People are seeing the new recent high in bitcoin and hesitating on whether now is a good time to buy.
People were doing the same at $1,000 bitcoin.
And now we know we will never see those prices again.
People are now doing the same at $10,000 bitcoin.
And my best analysis is that bitcoin may pull back to $8,888 ish levels.
But still, next year, you will wish you bought everything you could at $10,000.
But, would you buy bitcoin for $1,000,000?
That is the question, and here is my answer:
The world either falls apart and goes into complete MadMax territory
. OR
Bitcoin becomes the new world reserve currency.
Well, not really the reserve... but pretty close.
People will use bitcoin to buy mansions, Picassos and Yachts
Corporations will use bitcoin to settle deals
Govern-cements will use bitcon to settle trade deficits.
By the end of 2020, or very soon after, bitcoin will hit $1,000,000.
and the question on everyone's mind will be, should i buy bitcoin?
And that answer is really tough.
We are getting close to mass adoption. (meaning, the start of when everyone starts using it)
We are also getting close to the end of the dollar.
We are also getting close to the end of the petro-dollar.
Of course, here on Steem we are way ahead of the pack. 97% of the people have no cryptos. Most have barely heard of bitcoin.
So, we tend to think that cryptos are old hat. That everyone who wants any is already in. But the truth is we have barely started adoption.
The dollar, the petro-dollar is losing its grip. Already we are seeing signs that dollar stores are going to need to change their signs. We are seeing tons of countries swapping oil for other currencies.
But worst, for the dollar, is that we have already seen a country settle its debt using bitcoin.
The dollar is doomed... but, it was set up to fail at its inception. So, i won't be shedding any tears.
When bitcoin gets to $1,000,000 there is going to be two scenarios:
- hyperinflation has hit, and you will want to trade paper dollars for anything as fast as possible
- all of the hedge funds will demand to get into cryptos... meaning billions, then trillions will all try to get into cryptos.
So, the answer to this question is buy food.
If you already have a year's supply of food, take any spare change and buy crypto at any price and then only trade it for the actual things you need/desire.