Crushing the shoulders of giants, and melting faces, one price target at a time.
Once deemed unthinkable by most people, #Bitcoin is about to pull off some astonishing feats.
We’re now less than $2,500 away from $100,000. Strap yourselves in for even wilder rides in the coming months. Many altcoins are just getting started.
Here’s a list of some of the most significant records it is about to break or has recently broken:
– It overtook silver last month
– It’s within $120 billion of overtaking Alphabet (Google), which has been around twice as long as the flagship cryptocurrency.
– It only needs an extra $56 billion to its circulating market cap to become the seventh asset in the world to reach a $2 trillion valuation.
– Bitcoin’s hash rate – a key measure of network security – continues setting new highs.
Looking at the bigger picture, this is what Bitcoin needs to do to take its success to the next level:
– When BTC reaches approximately $152,000 per coin, it will be the fifth asset to hit a $3T valuation.
And the most coveted prize, overtaking gold.
Unfortunately for you Bitcoin maximalists, we’re still far from achieving this.
BTC would need to get to a whopping $800,000 per coin to become numero uno, but this could be less if we witness a mass sell-off of gold to buy up BTC.
On the contrary, there might be a large increase in gold prices in preparation for more US inflation and surging US government debt. This is a real possibility if gold’s 2024 performance is anything to go by.
But if there’s one thing you’ve learned from your involvement in this space, it’s this:
NEVER underestimate Bitcoin’s price performance.
This extends to various altcoins, including a handful with a handful of blue-chip cryptos.
As Ivan on Tech says, you’ve gotta respect the pump.
On that note, don’t forget to take profits, particularly at the peak of the crypto mania. Once we get ridiculous gains (i.e., massive % increases in BTC and altcoin prices), it’s time to start getting the f$&k out because you know a correction is imminent.
For the record, this is still months away. Nonetheless, have an exit strategy and don’t get too greedy, especially if you need the money.
Additional thoughts
Between multi-billion and -trillion-dollar asset managers such as BlackRock, Fidelity, VanEck, 21Shares, WisdomTree, Grayscale, etc. offering spot Bitcoin (and some providing spot Ethereum) ETFs, stricter KYC, AML and broader government regulations, and a push for greater transparency for BTC and altcoin reserves on crypto exchanges, there comes a point where I have to ask Bitcoin/crypto haters and sceptics this question:
How much more will take for you to finally accept that BTC, ETH and some altcoins are legitimate investments with robust utility?
For some, the answer is never. Part of this is due to pride and not wanting to admit defeat.
Some of these are still banking on the “Bitcoin Ponzi scheme” to unravel and finally “crash to $0”.
What worries (in some ways) is that certain individuals will be profoundly scarred knowing that they squandered multiple chances over the years to generate life-changing gains.
I’ll never forget this story. In 2018, I did rideshare driving and picked up this 20-something passenger who was off to the casino.
I mentioned Bitcoin in passing, he told me he bought ETH at $10, only to then sell it at $6 because he needed money.
This guy was distraught, knowing that ETH hit $1,400.
No idea what happened to him, but he struggled to cope with missing that opportunity, just imagine him now.
I sympathise with him and most young people still trying to understand this relatively nascent asset class and (fin)tech sub-sector.
But there are others – including some close-minded people I know – older than me who complain about “missing out”. To them, I say, “Go f$#k yourselves”.
You’ve refused to take me and other sensible Bitcoin/crypto commentators seriously since 2017, so I have no sympathy for them.
This is what happens when you don’t take chances in life.
As my renowned compatriot would say, they’re fast-tracking their way to Destination F$#ked.
Unless a group of prodigious tech nerds come along and manage to make a ridiculously good quantum computer and break Bitcoin’s encryption (I wish them luck because it’s almost impossible) before the blockchain migrates to a quantum-resistant setup, then nothing will stop Bitcoin.
Records will continue to tumble and people who’ve remained on the sidelines will only become more deranged when they find it how much money they could have made.
Disclaimers
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N.B. None of this is financial advice; I am not a financial advisor. You are ultimately responsible for crypto investments, let alone in any asset class.
- The opinions expressed within this piece are my own and might not reflect those behind any news outlet, person, organisation, or otherwise listed here.
- Please do your own research before investing in any crypto assets, staking, NFTs or other products affiliated with this space.
- Bitcoin (BTC) and Ethereum (ETH) account for about 50% of my crypto portfolio at the time of writing.