Tick Tock Tick Tock

Bitcoin smashed through $11,000 per coin and then got smacked down 20%. If you bought at $11,000, you’re pretty pissed off right now. Just remember that volatility is bound to happen as people cash out of their investments, but if the coin isn’t in a bubble (I think it is) then the price will continue higher long term.

However, if this is a bubble popping, the price could return to 2015 levels, but it will take time. Bitcoin has value, but not $300 billion worth. The entire worth of BTC is probably under $1 billion because it actually has no utility value at all. When it is used for transactions, that transaction is still tied to a dollar, euro, or pound value.

Just to reiterate what I said in my last podcast, the price could keep going higher. Owners have seen pullbacks before and it’s not a mature enough asset class to think it has any valuation metrics, whether price / relative strength / etc.

Personally, I don’t think the value of the coin is anywhere near this level. I also don’t know if Bitcoin or the other 1,000+ coins will make it long term. Yet, one thing is for sure… I wish I’d got in at $0.01, $0.10, $1.00, $10.00, $100, or even $500 per coin. At this point, saying anything else means you’re not a capitalist, because if you did get in at those levels, you’d be up SUBSTANTIALLY, and could take profits and keep the rest to ride out.

If this is something you’re thinking about… Good Luck.

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