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12-01-2021, 11:12 PM
(This post was last modified: 12-01-2021, 11:15 PM by Wildreamz.)
Which aspect is strange?
The theory of why the rise (increase adoption; FED accelerated money printing during COVID, increasing money supply; hence, Bitcoin reacted), and what Bitcoin is theocratically worth is out there, for many years; e.g. (1) it's digital gold, it will achieve the same "market cap" of gold, or (2) it could replace the fiat, hence, achieving the same market cap of M2.
Personally, to me, the rise in price just means there are more believers today than 4 years ago; demand outstrip supply, hence, price moves accordingly.
(not vested; small exposure through Square Inc.)
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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(12-01-2021, 11:12 PM)Wildreamz Wrote: Personally, to me, the rise in price just means there are more believers today than 4 years ago; demand outstrip supply, hence, price moves accordingly.
(not vested; small exposure through Square Inc.)
I am of the opinion that the rise of bitcoin is a symptom of the amount of animal spirits in the market. Animal spirits tend to use the actions of the Fed/Central Banks to justify their own actions.
Rather than more believers, I believe these folks are actually speculators at heart. So yes, there are more people believing that they can make money off bitcoin.
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https://www.cnbc.com/2020/11/20/where-vi...high-.html
In 2021, there are more believers, speculators, innovation, business models built on top of the Bitcoin ecosystem. These can all be true at the same time.
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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26-01-2021, 11:38 AM
(This post was last modified: 26-01-2021, 11:38 AM by weijian.)
I don't really dabble in cryptos. So was surprising to hear that one could use crypto to buy crypto. That is definitely a nice way to inflate prices and attract real money in!
The Bit Short: Inside Crypto’s Doomsday Machine
The pattern was obvious. Practically all the crypto sold on these three exchanges was being bought with Tethers. None at all was being bought with USD.
https://crypto-anonymous-2021.medium.com...dcf78a64d3
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01-02-2021, 09:13 AM
(This post was last modified: 01-02-2021, 09:13 AM by weijian.)
The last sentence reminds me of Toto. Buying toto is endearing to many. With CNY around the corner, the 7digit angpao draw is arriving soon to give hopes to plenty of punters.
What I Think of Bitcoin
Overall, it’s clear that Bitcoin has features that could make it an attractive storehold of wealth; it also has proven resilient so far. However, we have to acknowledge that this financial vehicle is only a decade old. In absolute terms and vis-a-vis established storeholds of wealth such as gold, how will this digital asset fare going forward? Future challenges may still come from quantum computing, regulatory backlash, or issues we haven’t even determined yet.
Even if none of these materialize, Bitcoin, for now, feels more to us like an option on a potential storehold of wealth.
https://www.bridgewater.com/research-and...of-bitcoin
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02-03-2021, 08:45 AM
(This post was last modified: 02-03-2021, 08:46 AM by Wildreamz.)
https://news.bitcoin.com/shark-tanks-kev...portfolio/
Shark Tank's Kevin O'Leary Reverses Stance on Bitcoin, Says Crypto Is Here to Stay, Invests 3% of His Portfolio
Bitcoin is becoming a religion, and religion is profitable: https://www.weforum.org/agenda/2017/01/r...e-thought/
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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07-03-2021, 07:47 PM
(This post was last modified: 07-03-2021, 07:49 PM by Wildreamz.)
https://www.marketscreener.com/quote/sto...-32626343/
Meitu : VOLUNTARY ANNOUNCEMENT - PURCHASE OF CRYPTOCURRENCIES (ETHER AND BITCOIN)
Quote:The Group has purchased 15,000 units of Ether and 379.1214267 units of Bitcoin ("BTC"), both cryptocurrencies, in open market transactions at an aggregate consideration of approximately US$22.1 million and US$17.9 million respectively, on March 5, 2021. These purchases were made pursuant to a cryptocurrency investment plan previously approved by the board of directors (the "Board") of the Company (the "Cryptocurrency Investment Plan"), under which the Group may make a net purchase of up to US$100 million worth of cryptocurrencies, financed by its existing cash reserves other than any remaining proceeds from the Company's initial public offering
First major Chinese public company to put Bitcoin and Ether on their balance sheet, following moves from American counterpart like Tesla, Square, MicroStrategy etc.
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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08-03-2021, 10:26 AM
(This post was last modified: 08-03-2021, 10:26 AM by weijian.)
It probably make sense because no Central Bank in this world will give up their authority to control their own currency supply. And no "sane" Central Bank will start to buy bitcoin (or any other mainstream cryptos) as a "storage of value" to replace their gold holdings.
But it is going to be good for speculators, until it isn't.
China's plan for digital yuan imperils bitcoin's biggest markets
TROUBLE may be brewing in China for bitcoin's raucous and divisive rally as the country pushes ahead with a world-leading effort to create a digital version of its currency.
That's because the eventual roll- out of the virtual yuan could roil cryptocurrency markets if Chinese officials tighten regulations at the same time, according to Phillip Gillespie, chief executive of crypto market maker and liquidity provider B2C2 Japan, which mainly works with institutional investors.
https://www.businesstimes.com.sg/banking...st-markets
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08-03-2021, 10:40 PM
(This post was last modified: 08-03-2021, 10:42 PM by Wildreamz.)
https://www.bnnbloomberg.ca/norwegian-oi...-1.1573799
Norwegian oil billionaire joins the bets on Bitcoin
Quote:Oil billionaire Kjell Inge Rokke has come out strongly in favor of Bitcoin, as he bets the cryptocurrency will prove the best defense against the disruption facing the finance industry and central banking.
Rokke’s Aker ASA, which controls oil and oil service companies and has more recently branched out into green tech and renewable energy companies, is setting up a new business, Seetee AS, to tap into the potential of Bitcoin, according to a statement on Monday.
“Bitcoin may still go to zero. But it can also become the core of a new monetary architecture,” Rokke, Norway’s second-richest person with an estimated $5.4 billion net worth, wrote in a shareholder letter. He says it’s not inconceivable that one Bitcoin could one day “be worth millions of dollars.”
“People who know the most about Bitcoin believe its future success is nearly inevitable,” Rokke said.
(No Bitcoin position; small exposure through Square and Tesla.)
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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01-04-2021, 04:54 PM
(This post was last modified: 01-04-2021, 04:56 PM by Wildreamz.)
“If you buy a business just because it’s undervalued, then you have to worry about selling it when it reaches its intrinsic value. That’s hard. But if you can buy a few great companies, then you can sit on your ass. That’s a good thing.” - Charlie Munger
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