for first time in history

#8

Post by the_duke » Thu, Dec 05, 2024, 11:01 AM UTC

Are there theories why Trump getting elected caused such a spike?

Expected sanctions devaluing other currencies, higher risk of conflict (eg Iran -Israel/US war) causing economic instability, ... ?

Re: Bitcoin price hits $100K for first time in history

#9

Post by cft » Thu, Dec 05, 2024, 11:02 AM UTC

TrackerFF wrote: post #7

Duplicate comment from the other thread: 11 years ago I sold 100 BTC, and made pretty good money. With that said, the more I think about BTC, the less sense it makes to me. Exceedingly few people actually use it for anything practical. The “store of value” functionality has completely eclipsed the practical use that Bitcoin maxis were preaching back then. Since 2016-2017, it seems like people have bought it for the s…

>Also, when I ran the numbers some time ago, I figured a realistic max value for 1 BTC would be 500k-1M

In what units? What makes you think there won't be Argentina-style inflation of the USD?

Re: Bitcoin price hits $100K for first time in history

#10

Post by gbnwl » Thu, Dec 05, 2024, 11:03 AM UTC

Adam121 wrote: post #3

[flagged]

Sure but predicting Bitcoin will crash again is like predicting the sun will rise tomorrow, obvious and not a novel or useful prediction. What is your long term prediction of whether/when it will die off and never recover? So far the "HODL" people keep getting vindicated every cycle with higher and higher peaks. Unless you can point to a specific strategy of when to short, what's the utility of this view? Even "just avoid it like the plague" has been a increasingly losing strategy.