Bitcoin could score above 1,000 $, even 1,700 $ (expert says)

TreasureHunter

TreasureHunter

Well-Known Member
The bubble might inflate further. We'll see.
One guy quoted by Forbes says it could reach 1,700 $, even... :o

http://www.primevalues.org/market-watch/bitcoin-bubble-growing-higher.htm


I was quite emotional when it dropped last Wednesday from 823 $ to 375 $. I though, that was it, Bitcoin is finished! :P
But it recovered rapidly,... wow. It's again well above 700 $! :o

Bitcoin doesn't resemble anything. It's not like the forex market currency pairs, it's not like a commodity. Behaves very differently.
 
goldpelican said:
1 XBT = 1 XAU.

Will happen.
Click to expand...

Wow, true, that could happen :)

Then Bitcoins will be worth as much as solid gold. Obviously the latter are better due to intrinsic value - for the long term investor.
 
I don't think anyone denies that it is incredibly speculative at the moment. But it's been good speculative for anyone who got in as recent as a month ago.

Put it this way - I don't regret trading 4oz of silver for 1BTC on here last month.
 
goldpelican said:
Put it this way - I don't regret trading 4oz of silver for 1BTC on here last month.
Click to expand...

I lost something like $800 on that deal, lol. How the hell is it possible to lose $800 buy buying 4oz silver? I feel like the 10,000 btc pizza guy. :/
 
C'mon BB, that's like saying a $50 note doesn't pay a dividend. Institutions pay dividends, not the currency.

Have a look on Google, there's a number of sites offering interest on bitcoins. Probably early days to trust many if any though.

With only 12m available (and less in circulation thanks to fat fingers, forgotten passwords and FBI raids), and a rapidly increasing support base (BitPay were claiming 10,000 merchants in Oct - now it's 12,000) - demand for BTC is exploding. Sit and watch the transactions roll by on bitcoinwisdom - seeing a $1m+ trade fly past is not uncommon. People dropping a million in fiat on an investment tend not to be the mass hysteria crowd.

Lest you all think I've gone off the deep end, I've sold all of about 5oz of silver to fund bitcoin purchases. 4 to beeteecee (thanks - and sorry!), and 1 to "some guy" from the Dollar Vigilante who was supposed to blog about the trade. Kinda neat doing an in-person trade of an XAG round for BTC using mobile phones on a whim though.
 
Bullion Baron said:
I don't doubt Bitcoin could do it (trade 1:1 with Gold), I mean it could happen in the next week, day or a few hours the way it has been trading, but personally I have a hard time looking at this chart and saying that anything "will happen" with certainty!
Click to expand...

Try these charts.

http://bitcoinity.org/charts/gold

I think it is a case of a "perfect storm" where btc/gold are concerned.

Also as suggested, there are bitcoin stock markets and the like, returning dividends. A bitcoin mining company called ASICminer was one of the most amazing performances I've seen. IPOing at 0.1 btc, and topping out at around 4.5 btc per share. When you take into account how much btc increased in price over that period, it was pretty incredible gains. Plus the initial share price got refunded many times over in dividend return.
 
gold_image

Source: bitcoinity.org

I sense a trend :|

There's been enough comparisons made of bitcoin being "digital gold" that I think the market will drive it to parity. Whether the price continues to rise much beyond that I honestly haven't a clue. Just a gut feel we will see parity, based on observing sentiment.

I've already reach my exit price, where I extracted my original fiat investment back.
 
goldpelican said:
Bullion Baron said:
primarily trading as a speculative vehicle that people are buying because it's going higher.
Click to expand...

Smells like silver :P
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If silver was to start rising by even a dollar a day, just watch the queues form outside the bullion retailers. Speculation anyone :lol:

But Oohhhh NOOOoooooo don't waggle the finger at silver.ever. :rolleyes:
 
Bullion Baron said:
goldpelican said:
1 XBT = 1 XAU.
Will happen.
Click to expand...
If you are that sure, can we assume you've already traded all your XAU into XBT to ride the ratio wave and double your ounces? :o

I mean there's no reason that it couldn't get that high or even to some of the higher figures predicted i.e. $5k+.

But it seems obvious to me that a majority of the price action is a result of speculative buying, IMO it could just as easily head back to $50 as it could go to $5000.

Returning no income, no tangibility and only limited (albeit growing) uses as a medium of exchange, it's primary function has been as the speculative "next big thing" that everyone is prepared to flip to each other for higher prices.
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Of course, it will pop. And tremendous losses will be recorded afterwards. It's a speculative bubble.
 
Not to mention there's only 127 years of production left before they are totally mined out! So unless we start mining asteroids for bitcoins... they're going to run out.

If you can acquire that many, always keep 21 as a reserve - then you will own more than one millionth of all BTC that will ever be mined. Given there's been something like 2m downloads of the bitcoin-QT wallet alone - you're going to be well on your way to being a future bitcoin kingpin.

That's assuming they retain value.
 
That means that currently, for every 583 people, there is only 1 bitcoin to go around. Perhaps in the future, to even hold just a fraction of these badboys would mean your wealthy.
 
I'm cashing out a 1/5 of my stack for BTC and LTC.
I'm not going to bother with the rises and drops at this time (although I do hope BTC goes back down to under $500 before I buy).
Then I'm just going to sit on that mother for 1-2 years and see how it goes.

My logic behind this is that while BTC may be going crazy at this time, it's still only a very fringe asset that the mainstream does not yet understand.
If hedge funds start getting into it, we could start seeing rises even more stupid than this one.
Is BTC a passing fad? Week after week it gains more support, the infrastructure looks sound and it offers a utility that other traditional assets do not. Most importantly for me, it is a market that is not manipulated to high heaven.
Take a look at the recent $50 crash in gold - nothing drove that other than some entity selling a pile of ETFs to slam the price down.

I'm not cashing out of PMs (I doubt anyone here is), but I think it makes sense to diversify into LTC and BTC. LTC probably has more potential on the upside like silver did 10 years ago.
 
Anything is possible

Apparently at the height of the tulip mania a pair of tulip bulbs traded for the price of a house
 
I wish Bitcoin mania would get to that stage!
But we're not there yet. The way you make money is to get onto something before everybody else does.

Now the question is:
If you jump onto the BTC/LTC bandwagon now, are you too late? Or are you still in the pre-mainstream early days?
I don't have an answer to that question, but what I do know is that Bitcoin isn't yet mainstream. I'm not even sure it will be, given the threat it represents to state-sanctioned currencies.
But then, gold is not a state sanctioned currency, and it does OK (relatively).
 
Earthjade said:
Now the question is:
If you jump onto the BTC/LTC bandwagon now, are you too late? Or are you still in the pre-mainstream early days?
I don't have an answer to that question, but what I do know is that Bitcoin isn't yet mainstream. I'm not even sure it will be, given the threat it represents to state-sanctioned currencies.
But then, gold is not a state sanctioned currency, and it does OK (relatively).
Click to expand...

Speculators have been asking the same question of Bitcoin for years.

Bullion Barron has nicely skipped over the issue of silver speculation. How many people are speculating in silver?Ohhhh nooo we can't ask that
 
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