XRP will be the only crypto they can use due to the legal non security ruling by the SEC…but saying that be better to have some others to keep service up to par
BTC ETF
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I've been hearing this since 2016XRP will be used by every financial institution with the ability to send money in any currency in any amount in seconds….wait until they are adopted by the SWIFT application …..ya so your right junk lol
Ripple labs doesn't need XRP to execute the transactions.
Even if and like I said I've been hearing this for years "every bank will use them" why necessarily would that increase the value?
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My reasoning I believe it will go higher is that
an estimated 4 to 6 million BTC are lost forever. That number will continue to increase.
Bitcoin has proven itself, it has worked flawlessly since inception. There are less than 2 million coins on exchanges. So as these ETFs come in and average Joe investors, pensions, maybe governments etc want to allocate whatever percentage to bitcoin through the ETF the supply shock could be drastic.
There are several ads that are out promoting the ETFs
Logically that will send the price higher. Wether or not you agree with bitcoin.
As far as the tech sure there are other coins that are faster or whatever. BTC was first out the gate and has become King, that's what people picked. I mean why is gold more valuable than silver? Why should the US dollar be the reserve currency other than the threat of violence? Why do people value ugly shit like Gucci clothes??
Not everyone who is in bitcoin is looking to cash out so to speak. Yes we do need dollars to operate but it doesn't mean you have to sell it. You can borrow against it, same as a house. If you had 20 acres of prime real estate in Miami Beach would you sell it or borrow against it? The hope for people now is they can use it as a vehicle to store wealth. Cash certainly doesn't do it and S&P might keep up with inflation...maybe
Listen to Saylor he has a great way of explaining it. He even explains it as stored energy, a very interesting concept.
Another thing that is great about it is the ability to move with it. You can remeber your seed phrase, go to another country and import your wallet on a new device. You can't do that with gold or cash. Not any real amounts of money. I realize you can do this with other crypto as well but BTC has been accepted as the king. You want to buy a boat for 2 million dollars and the guy will accept BTC....within a couple min the transaction can be done.
When I got into it years ago the thing that sold me is the decentralization and the ability to transact without 3rd party consent. Now over time the miners will become more centralized and that is an issue. I can tell you this though thank fuck I didn't put those early investment dollars into the bank or the S&P 500. I do buy stocks but my crypto has blown everything away by miles. I suspect it will continue to do the same.
The banks and governments are fucking crooked as hell. This was a fighting chance for the average Joe. Sadly I don't think it will work out the way early adopters hoped. Who knows.
Glad you watched it. Of course you will still have questions
I didn't completely get the sell the news either. I know what they meant. They meant the positives of the ETF being approved was already in the price yesterday, so upon approval, it was already done. Had it been denied then a big drop.
However, long term 3 to 12 months BTC seems poised to go up. The influx of billions if not trillions added to BTC market by money managers that can legally add it to investments. When will we see the fruits of that though?
Also the halving is coming up in April. Add to that interest rates leveling or even dropping down the road because inflation is under control. Cough... And BTC is coming out of a 2 yr bear market. A lot of reasons to expect it'll climb over next year to two or even beyond
If this ETF really mainstreams BTC ( and digital currencies of other types have been all the talk with governments lately) then btcs previous cycles could change. Could be done even, and just up rediculous amounts over the years. Mainstream adoption.
Not financial advice and with crypto never any guarantees.
I imagine we ll see a correction in it sometime over next couple months, some retracement from the big progress last 3 months then it'll be up and away again.
Just my thoughts. Not advice. Lol.
However, long term 3 to 12 months BTC seems poised to go up. The influx of billions if not trillions added to BTC market by money managers that can legally add it to investments. When will we see the fruits of that though?
Also the halving is coming up in April. Add to that interest rates leveling or even dropping down the road because inflation is under control. Cough... And BTC is coming out of a 2 yr bear market. A lot of reasons to expect it'll climb over next year to two or even beyond
If this ETF really mainstreams BTC ( and digital currencies of other types have been all the talk with governments lately) then btcs previous cycles could change. Could be done even, and just up rediculous amounts over the years. Mainstream adoption.
Not financial advice and with crypto never any guarantees.
I imagine we ll see a correction in it sometime over next couple months, some retracement from the big progress last 3 months then it'll be up and away again.
Just my thoughts. Not advice. Lol.
Could be an interesting day
I'm an xrp guy, but this is just plain wrong. First of all the SEC doesn't dictate what the whole world does. The ILP is currency agnostic, so really as long as the coin is iso20022 compliant, banks or whoever can use what they want. I won't list what they are because i don't want what i'm saying to be misconstrued as investment advice, plus people pay research firms for that information i'm not going to give it out for free. I've already said too much tbh.
I disagree fundamentals don't really mean much anymore. The debt market and the dollar will be the determining factor. If it spikes it will take most markets down with it. It's quite simply how the market works. That being said, i think the ETF is bullish for bitcoin and crypto in aggregate so that's good news for me, whether or not it takes a short term dump its going much higher IMO (not investment advice)
The first mover advantage point is kind of weak. Things rarely pan out well for the first mover in the long run. Pets.com? Yahoo? Napster? All the top dogs at some point and lost. The people don't decide anything, the elite do. You can't possibly believe bitcoin's current price and price action is due to retail speculators, if you do i got an igloo to sell you in Florida that doesn't melt lol. Just kidding of course.
Collateralizing your bitcoin still ultimately gives you cash, which is still central bank money. But i agree i'd rather BTC than the dollar and i'm not against it or anyone that uses it to make money.
I've listened to Saylor, he makes sense converting his cash deposits into BTC as a hedge against inflation but you could do that with any other crypto really, other than that I dont agree with his take on bitcoin's inherit value.
Sure, you can use bitcoin to transact but the fees are ridiculous. It wont work well for something like a coffee, and the p2p angle just isn't realistic in reality. Why use bitcoin when i can use something cheaper to transact in? The lightning network would basically go against Satoshi's vision for no third party intervention so there goes decentralization even more.
At the end of the day, who cares? Make money live your life and be happy. I don't fault anyone for making money in BTC but to act as though it's the only winner here is short sighted.
Everyone has their different views for sure.
I think it's plausible where BTC is used as a store of value. People will have wallets and can do transactions in any of many crypto currencies for daily transactions.
There is also a chance we use bitcoin and it changes the world in ways we haven't thought of yet.
Interesting times for sure. Also I don't see bitcoin as the only winner. The space will only grow.
I think the first out of the gate thing with BTC is stronger for the following reasons.
It has ran flawlessly since it started. It has trust built up. If held long enough it always gone up in value. Most Alts cannot say the same either in value or network security. Now don't get me wrong if you bought at the top last bull run and are selling now ya you are down. Anyone in it for longer periods has done very well. Many many other alts don't offer that. I get what you are saying though. Nothing is for certain. The market always has a way of surprising people.
You invest your time in exchange for Canadian dollars, and then store those Canadian dollars in a bank account, because you have faith in the system that says the Canadian dollar is worth anything
Vs
You invest your money in exchange for bitcoin, and then store those bitcoin in a crypto wallet, because you have faith in the system that says a bitcoin is worth anything
They get their value just like every other government adopted and sanctioned currency backed by absolutely nothing
Yes, a bitcoin is fiat because it doesn't represent anything physical you can exchange it for that would back its value
But neither does the Canadian dollar or US dollar or euro or any government world currency
There's just a very very VERY large group of people who value the concept of decentralized money in crypto, where as people only have worldly currency out of neccesity.
I think bitcoin always will lead the pack. (Or at least for our lifetimes). It was kind of the OG crypto people first heard of, and being first to market is hard to beat out. You get the biggest name and your growth is exponential.
I'm sure the bigger it gets, the more government intrusion and red tape you can expect. They're going to want to eventually control every aspect of it, the bigger it gets.
There will always be back door systems to get around government over reach, but I think you should expect it to become more and more inconvienent to use as the government puts more and more regulation.
It's certainly possible it becomes a store of value. But its too volatile now to do that.
You're right time will tell. My gut feeling is it works together somehow with everything else. Either way im glad i got my positions where i got them. Having just turned 30 I'm sitting pretty with what i have
Yeah I can see that aspect. The only caveat for me is until a majority of businesses start accepting it as payment, its use is limited. Therefore, the CAD would then serve more purpose at present. As I said, the idea is good, and the current line of investment is the investment of the idea of decentralized currency. At present as well, we live in nations that use their own currency, and will probably do anything they can to fight bitcoin off, as it would be a loss in power for them. I also I believe I saw something about buying a boat from someone who accepts bitcoin as payment, how would that differ from buying it in say USD? The bitcoin is still converted back into USD at that point to make sure its of equal value. The licensing of that boat would still have to be done through the government as well using government currency, and the tax to change it into your name would still be based on the value in USD of the purchase, therefore declaring you received payment and making the anonymity of it also moot.
Amazing! At 30 you got many years ahead of you. Best of luck.It's certainly possible it becomes a store of value. But its too volatile now to do that.
You're right time will tell. My gut feeling is it works together somehow with everything else. Either way im glad i got my positions where i got them. Having just turned 30 I'm sitting pretty with what i have
I don't have a crystal ball so I don't know. I don't think so though.