Lesson On How to Look Like a Pompous Ass, Bitcoin Style
Let This Valuable Lesson Sink In
Now tell me again how anyone has an excuse to be poor?
Even if someone perfectly timed the bottom, just how many poor people had money to buy Bitcoins?
And if they had "balls" to borrow the money to speculate on Bitcoin, they would now only need the "balls" to HODL until it hit $1,000,000 or so.
Macro's Tweet is the epitome of Bitcoin arrogance.
Can't Take the Heat
Bitcoin Macro could not take the heat. So he banned 100 people or so for disagreeing with him.
Not to worry, he is going to do a separate post about it.
Gee, I can hardly wait. Yet, I can predict it in advance.
What Bitcoin Macro Will Say
To the Moon Baby
Bitcoin is going to $1,000,000 if not $20,000,000 or perhaps even infinity.
A move from $3,333 to $100,000 would multiply the value by 30 times. So if one plunked down $1,000 they did not have, at an average price of $3,333 they would then have about $30,000. That not enough to retire on. It's not even much of a down payment on a house.
So we need either bigger assumptions or a bigger initial investment by the poor, of money they do not have and should not be speculating with. Nonetheless, let's put a target of $1,000,000 on Bitcoin.
A move from $3,333 to $1,000,000 would multiply the value by 300 times. So if one plunked down $1,000 they did not have, at an average price of $3,333 they would then have about $300,000.
Why stop there? Assume a $20,000,000 target and someone would have $6,000,000.
One Small Catch
All it takes is "guts" to not put food on the table, plop money on Bitcoin, then become a "true believer".
Bitcoin then has to get to $1,000,000 then to $20,000,000.
There's only one catch. One needs to be correct and wait until they are, no matter how long it takes.
Highly Unlikely to Get That High
Ignore all the hype on hash rates or whatever. The moment Bitcoin threatens either central banks or governments it will be shut down.
And it's easy to do.
I discussed that setup in Trump Slams Bitcoin in Tweet Storm: What Does It Mean? Anything?
Curiously, just two days before Trump's crypto Tweet storm, I mentioned everything Trump stated on live national radio.
I also stated the charges would mostly be fictional, but it would not matter.
I rather doubt the threat is imminent but Trump reinforced my expectation as to what is highly likely to happen if Bitcoin gets high enough.
Bear in mind, Bitcoin is a free market construct. I do not object to it.
But telling the poor "there's no excuse to be poor" and they won't be if they have "balls" is more than a bit galling.
Mike "Mish" Shedlock