Hi Everyone! PLEASE do not freak out and sell your major alts for bitcoin right now. My opinion of course... It won't be long before we see reversal to sustained upward pressure in my opinion...
Once LTC flips XRP, which it will likely do, if you say Tether doesn't count as a stable coin, then, normalacy has returned to the nine realms, (watched the Thor movie last night) BTC-> ETH_> LTC, same as it ever was. Have zero problem with anyone trading the smaller coins, excluding BCH which needs to get driven off the top 100 list, heck could tag along in a small way with some of what you are giving us for trades for some of these other coins, but few of these coins actually have better than a 1 maybe 2 year run in the top ten. Also, I can't keep up with them all, I guess some are looking to be ETH slayers some now are tied to the whole defi craze, BNB may have some staying power as long as Binance remains a Behemoth. It's hilarious but I would be the staid conservative guy looking for extra volatility in alt coins only in ETH and LTC. I sure do wish I knew whether Defi is something real or a shell game. It is not comforting that Vitalik once locked people with millions of dollars out of their wallets and had to roll back the ledger. That said, Blockfi gives what is it 8.6% interest on stable coins. That appeals to me. You have money that you put towards BTC, you have a portion to trade, but you also need a checking account for if you need a new dishwasher or new tires on a car. I get it, on average BTC doubles in a year, but you don't want to have an unexpected expense and find BTC dropped 30% overnight. It would be nice to take say half of one's checking account put it in a defi stable coin account yielding 8.6% and be making 4% on that money overall. The reason I haven't done it yet is it is all so new, I would still worry about the "poof, and it's gone". Things move so quick, will Defi be here in a year or is back to crypto kitties. But yes, I could see looking into something like Blockfi not for the BTC part but for the stablecoin part.
As for this BTC run, at this point all I can do is laugh. You got groups like Mass Mutual, throwing in 100 million, billion dollar companies putting part (or in Microstratagy's case all) of their reserves into BTC, prominent hedge fund managers getting involved, and as you recently pointed out now municipalities like Miami thinking of investing. Of course! That will be another shoe to drop, all the local towns and municipalities trying to figure out some way to get a return to balance their budget, from there, the states, though before we get to the federal level I would really think there would be a the Empire Strikes Back sort of reaction. Still it is something, as people value their wealth in a deflationary currency and their debt in an inflationary currency the debt becomes less and less powerful. Shoot, if California took a large stake in BTC now, in a few years they would probably be a decent ways towards solving their Pension debt problem. Sold my trading stake between 27-28K, and I must say at no point there did you say there was downward pressure.
pdmaher123
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@pdmaher123, Last part just to wrap up. Fortunately, perhaps, it turns out I don't trade with too much of my BTC, so as I said I have to just laugh, I'm not sure if I'm pissed or delighted, right now. Looking at the 3 day and weekly candles, that sure looks a blow-off top to me, but BTC is here to teach me and I just need to be humble and learn. Maybe with all the fundamental issues, this just keeps going for awhile I don't know. Would say this most recent move was over the holidays and so I would at least guess that it was more retail than institutional, though BTC is there for trading 24/7. I'm ready for it to keep going up, and I sure as heck never saw it dropping to 4K in 2020, so I am ready for it to return to it's love affair with 9K. Heck, as much as I love BTC, I think we all need to keep a little space in the back of our minds that for some entirely unforeseen reason, it doesn't make it to two decades of existence. That said, nah, it's plowing full steam ahead to 200K.
Thanks for sharing all your hard work with us David!
Gaengphed
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Thanks for the update David!
Have good weekend.
G.
Tristan73
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If BTC dumps hard im assuming Cardano will dump hard also??....thanks David...
Asafffff
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PLEASE do not freak out and sell your major alts for bitcoin right now.
THIS. So tempting... can't be controlled by emotions!
KingSurf
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@asafkfir, Dude...I almost did! Damn you brain!
TeeMiner
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@asafkfir, What's go down must come up. Massive bots will lure people into Alts then dump again to pump up BTC. The end game is BTC.
Asafffff
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@TeeMiner, true, but ADA is more than just a coin pumping..