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The same is true for the US Dollar (the Russians certainly don’t want it). Further, the same has been true for the Argentinian Dollar for decades. Many other currencies that I could name as well.
Oh, russians are those who want it the most.
I had always thought of BTC in terms of an alternate currency but I watched a video yesterday with Saylor where he pitched it instead as a store of value. While the concept was not new to me, it was a really interesting video and he did a good job with it. BTC will not replace the dollar, but its probably going to eat gold.
Its physical durability is established. You'll have no problems dealing with a 150-year-old coin, but I could see even things like "paper key/secret" storage falling apart if the appropriate ecosystem isn't there to restore access.
Its volatility is far less than BTC. The dollar still does better by that metric in non-dramatic times, but there's the implicit "if you're looking for alternative value stores, you've probably already turned up your nose to the dollar."
Offline cash in and out is still easier. Most communities have a coin dealer who will happily exchange dollars for sovereigns, or back. Yes, the spread is probably large, but I'd trust a cash-in-hand transaction with a local dealer a lot more than an exchange who will suddenly go into "we no longer offer fiat withdrawls, have some HappyFunCoin instead mode.
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What value does it provide?
None. Its a scarce resource that has been mutually agreed upon to be desirable. Much like gold or diamonds. Sure they have some limited use in non jewelry applications but nothing that justifies their prices vs the existing supply besides people just agreeing they are valuable. As a store of value though vs gold it has more positives. Much easier to transport a billion dollars worth of btc than gold. Much easier to s…
I might be wrong, it can always keep going up, but is it wise to make a big purchase of an asset that has just reached an all-time high? Especially given how volatile BTC is - it could possibly go to 200k or higher, or it could possibly lose 70% in a year like it did in 2022.
At today's price, MSTR owns about $14B of Bitcoin and has a market cap of almost $30B. Has anyone here actually used MicroStrategy, the product/service offering? Is the software company behind it worth the implied $16B, or is MSTR essentially just a Bitcoin ETF with a really bad fee ratio? (I’m not even counting the $2B debt on their books) Would I be dumb to do a long BTC / short MSTR pair trade?
At today's price, MSTR owns about $14B of Bitcoin and has a market cap of almost $30B. Has anyone here actually used MicroStrategy, the product/service offering? Is the software company behind it worth the implied $16B, or is MSTR essentially just a Bitcoin ETF with a really bad fee ratio? (I’m not even counting the $2B debt on their books) Would I be dumb to do a long BTC / short MSTR pair trade?
Of course now that spot ETF is approved it changes the picture somewhat, but it looks like MSTR is still needed as an institutional vehicle for wrapping BTC.
I might be wrong, it can always keep going up, but is it wise to make a big purchase of an asset that has just reached an all-time high? Especially given how volatile BTC is - it could possibly go to 200k or higher, or it could possibly lose 70% in a year like it did in 2022.
You should see the tweets of these guys. Not only they expect it to always go up, they think this is still in early stages and the price of 1 BTC could go to millions of USD.
Possibly the worst website I remember trying to read on mobile. Finding, reading and not loosing the actual text was a real challenge.. too bad, would have liked to know the content.
(I think) Coindesk is one of the better ones...
Earlier quoted context omitted.
You should see the tweets of these guys. Not only they expect it to always go up, they think this is still in early stages and the price of 1 BTC could go to millions of USD.
Unless there is massive inflation how would that even be possible? At $1 million it becomes close to the value of all gold combined, the GDP of the United States or the market cap of the entire Nasdaq. At that point, where does the money come from to buy more?
"Bitcoin has all the the metal's great attributes, but none of its problems."
This is a very risky move, considering how leveraged the company already is.
yeah. i would rather raise $ to deploy if BTC falls a lot to buy the dip . buying at 70k seems so foolish