Bought Bitcoin at 60K

Adobe
LeetHard

Go to company page Adobe

LeetHard
Jun 7, 2021 76 Comments

I had a Fomo seeing everyone getting rich by holding crypto.
I ended up buying BTC at 60K. It has been falling since then.
Does the prediction of BTC reaching 300K in next 5 years still valid or should I cut my loss.

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  • I sold mine @ 64K lol.. was a lucky pick.. and I am buying house with that money
    Jun 7, 2021 19
    • Google
      PHxi13

      Go to company page Google

      PHxi13
      A fundamental end goal of stock investment is to get a cut of the underlying company. Either through dividend or liquidation. The fact that a company isn't paying dividends today is irrelevant here. The goal of any company is to be productive and continually grow. They gain the ability to grow faster by issuing stocks and any investor buying in based on solid fundamental analysis should reasonably expect investments to grow, whether they bought directly at offering or from another investor. Equities are positive-sum.

      In contrast, crypto has no intrinsic value to speak of. An investor can't derive an estimate for the future price of crypto without referencing its price history, meaning it's fundamentally a speculation and at best zero-sum. However, exchanges and miners always take their (substantial) cuts off every transaction, and with PoW based cryptos like BTC, miners will be inflating the supply for the next 100+ years forcing markets to absorb millions of $ in value every day. Bitcoin is negative-sum.
      Jun 9, 2021
    • SAP
      tgobnagnch

      Go to company page SAP

      tgobnagnch
      "The fact that a company isn't paying dividends today is irrelevant here". So depending on the timeframe of investment, the only means of getting your cut would be liquidation. That would make it zero sum. This can be true for even insanely large companies.

      I would argue that bitcoin as an entire decentralized network (and it's adoption) is what provides the value, not necessarily the individual bitcoin when looking at it from a standalone perspective. And I would apply this same standard to a social media platform like Facebook, where the overwhelming majority of it's value comes from it's network (userbase) and not from it's instrinsic value (which is nearly negligible compared to it's market cap).

      You say bitcoin will be inflated in supply for the next 100+ years. But bitcoin has a supply cap at 21M, while the underlying stock you own can be diluted through additionally issued shares. You can in fact make the same argument about gold, where "miners will inflate the supply for the next 100+ years".

      Additionally, you say that you cannot derive an estimate without referencing its price history. I would argue that the stock to flow model does exactly this (not to mention how correlated the network effect is with pricing), and is in fact more tightly followed than many pricing models for stocks that are based on "fundamental analysis".
      Jun 9, 2021

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  • New / Eng
    œôö

    New Eng

     œôö
    Sell now and buy back when it’s 100k
    Jun 7, 2021 2
  • Google
    RNHd27

    Go to company page Google

    RNHd27
    Hold on, it’ll go back up
    Jun 7, 2021 0
  • Amazon
    Jumesblr

    Go to company page Amazon

    PRE
    Google, Facebook, Amazon
     Jumesblr
    Diamond hands!
    Jun 7, 2021 0