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Strategies & Market Trends : Bear!
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To: petal who wrote (230)4/15/2024 9:21:25 PM
From: Sean Collett1 Recommendation

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petal

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I more highlight it as you do have countries buying the stuff so the probability of it going to 0 is low. I agree with you that it will not be a currency and has already proven to fail as such. They have also failed as a store of value in my eyes too.

I just don't see it going to 0 the way I would have in say 2021 as there seems to be more government acceptance in using it right now. Larry Fink, from BlackRock, in Oct 2021 saw no value in Bitcoin and then a few years later he's positive. My gut tells me this flip is more than just being able to take advantage of speculators, but because there's now real use case for moving big money around freely.

Either way I think this still opens up the ability for flash crashes or whatever else because you don't know who's on the other side. If US has ~212,000 in coins they could influence the market and there's nothing to stop it - no circuit breakers or regulators here. Throw in the speculators jumping in without knowing what they're buying and that adds risk to it.

Not for me though. Won't buy it and won't buy puts against the ETF's either.

-Sean
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