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re: President Trump signs crypto executive order to create a national digital asset stockpile
Posted on 7/22/24 at 11:37 pm to tenderfoot tigah
Posted on 7/22/24 at 11:37 pm to tenderfoot tigah
tenderfoot tigah, it amazes me to see all of the non believers, who are going to miss out on this new asset class. I agree with you.
Trump and Elon speaking at the Bitcoin convention this week might light a powder keg. Imagine other countries starting a race to create Bitcoin strategic reserves, for wealth preservation of countries while their FIAT devalues over time. More and more countries are already in race mode by copying and allowing Bitcoin Spot ETFs in their country.
I trade Bitcoin volatility and now make way more money doing that than I ever did in my corporate career. But people can make money in this cycle and beyond just holding. Although I could care less about about the negative Nancy's on this board, I do hate to see so many people that I know missing out.
The non believers in the US will be in the minority soon, and especially after Bitcoin goes parabolic later this year. They really need to open their eyes, but ultimately they will. Here are some facts about crypto ownership just in the US.
1. Cryptocurrency awareness and ownership rates have increased to record levels: 40% of American adults now own crypto, up from 30% in 2023. This could be as many as 93 million people.
2. Among current crypto owners, around 63% hope to obtain more cryptocurrency over the next year. Their most desired currencies were Bitcoin, Ethereum, Dogecoin, and Cardano.
3. The rate of crypto ownership by women has surged from 18% a year ago to 29% at the start of 2024.
4. 21% of non-owners said the anticipated Bitcoin ETF makes them more likely to invest in cryptocurrency. This means as many as 29 million more Americans could join the market soon.
5. 46% of Americans think Bitcoin ETF approvals in 2024 will positively impact the blockchain industry. Those who currently own cryptocurrencies are even more likely to be optimistic.
Trump and Elon speaking at the Bitcoin convention this week might light a powder keg. Imagine other countries starting a race to create Bitcoin strategic reserves, for wealth preservation of countries while their FIAT devalues over time. More and more countries are already in race mode by copying and allowing Bitcoin Spot ETFs in their country.
I trade Bitcoin volatility and now make way more money doing that than I ever did in my corporate career. But people can make money in this cycle and beyond just holding. Although I could care less about about the negative Nancy's on this board, I do hate to see so many people that I know missing out.
The non believers in the US will be in the minority soon, and especially after Bitcoin goes parabolic later this year. They really need to open their eyes, but ultimately they will. Here are some facts about crypto ownership just in the US.
1. Cryptocurrency awareness and ownership rates have increased to record levels: 40% of American adults now own crypto, up from 30% in 2023. This could be as many as 93 million people.
2. Among current crypto owners, around 63% hope to obtain more cryptocurrency over the next year. Their most desired currencies were Bitcoin, Ethereum, Dogecoin, and Cardano.
3. The rate of crypto ownership by women has surged from 18% a year ago to 29% at the start of 2024.
4. 21% of non-owners said the anticipated Bitcoin ETF makes them more likely to invest in cryptocurrency. This means as many as 29 million more Americans could join the market soon.
5. 46% of Americans think Bitcoin ETF approvals in 2024 will positively impact the blockchain industry. Those who currently own cryptocurrencies are even more likely to be optimistic.
This post was edited on 7/23/24 at 12:01 am
3
Posted on 7/23/24 at 12:41 am to 98eagle
Don't think of BTC as digital currency, more of a store of value (property).
Gold is not a rare element, readily available, and found around the world and being dug up every single day. BTC is a finite asset (21 M), 5-8M are thought to lost, and large holders haven't parted with much at all. The amount that is produced daily, 450 BTC vs the amt gobbled up by Black Rock, Fidelity, Ark, etc is a small fraction. This doesn't account any retailer purchases of which there are many.
Back in the day when the US govt made gold illegal to possess, it was manipulated overnight and it's not like you could hop on a plane these days with any substantial amount of gold on your person. The amount of people in the world that own BTC on an exchange or cold wallet that could take that and go ANYWHERE in the world with access to it at a moment's notice makes it less manipulatable. The more countries, companies, people and the likes accept the inevitable, the better and more valuable it becomes.
Gold is not a rare element, readily available, and found around the world and being dug up every single day. BTC is a finite asset (21 M), 5-8M are thought to lost, and large holders haven't parted with much at all. The amount that is produced daily, 450 BTC vs the amt gobbled up by Black Rock, Fidelity, Ark, etc is a small fraction. This doesn't account any retailer purchases of which there are many.
Back in the day when the US govt made gold illegal to possess, it was manipulated overnight and it's not like you could hop on a plane these days with any substantial amount of gold on your person. The amount of people in the world that own BTC on an exchange or cold wallet that could take that and go ANYWHERE in the world with access to it at a moment's notice makes it less manipulatable. The more countries, companies, people and the likes accept the inevitable, the better and more valuable it becomes.
Posted on 7/23/24 at 6:19 am to 98eagle
quote:
The non believers in the US will be in the minority soon, and especially after Bitcoin goes parabolic later this year
I’ve been hearing this statement every year for almost a decade.
Look, …. nobody is saying Bitcoin is a bad asset class …. neither is gold.
But it is a foolish investor that fails to acknowledge and account for Risk along with the positives - just as with every other asset class.
Continued good fortunes
This post was edited on 7/23/24 at 6:32 am
Posted on 7/23/24 at 6:38 pm to tenderfoot tigah
Crypto is a modern day Ponzi scheme - another tulip bust.
Crypto is not an investment - it is a gamble.
Crypto is not an investment - it is a gamble.
Posted on 7/23/24 at 7:43 pm to KillTheGophers
quote:
Crypto is a modern day Ponzi scheme - another tulip bust.
Crypto is not an investment - it is a gamble.
I'm just glad that I didn't miss out on this Ponzi scheme you speak of. It's still treating me very well.
Posted on 7/23/24 at 7:58 pm to KillTheGophers
quote:
Crypto is not an investment - it is a gamble.
A traditional finance connoisseur? I wire away stacks of money I never see to a distant bank, hoping it'll grow through investments in companies I can barely name. In return, I receive digital screenshot of my success, all because someone somewhere thinks a stock is worth a hefty sum and another is willing to cash out. The grand theater of global finance.
Good luck to you.
Posted on 7/23/24 at 8:00 pm to MrSpock
Posted on 7/23/24 at 8:10 pm to 98eagle
quote:I liked your post but this factoid cracked me up. 98% of Americans would have no idea what this sentence even means.
46% of Americans think Bitcoin ETF approvals in 2024 will positively impact the blockchain industry.
Posted on 7/23/24 at 8:45 pm to KillTheGophers
quote:
Crypto is a modern day Ponzi scheme - another tulip bust.
Just give it up already. This talking point is from 2013.
Posted on 7/23/24 at 9:44 pm to cadillacattack
quote:Its up over 26,000% over that decade
I’ve been hearing this statement every year for almost a decade.
Posted on 7/24/24 at 6:54 am to TigerTatorTots
We are living in a modern day gold rush and tons of smart investors can't see the forrest for the trees.
Posted on 7/24/24 at 8:56 am to TigerTatorTots
I have no problem with people who don't like Bitcoin. I have a major problem with people who don't have the intellectual curiosity to try and understand it come out bashing it.
If a portion of ones peers are telling you this is the greatest financial development in our lifetime, don't you at least want to try and understand it before making comments?
That's the part I don't understand. (Obviously not directed at you TTT)
If a portion of ones peers are telling you this is the greatest financial development in our lifetime, don't you at least want to try and understand it before making comments?
That's the part I don't understand. (Obviously not directed at you TTT)
Posted on 7/24/24 at 12:49 pm to tenderfoot tigah
quote:
We are living in a modern day gold rush and tons of smart investors can't see the forrest for the trees.
This isn't unique to BTC. History is littered with investors that lament about opportunities that beat them over the head years earlier.
I was one of the tens of millions of investors that didn't understand the prospects of e-commerce back in the day Amazon could be bought for a dollar. I mean, what was Amazon's PE in 1998?
Posted on 7/24/24 at 1:44 pm to tenderfoot tigah
That’s all rumor
Trump is absolutely against digitizing the US currency and is firmly on record
Trump is absolutely against digitizing the US currency and is firmly on record
Posted on 7/24/24 at 2:22 pm to David_DJS
same here.
remember saying to myself, "no way an online bookstore is going to be worth much"
add to it Walmart, MSFT, Apple, etc
remember saying to myself, "no way an online bookstore is going to be worth much"
add to it Walmart, MSFT, Apple, etc
Posted on 7/24/24 at 2:55 pm to tenderfoot tigah
quote:
JD Vance holds a large amount of Bitcoin. Bitcoin is digital gold and many countries and large corporations are holding Bitcoin as a store of wealth. Bitcoin is also seen as a tool for financial freedom because it cannot be shut down or controlled.
But why?
The greater fool theory?
Posted on 7/24/24 at 3:36 pm to SlidellCajun
quote:
That’s all rumor
Trump is absolutely against digitizing the US currency and is firmly on record
You don't understand what you're commenting on. Bitcoin becoming an asset in the strategic reserve has nothing to do with digitizing US currency.
You're right about it being a rumor, however - and highly unlikely he'll do this, let alone make an announcement along that line.
Posted on 7/24/24 at 3:57 pm to David_DJS
I typed something similar out but then deleted. It’s crazy how many people have an opinion on something they know absolutely nothing about
Posted on 7/24/24 at 4:27 pm to SlidellCajun
quote:That is correct and I don't see him moving away from that stance. CBDCs are bad. Not entirely the same subject as a "bitcoin strategic reserve".
Trump is absolutely against digitizing the US currency and is firmly on record
Posted on 7/24/24 at 4:28 pm to David_DJS
quote:Its Slidell...if you are familiar with his postings, his question would not surprise you. Be prepared for him to comment the same thing over and over again without reading answers.
You don't understand what you're commenting on. Bitcoin becoming an asset in the strategic reserve has nothing to do with digitizing US currency.
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