Silversaving wrote:dae2dae wrote:bitcoin over 8k!
As someone who last bought btc at $900, $8k works for me!
It appears to me that there are a few peeps that took advantage of buying BTC early, and they appear to have done really well for themselves, even with the 65% drop in BTC price off it's high. I have a feeling that just like the PM run up of 2010/2011, a lot of peeps jumped on the spaceship blasting off, and have now lost their asses! How many times have you read in this forum about the peeps that bought into AG when it was $45/oz? How many commercials on the radio and TV pushed AG and AU IRAs. It appears to me that those same commercials have been edited to replace PMs with BTC. While I'm a very strong personal responsibility advocate, I'm concerned about the impact that is going to be felt from all the lost value that many many people are going through with the precipitous drop in BTC off it's high. Why should I care? It didn't effect me & my family. Right?
To me, the parallels of BTC are striking with the PMs. I just compared the AG price chart from 2003 to 2013, and the BTC price chart for 1/1/17 to present, and the likeness is striking. Eerie actually. If you take away the time frame, they are really really similar. Over the next few weeks/months I wonder if BTC will track similarly to how AG has since 2013?
My opinion is: (At least at this point), BTC is merely digital PM. The fact is it's still measured and traded in currency denominations. Just like PMs. While one can purchase goods a bit more readily with BTC than you can with AG or AU, at the end of the day, BTC, AG, AU, etc. one would still need to convert any of them to the USDs in order for me to make a deposit it into one's checking account, if one resides in the USA. Albeit, the conversion process for BTC involves a whole lot less gas and time. And no matter how popular cryptocurrency becomes, I don't see that fact ever changing.