The much awaited $10,000 mark is here (it has crossed 10k at many exchanges worldwide). There are so many people asking about whether they should sell. I am wondering if it is becoming a trading game and people want to cash out in dollars. That would mean that they never believed in Bitcoin as a currency. USD price does not matter if you believe in Bitcoin.
Why prices rise
Bitcoin is moving fast because there is limited supply due to people hoarding it and a huge demand due to all the press around it. You see major websites adding Bitcoin price updates in their currency tickers. You hear about Bitcoin 10 times a day on CNN, Blooomberg and other business channels. And some big banker calling it fraud adds to curiosity that leads to more people learning about it. It is an exploratory phase for many people worldwide. But everyone is hedging their bets and piling up Bitcoins (even if it is fractions that they can afford).
Where will it end
Some people talk about 40k, some are predicting 100k and there are some who are calling for a million dollar. But it is not about whether Bitcoin will go up. It is about whether it will be acceptable as currency. If Bitcoin goes to a million dollar, it will not because of Bitcoin gaining in value but it will be because dollar will have no value. What will you do with a million worthless dollars.
I think all those who are looking at Bitcoin price and enjoying the riches, they are missing the point. If you are in for a quick trade and cash out, you will always be a loser as nobody (or hardly anybody) has ever made money trading a highly volatile security or asset. Even if some make money and exit, they regret not making even bigger money.
And if you really belive in Bitcoin, then forget about dollar price. 1 Bitcoin will always be 1 Bitcoin and look for a future where you can use it as a store of value and spend it on goods. And for that there is always going to be a need for some loose change like Litecoin, Bitcoin cash, or Dash. More on that in another post...
