Bitcoin 21,000 USD next? FOMO starting!
Yesterday I was writing how I thought BTC has a good chance to go to 21,000K USD and I don't think it's so far off!
As I was driving this morning I heard the standard news on the radio.. vaccines, infection rates up, lockdowns, yadda yadda. Then of course, "And could BITCOIN be the new GOLD?"
https://www.zerohedge.com/crypto/whale-accumulation-sends-bitcoin-above-19000-gold-tumbles
If you are new to the game you are certainly getting some FOMO (Fear of missing out). Let's be honest it's now out of reach for your regular joe to acquire even half a BITCOIN. Sure they could invest into some Satoshi's and stack. I have been stacking physical gold and silver for years and I don't even let the price bother me. It would have been more prudent to stack BITCOIN but you cannot get them all right at the same time.
Earning Crypto (Bitcoin) is something I have been doing for years now. I don't use my FIAT for many different reasons. Well that's not true, I tried using FIAT 2 weeks ago but they rejected my credit card for some reason. I didn't pursue it even though I knew I was missing out. That was just for gambling as I knew the market is just going to keep popping for a while.
I have to calm myself down even though this is how my portfolio looks. We have to stay even minded. You need to have a diverse portfolio. Some will go all in like gamblers in a casino. If they had done so they made out very well! However greed takes control and the more level headed investors see something over-heating as it goes mainstream; others continue to stay greedy!
If you change your mindset from money money money to just stacking things can actually change dramatically for you. You remove the FOMO from your mind and just focus on what you should be really trying to do.
When I was listening to the radio in 2009-2011 Gold was on the radio every day. It got pounded down in 2013! So what am I trying to tell you? Well I am comfortable with what precious metals I have stacked. It's no way 'dead', and Bitcoin is not the 'new gold'. Bitcoin should be a defensive position (unless you are gambling). I'm now working on my other stack not just for trading (gambling) but HODLing. I will ignore the price and continue to stack what should be part of my portfolio
I'll leave you with Kenny Rogers - The Gambler
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I would not be surprised for Bitcoin to have a decent pull back, but I like to follow the bottoms, and if you connect the bottoms the long term future for Bitcoin looks pretty promising. XRP has been on FIRE. I'm guessing that is the 55% increase you are looking at. Good job!
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XRP is case in point.. 100,000,000,000 XRP there is no reason it should have been ever worth $2 USD in the last pump.. that is when I SOLD every XRP I could for precious metals and I do not regret it. Know what you are playing with and what is purely FOMO. Let it ride to $4 as I bought it at 24 cents again.
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There is little need to chase Bitcoin. It is on a wild run right now but it could just as quickly reverse course. It does look like it is getting ahead of itself yet that doesnt mean it will not run a while longer.
The OP could be correct...$21K could be in the cards very soon.
I find the easiest way to play the markets, other than quick trading, is to keep adding over time. Dollar cost averaging while taking advantage of pullbacks in long term holdings.
if you believe Bitcoin will end up in hundreds thousands of dollars, it really doesnt matter when one buys. That said, sometimes getting in at more attractive levels gives one a bit more of an asset for their money.
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BTC is at $19,369 as we speak and may just hit your mark. I like to diversify my stack in order to reduce risk and be ready when something pops.
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Being ready short term and long term is the correct play. Split it up if you have to.
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Things change. Remember, aluminum was more valuable than gold at one point in history.
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I can't wear Bitcoin.. I might be able to purchase stuff with it.. but I cannot wear it. It's mindset. We are physical beings at the end of the day. Perhaps! Perhaps! When we are Ready Player One we can wear our bitcoin heh.. but until then the Indians and the Chinese, and the materialistic Westerners will continue to wear wealth.
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That might be true although I have a feeling the amount of gold that is worn as compared to the total that was mined is minimal.
Something that we are already seeing change. The Millennials are more about Bitcoin than Gold. This is going to have to affect the markets especially as the Boomers pass more of their wealth onto the Millennials through inheritance.
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There is something to the times be changing.. but I guess I'm too old school with the more things change the more things stay the same. Culturally I'm not sure because many many current movie culture value gold. Like John Wick for instance.. payment - all gold, Looper, payment - all silver. Gold and silver been around for 1000s of years. It's also the top of major manipulation. If it's manipulated it's for a reason. I don't mind if Bitcoin becomes main stream. I will stack it and other cryptos now. But I will never believe it will be less precious than aluminum heh.