Please share your knowledge about Bitcoin. There were a lot of questions and misconceptions in another thread.
Bitcoin was created in 2009 after the financial crisis. It is a genius design using the blockchain as a decentralized ledger that allows anyone to send any amount of bitcoin to anyone anywhere in the world instantly. Satoshi finally figured out a system that could eliminate double spending with digital assets using the blockchain. It is decentralized, and no government can stop Bitcoin, or take your Bitcoin unless you give them your private keys. It is anti-inflationary by design. New Bitcoin gets created as a reward to miners to validate and record the transactions. About every 4 years, the amount of Bitcoin paid to Miners for mining a block of Bitcoin gets cut in half, known as a halving. Currently, there are 18.5 million Bitcoin. There will only be less than 21 million ever. This is why institutions are putting money into Bitcoin left and right. It is designed to be anti-inflationary.
Bitcoin was initially designed to be a currency. It is not a convenient currency, and has evolved into an asset class. It is digital gold. All of the reasons you would invest in gold, you could invest in Bitcoin. But it has many other advantages. The Blackrock CIO recently said it will take the place of gold to a large extent. Ruffer Investment Company just announced they moved 650 million from gold to Bitcoin in their portfolio as an inflation hedge. If Bitcoin gets the current market cap of gold, it would be $500,000 a Bitcoin. Many institutions have recently announced they have purchased Bitcoin. Many reputable investors have spoken recently about its legitimacy and value. It is also on the verge of going mainstream. It will be much easier to buy and use. PayPal, Robinhood, Square, Venmo, etc are allowing for easy purchases of Bitcoin. Less than 2% of people currently own Bitcoin. It is still early.
Bitcoin has been on a 4 year cycle that has played out 3 times, and is playing out a 4th time now. 2017 was parabolic. Institutions are now coming on board and 2021 is looking like the cycle will repeat itself.
This is why I’m a believer in Bitcoin as a long term investment. It is risky, but the upside is tremendous.
Educate yourself!!!
Bitcoin was created in 2009 after the financial crisis. It is a genius design using the blockchain as a decentralized ledger that allows anyone to send any amount of bitcoin to anyone anywhere in the world instantly. Satoshi finally figured out a system that could eliminate double spending with digital assets using the blockchain. It is decentralized, and no government can stop Bitcoin, or take your Bitcoin unless you give them your private keys. It is anti-inflationary by design. New Bitcoin gets created as a reward to miners to validate and record the transactions. About every 4 years, the amount of Bitcoin paid to Miners for mining a block of Bitcoin gets cut in half, known as a halving. Currently, there are 18.5 million Bitcoin. There will only be less than 21 million ever. This is why institutions are putting money into Bitcoin left and right. It is designed to be anti-inflationary.
Bitcoin was initially designed to be a currency. It is not a convenient currency, and has evolved into an asset class. It is digital gold. All of the reasons you would invest in gold, you could invest in Bitcoin. But it has many other advantages. The Blackrock CIO recently said it will take the place of gold to a large extent. Ruffer Investment Company just announced they moved 650 million from gold to Bitcoin in their portfolio as an inflation hedge. If Bitcoin gets the current market cap of gold, it would be $500,000 a Bitcoin. Many institutions have recently announced they have purchased Bitcoin. Many reputable investors have spoken recently about its legitimacy and value. It is also on the verge of going mainstream. It will be much easier to buy and use. PayPal, Robinhood, Square, Venmo, etc are allowing for easy purchases of Bitcoin. Less than 2% of people currently own Bitcoin. It is still early.
Bitcoin has been on a 4 year cycle that has played out 3 times, and is playing out a 4th time now. 2017 was parabolic. Institutions are now coming on board and 2021 is looking like the cycle will repeat itself.
This is why I’m a believer in Bitcoin as a long term investment. It is risky, but the upside is tremendous.
Educate yourself!!!
