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For the Bitcoin Bros - $400,000 in 2021?

creepycougcreepycoug Member Posts: 22,741
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edited May 2022 in Tug Tavern
Now, with many bitcoin and crypto analysts trying to call where the market top will be, a Bloomberg analyst has predicted the bitcoin price could hit $400,000 this year—even as Musk seems more interested in "joke" bitcoin rival dogecoin.

https://www.forbes.com/sites/billybambrough/2021/04/08/bitcoin-price-prediction-why-bitcoin-could-rocket-to-400000-in-2021/?sh=77443b5b27a3

Also,

The precise cause of the early Saturday morning bitcoin price surge was not immediately clear, however, a cryptic tweet from Tesla TSLA +0.1% billionaire and bitcoin-buyer Elon Musk has spurred the $2 trillion cryptocurrency market higher.

"... going to moon very soon," Musk said via Twitter, shortly after the bitcoin price jumped, perhaps referencing the popular "bitcoin to the moon" meme and sparking speculation Musk's rocket company SpaceX could follow Tesla in adding bitcoin to its balance sheet.

https://www.forbes.com/sites/billybambrough/2021/04/10/moon-very-soon-cryptic-elon-musk-spurs-bitcoin-on-as-price-suddenly-blasts-past-60000-and-ethereum-hits-fresh-high/?sh=7150f33b4e0a

The bet is almost elegantly simple. You're not reading a balance or evaluating a business. You have $60,000 to invest - I do - and you throw it into this thing and basically cross your fingers.

Can someone talk me into, or out of, this?

@greenblood ???
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    BleachedAnusDawgBleachedAnusDawg Member, Swaye's Wigwam Posts: 10,472
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    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.
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    BasemanBaseman Member Posts: 12,365
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    edited April 2021
    creepycoug said:

    Now, with many bitcoin and crypto analysts trying to call where the market top will be, a Bloomberg analyst has predicted the bitcoin price could hit $400,000 this year—even as Musk seems more interested in "joke" bitcoin rival dogecoin.

    https://www.forbes.com/sites/billybambrough/2021/04/08/bitcoin-price-prediction-why-bitcoin-could-rocket-to-400000-in-2021/?sh=77443b5b27a3

    Also,

    The precise cause of the early Saturday morning bitcoin price surge was not immediately clear, however, a cryptic tweet from Tesla TSLA +0.1% billionaire and bitcoin-buyer Elon Musk has spurred the $2 trillion cryptocurrency market higher.

    "... going to moon very soon," Musk said via Twitter, shortly after the bitcoin price jumped, perhaps referencing the popular "bitcoin to the moon" meme and sparking speculation Musk's rocket company SpaceX could follow Tesla in adding bitcoin to its balance sheet.

    https://www.forbes.com/sites/billybambrough/2021/04/10/moon-very-soon-cryptic-elon-musk-spurs-bitcoin-on-as-price-suddenly-blasts-past-60000-and-ethereum-hits-fresh-high/?sh=7150f33b4e0a

    The bet is almost elegantly simple. You're not reading a balance or evaluating a business. You have $60,000 to invest - I do - and you throw it into this thing and basically cross your fingers.

    Can someone talk me into, or out of, this?

    @greenblood ???

    I want to pull the trigger but I can't. I just can't.

    Bought some COIN this morning. They have 12% of the crypto market and make 0.5% per transaction. Their share of the market is expected to grow. Risks: Crypto market collapses. More competition enters the space drives the transaction fee lower.

    Investment thesis. $2.2 trillion market and growing. First mover advantage and already profitable. $3B+ net 2021 income if they match the first quarter. Disrupter and backed by a lot of smart rich people.
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    creepycougcreepycoug Member Posts: 22,741
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    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
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    BasemanBaseman Member Posts: 12,365
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    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    Did you buy from Coinbase?
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    creepycougcreepycoug Member Posts: 22,741
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    Doog_de_Jour said:

    I was so convinced crypto was this generation’s tulip craze. I’m kicking myself for not buying a little early on just for funsies.

    Fuck me and my overly conservative investment strategies.

    I told you in the other thread that I was in. Time and place sweet cheeks.
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    BleachedAnusDawgBleachedAnusDawg Member, Swaye's Wigwam Posts: 10,472
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    Baseman said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    Did you buy from Coinbase?
    Yes, and if that was a bad idea please be nice because I am just now dipping my toe in to the investment game. This is the most interesting bored on this site for me right now even though I don't understand half of the acronyms and hawt talk being passed around.
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    BleachedAnusDawgBleachedAnusDawg Member, Swaye's Wigwam Posts: 10,472
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    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.
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    BasemanBaseman Member Posts: 12,365
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    edited April 2021
    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    You can buy fractional coins. Enter the amount you want to buy and the app will show you the amount you're $ will buy. If you do it on Coinbase they'll take a 0.5% fee. I don't know if other venues charge fees. Coinbase appears to be the Crypto platform for dummies. Safe and easy to use. So, I'm told.
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    dirtysouwfdawgdirtysouwfdawg Member, Swaye's Wigwam Posts: 11,825
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    Baseman said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    You can buy fractional coins. Enter the amount you want to buy and the app will show you the amount you're $ will buy. If you do it on Coinbase they'll take a 0.5% fee. I don't know if other venues charge fees. Coinbase appears to be the Crypto platform for dummies. Safe and easy to use. So, I'm told.
    If I can do it, @FireCohen can do it.

    Very easy. Interface is a little clunky but I’m sure it’ll get better.
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    BuffBuffPassBuffBuffPass Member Posts: 322
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    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Bitcoins are divisible up to 8 decimal places. 0.00000001 BTC is called a satoshi, or a sat for short, after the pseudonym of the creator. A lot of Bitcoiners just set a monthly buy of x number of satoshis and call it "stacking sats".

    As for the article, it's possible but unlikely IMO. Bambrough is the worst kind of Bitcoin journalist. Basically pure clickbait.
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    BuffBuffPassBuffBuffPass Member Posts: 322
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    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.

    This is what people misunderstand. Bitcoin is the long term safety net. It's the hedge against countries with insane monetary policies, including ours. At a minimum it will continue to eat gold's market share of the store of value market but it's the hedge against the psychotic MMT promoters too.
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    creepycougcreepycoug Member Posts: 22,741
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    Baseman said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    You can buy fractional coins. Enter the amount you want to buy and the app will show you the amount you're $ will buy. If you do it on Coinbase they'll take a 0.5% fee. I don't know if other venues charge fees. Coinbase appears to be the Crypto platform for dummies. Safe and easy to use. So, I'm told.
    You read my mind. I drafted that question and didn't hit "Post Comment" before being distracted on something else. So you can wade into the pool. Good to know.
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    MelloDawgMelloDawg Member Posts: 6,095
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    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.
    You sound poor.
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    BleachedAnusDawgBleachedAnusDawg Member, Swaye's Wigwam Posts: 10,472
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    MelloDawg said:



    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.
    You sound poor.
    Trying way too hard, band fag.
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    MelloDawgMelloDawg Member Posts: 6,095
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    BleachedAnusDawg said:

    MelloDawg said:



    BleachedAnusDawg said:

    creepycoug said:

    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    If it goes up to 400? What odds do we? need for that to happen before you roll $60,000? Unless I'm misunderstanding ... you need $60k for one bitcoin, right?
    Yeah, $60+k right now for one coin. If I had a million in the bank $60k would still be too big a risk to me. I don't have the funds to do much gambling versus long-term security right now.
    You sound poor.
    Trying way too hard, band fag.
    Or not trying hard enough.
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    RoadDawg55RoadDawg55 Member, Swaye's Wigwam Posts: 30,123
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    Doog_de_Jour said:

    I was so convinced crypto was this generation’s tulip craze. I’m kicking myself for not buying a little early on just for funsies.

    Fuck me and my overly conservative investment strategies.

    Same. I had a friend go in heavy in 2017 but I thought it was too late because it was already mainstream. He told me I would regret not buying some. I was taught or at least self taught to think that once the average Joe finds out about something it’s too late.
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    Doog_de_JourDoog_de_Jour Member Posts: 7,958
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    RoadDawg55 said:

    Doog_de_Jour said:

    I was so convinced crypto was this generation’s tulip craze. I’m kicking myself for not buying a little early on just for funsies.

    Fuck me and my overly conservative investment strategies.

    Same. I had a friend go in heavy in 2017 but I thought it was too late because it was already mainstream. He told me I would regret not buying some. I was taught or at least self taught to think that once the average Joe finds out about something it’s too late.
    I keep praying to the financial gods that I’ll just blunder my way into something on big on the ground floor like a lot of these rich assholes.

    One of the wealthiest people I know admitted to me, “yes, I worked hard...but a lot of it was just being lucky enough to be in the right place at the right time.”
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    DerekJohnsonDerekJohnson Administrator, Swaye's Wigwam Posts: 59,910
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    BleachedAnusDawg said:

    The price of it is so high that you have to put a ton of money in it to make much off of it. I bought some the other day (very small amount) more as a hedge on what's going on with the USD and concern about global currency, etc.

    I made my first purchase two days ago. Same rationale.
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