Community post
Never say never with bitcoin
I've been around a while. I originally started looking into bitcoin when it first hit parity with the USD in 2011. Back when it was possible to build a mining rig for yourself. Back when the only use for bitcoin was buying drugs and playing around with this new 'digital currency'. There was no expectation of future values then, it was just a fun way to transfer value. I went through the pain of learning CMD miner apps, I even bought a butterfly labs miner at one point. I've seen the rise and fall of many many altcoins. The transition of the community. The many pump and dump scams. The evolution of the exchanges and the massive rise in market depth. All in all, it's been a very insightful and frankly fun journey.
So I was thinking over my own slowly changing thoughts, and realised that I'd always had a similar mindset that never seemed to change, regardless of circumstances:
- When bitcoin was 10 one day, that would be amazing, but $100 is impossible".
- When bitcoin hit 100 one day, that would be amazing, but $500 would be impossible"
- Then when bitcoin starting breaching 500, that would be something, but $1000 is impossible"
- Then it jumped again, all the way past 2000, but something like $3000 is impossible.
Today, it's breaching the $3,000 USD mark.
My simple point is, my intuitions and feelings have always been wrong, even though I've been around a long time. It's impossible to tell what a market is going to do, and even though I think the current market is irrational, one thing is for sure, it's utterly unpredictable.
This isn't a puff piece or a criticism. It's simply a personal recap of my own thoughts over the last 5 to 6 years.
Today, I still have the intuition / feeling that "1BTC = $10,000 USD is impossible". However, if history continues, who knows...
Replies (3)
I know where you're coming from. If I could imagine, back when I was buying Bitcoin for 10; I'd be a millionaire today. I've been breaking out of my limiting thoughts this past month, and I'm envisioning Bitcoin and other crypto such as Dash and ETH reaching 100x their current value within just a few years (and maybe that's still being conservative!). Doesn't mean I won't sell a little on the way up though ;)
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STOPVery interesting