Bitcoin has reached $10,000.
It shot up to $11k then crashed. Then popped back up again.
Bitcoin is still highly volatile. It’s not stable yet, but its rise has been exponential and is still trending up. And I believe it will keep going up and up.
I’m trying not to be too optimistic and irrational about it. But I can’t see why this upward trend will stop.
Some believe otherwise.
They are cashing out, taking a profit. Fine, but we still have a long way to go.
The full potential of Bitcoin and the blockchain technology have not even yet been realized.
Still Have Faith in Governments and Faith in Fiat Currencies?
Michael Medici recently tweeted this out recently.
— Michael Medici (@MikeRMedici) November 30, 2017
It really sums things up.
The so-called “experts” don’t seem to bat an eye at the insanity of negative interest rates, but they all balk at Bitcoin and cryptocurrency.
What is so crazy about having faith in a decentralized, digital currency that allows users to send money quickly? Nothing that I can think of.
And most people haven’t even realized this yet. A lot of people are just buying to take advantage of the sky rocketing price, yes, but I believe that the majority of long-term holders have faith in Bitcoin and cryptocurrency.
How High Will It Go?
The likes of John McAfee and James Altucher have recently said that Bitcoin will reach $1 million by 2020. That seems quite a bit high to me. However, let’s just say that Bitcoin will only reach 10% of that target by 2020. Then it will still be worth $100,000!! That is actually a reasonable estimate, especially seeing as Bitcoin has gone up 10x this year, it wouldn’t be unreasonable for it to go up 10x over the next four years.
In the next 10 years, the stock market, at a 7% increase over 2 years would return around ~15%. While I have most of my money in Vanguard funds, I am less optimistic about the growth of stocks over the next few years. And if you want to talk about a bubble, look at the stock market!
I can see Bitcoin reaching $1 million by 2025 or 2030. That’s why I am holding long-term. I suggest you do the same.
Forget the daily ups and downs. Even though its fun to watch, there is no point in doing so since you will be holding for another 5-10 years.
It’s Not Too Late to Buy Bitcoin!
I am not a “Johnny-come-lately” in the world of Bitcoin. I wrote about it in January when the price was under $1000. I was optimistic the price would skyrocket and it did. People who bought Bitcoin when I published my article in January are happy.
I bought after reading this. Best decision of 2017? https://t.co/TdIXxE5FrY
— Neil M White (@ThisDadDoes) November 30, 2017
I am still optimistic it will grow at a very fast clip over the coming years. Get in while you can. And don’t say I didn’t try to tell you!
If you’re interested in buying Bitcoin, the best place to start is with Coinbase (Check out my review here). While most of my holdings are now on a secure cold storage device, using an online exchange is how I started, and you should to.
Also, if you purchase over $100 of Bitcoin on Coinbase, you will get $10 free! (And so will I as part of an affiliate agreement.)