I blew off Bitcoin for years thinking it would not get widely adopted. I have officially been proven wrong as Bitcoin is starting to get widely adopted, and any prior gov pushback is ending.
I'm now on the Bitcoin bandwagon fully. I'm even starting to get involved in mining. I find it to be at a really good time to get involved. Anyone else here interested yet? Or have you been involved for some time already?
When I posted this on June 8th, Bitcoin was about $2,800. My personal prediction was always Bitcoin would hit $10k by the end of the year. I figured it would touch it, and have a pullback with consolidation period. Most people I told that to, including people in cryptocurrency, scoffed at the idea. Little did I know being one of the biggest bulls out there, I had waaay underestimated.
Since I posted this I have gone from just learning the ropes to being fairly well versed in all things cryptocurrency. Since then we have seen several hard forks off Bitcoin too. The original Bitcoin, which is still just called Bitcoin, is not the best cryptocurrency out there for commerce. Actually, it is terrible for commerce now. The first hard fork Bitcoin Cash is much better, as with many altcoins such as Litecoin, Dash, Vertcoin and others. none of that matters though. I learned this the semi-hard way as I was in some alt coins primarily for a good part of this run. When i saw it getting near $10k, i expect a pullback and consolidation. Silly me.
Bitcoin has been called digital gold for some time now, and that is what it is becoming. In the long run one of the forks or another alt coin will win the bulk of commerce (unless Bitcoin fixes it's scaling problem). Regardless, Bitcoin is going to $1M minimum by 2020. There is nothing anyone can do to stop it. Even at about $16,000, it isn't mainstream. But... Mainstream is officially coming, later this month.
Bitcoin Rips Past $13,000 Amid Interest From Institutional Investors
The Chicago Mercantile Exchange, for example, said it would launch Bitcoin futures come Dec. 18, while days later, rival Chicago Board Options Exchange said it would launch its own version Dec. 10. Not to be outdone, Cantor Fitzgerald’s exchange has been planning a Bitcoin derivative, while the Nasdaq is said to be looking at Bitcoin futures for 2018.
There’s also a sense that bullish investors are trying to get in before institutional investors find more ways to come in and potentially drive up the price of the asset. If enough investors enter into a bitcoin futures contract, it may pave the way for a Bitcoin exchange-traded fund. The CME and CBOE have also recently told Fortune that if there is indeed enough liquidity in the market, they may even consider offering Bitcoin options.
“The idea is futures will add ETFs which will bring institutional money and further demand,” says Charles Hayter, CEO of CryptoCompare.
I could ramble on for hours here. I'll spare you of that. I will say that my underestimating Bitcoin has cost me dearly. When I started off, I made a big investment in mining hardware. That initial investment quickly paid for itself, but those proceeds where re-invested into even more mining hardware. While my daily mining revenue is decent now, about $70-$80/day, and my re-investment has almost paid for itself, If I had simply bought Bitcoin directly I would have been much better off. As a matter of fact, my Bitcoin wallet would be in 6 figure.
Bitcoin isn't going away. At some point there will be a nasty pullback, but it will be temporary like all the rest. i doubt there will be a big one the rest of this year or from these levels but it could. If you see a pullback of 50% or more in the near future, buy with every spare penny you have. If i had to guess, I'll go out on a limb and say this will rally to $50k early next year, they have a pullback / flash crash to about $24k. it would then recover over the next 3-4 months and make new highs.