What is the peak price bitcoin will reach in 2021

[mookiemcgee]

Bitcoin is still highly volatile, but with a potential multi Trillion stimulus on the horizon it's been on a tear recently. At some point it will likely crash back to the 10k-15k range, but how high will it get this year before the next stumble on it's way to become the worlds reserve currency?

[armati]

I expect it will crash, anything going parblic generally does.

The world reserve currency? Not a chance.

[armati]

Bitcoin is not suited to replace fiat

To the dismay of the crypto crowd, bitcoin is both unlikely and unsuited to succeed fiat as the common medium of exchange, for two important reasons. The first is central banks don’t own any and have no interest in adopting any form of crypto other than ones whose ledgers they control. We know they are racing to get central bank digital currencies up and running, partly to head off private sector alternatives. But these proposed CBDCs are just another form of fiat and will fail as surely as revolutionary France’s mandats territoriaux did following public rejection of the inflated and hated assignats.

However, central banks and government treasury departments do own gold — almost certainly less than the 35,171.3 tonnes reported by the World Gold Council, when leases, loans and double-counting are allowed for. But the majority at least own some gold. Even though it is likely to be a last resort, turning their fiat currencies into gold substitutes is a central bank’s only option to avoid a complete currency collapse, and with it the collapse of all state spending.

The second reason BITCOIN and similar alternatives are unsuitable is one identified by Ludwig von Mises in a different context — the socialist calculation debate. Mises pointed out that for an economy to function it required unfettered market prices in order for entrepreneurs and businesses to be able to calculate returns on business investment. The other side of prices is their measurement in money terms. When state-issued currencies were functioning as gold substitutes — which was the situation for capitalistic economies at the time of the debate — their purchasing power was broadly stable over a typical investment cycle, allowing businesses and entrepreneurs to anticipate returns on a proposed investment. If an inflexible, limited-issue cryptocurrency like bitcoin became the circulation medium to replace fiat, no investment for a multi-year project could possibly be contemplated because of the effect on future prices. Measured in scarce bitcoin and with a firm cap on its total issue, prices for finished products at the end of the investment would end up being significantly lower than their production costs, thereby ruling out the project itself.

That won’t stop cryptocurrencies like bitcoin continuing to soar while increasing numbers of the investing public see them as must-have wealth protection at a time of rapidly increasing fiat debasement. But that is a DIFFERENT FUNCTION from operating as a practical means of exchange.

https://www.goldmoney.com/research/gold ... and-silver

[armati]

Pakistan’s national power grid has failed, leaving almost the entire country in the dark. With officials blaming a mysterious “plunge in the frequency,”

I just thought this was funny, the power went out as a discussion of bitcoin was happening.

So much for bitcoin in Pakistan for the time being anyway.
This is just another reason it is nfg as a world researve currency.

https://www.rt.com/news/512042-massive- ... -pakistan/

[HitRed]

I bought more silver today. Very happy.

[armati]

Silver is actually the smart metal to be buying right now, better than gold % wise anyway.

[Dukasaur]

Must be nice to be a rich and dabble in gold and silver.

Those of us who have to work for a living consider ourselves lucky if we can afford to pay the gas bill at the end of the month and not get our heat shut off.

[mookiemcgee]

Must be nice to be a rich and dabble in gold and silver.

Those of us who have to work for a living consider ourselves lucky if we can afford to pay the gas bill at the end of the month and not get our heat shut off.

You can buy as little as $5 of bitcoin at a time, you can also buy stocks that are basically bitcoin holding trusts for as low as $40/share (and there are now ways to buy 'parts' of a share with as little as $5 invested.

There are also lots of 'wallet' companies (places where you would store your bitcoin or other crypto alternatives) who are constantly offering you $2-$10 of free crypto if you just watch some short videos about the currency and answer a very basic question about it (to prove you actually watched the video). I did this back in 2018 and got about $40 worth of different coins entirely free. That $40 today had a $214 value, which I could turn into cash today and go buy silver... but I don't live in the past. People who are opting to just ignore bitcoin are held back from making money by their ignorance and pessimism and not by their 'being poor'.

[mookiemcgee]

I expect it will crash, anything going parblic generally does.

The world reserve currency? Not a chance.

You can choose to deny the future and not learn about new things, that's your choice.

[mookiemcgee]

Bitcoin is not suited to replace fiat

True, it's suited to replace gold as a hedge against inflation. The Ethereum network is designed to replace fiat.

[armati]

Thats a tuff spot to be in Duk, I worked hard for years to get to where Im at.
A lucky break and a few dum moves on the way.

I could still be wrong concerning the metals, its possible they really are controlled by the ptb.

Mookie could be right too, nutin sayin bitcoin wont go to a million.
I have no idea what $5 a paycheck would work out to, better than bank interest tho.

On the other hand, a home garden might be where the big payoffs are.
If a collapse were to happen, grocery stores could close, seeds might be of extreame value.

I think that something unfriendly could be happening, prepareing as best we can however that is, is the main point and all anyone can do.

[armati]

Bitcoin can not replace gold, that comes from not understanding gold is money, everything else is credit. Alan Greenspan.

You might want to read my post concerning bitcoin not suited to replace fiat.

Fiat, meaning a formal authorization or proposition; a decree.

You honustly think the central banks or the neocons will willing give up their power?

We depend on China for more products than I can count, when we need some, are they going to say "ya,great, give us this invisible digit"?

Bitcoin is a speuclation, it really could go to millions it wouldnt be the first one.

But its not money, it might be a currency to a niche few, but when bitcoin is accepted in a transaction, the reciever generally changes it back to the national currency.
Meaning, they want the currency over the coin.

But I dont have a crystal ball, all I have is a guess.

[mookiemcgee]

Bitcoin can not replace gold, that comes from not understanding gold is money, everything else is credit. Alan Greenspan.

You might want to read my post concerning bitcoin not suited to replace fiat.

Fiat, meaning a formal authorization or proposition; a decree.

You honustly think the central banks or the neocons will willing give up their power?

We depend on China for more products than I can count, when we need some, are they going to say "ya,great, give us this invisible digit"?

Bitcoin is a speuclation, it really could go to millions it wouldnt be the first one.

But its not money, it might be a currency to a niche few, but when bitcoin is accepted in a transaction, the reciever generally changes it back to the national currency.
Meaning, they want the currency over the coin.

But I dont have a crystal ball, all I have is a guess.

When we pay china for goods today, you think we send them a ship filled with gold?

I don't "honustly" think central banks aren't going to like being sidelines, but I honestly think they won't have a choice in the matter. At some point it will be adopt or become irrelevant. bitcoin/crypto = the big reset against USD you've been blindly predicting for so many years. You just don't see it yet, but let's revisit this in 5 years.

Also, if bitcoin went to 1million per... it would represent 21 trillion in todays USD. Bitcoin at todays USD value is already 840 billion. as far as speculation goes it's already #1 ever... 'by alot'

Let me ask you this, you live in Canada right? If you want to send $20 to your buddy in Atlanta... what is the best/cheapest/easiest way for you to do this?

[armati]

Your talking transfering cash. Bitcoin works for that no doubt, but that doesnt make it money.
That makes it a method of transferring digits. when you look at your online bank account, your not seeing cash, your seeing digits on a screen.

Sending a ship full of gold. obviously not, what was sent was a currency "backed" with gold, when there was a gold standard of course.

I remind you, every unbacked currency in the history of mankind has gone to intrisic value........zero.

Why would digits be any dif.?

You dont feel the central banks will want to be on the sidelines, they will have no choice.

Thats the theory alright.
Maybe you and the bitcoiners are right, I just doubt it.

“If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around [the banks] will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.
Thomas Jefferson

and thats where we are now, so if bitcoin really does end the central banks.......good.

[mookiemcgee]

and thats where we are now, so if bitcoin really does end the central banks.......good.

That's what I've been trying to tell you, you should be cheering this shit on given your beliefs.

[mookiemcgee]

Your talking transfering cash. Bitcoin works for that no doubt, but that doesnt make it money.
That makes it a method of transferring digits. when you look at your online bank account, your not seeing cash, your seeing digits on a screen.

You chose not to actual answer my question, maybe you haven't ever tried sending money outside of your country?

When you get paid by your employer it's just digits on a piece of paper, and when you get change from a store it's just metal pieces and paper. None of it had any value beyond what we put behind it.

[armati]

Ooops, sending a ship full of gold, yes that happened.

FDR for example refused to take pounds from Britain and demanded gold, by the end of the war the states had 20 thousand tons.

The dollar was backed in gold, when Degaul figured out there were too many dollars being printed he and other nations began exchanging their dollars for gold, that went on until Nixon took the world off the gold standard by defaulting on the breton woods agreement.

The currencies buying power has been dropping ever since.
Its lost about 98% of its value since then.

Remember the golden rule, he who has the gold makes the rules.

[armati]

What do you mean I chose not to answer?
I said, bitcoin transfers cash. digits.

Your saying its just digits,or pcs of metal and paper.
You are absolutly correct, thats all it is.
Thats an unbacked currency, which is why its going to zero.

As far as transferring is concerned, sure, bitcoin does that, but its not the only way to do it.
Transferring doesnt make it money tho.


Currency, it could be, anything can be a currency, feathers,grains of wheat,sea shells have all been tried, gold is the thing that was accepted world wide.

As for cheering for bitcoin, killing the banks, I doubt it, the east is already setting up systems to avoid our banks altogether.
They dont need bitcoin to do away with our banks.

Whats gonna happen when the yuan and ruble are gold backed? Because they are going to be, will anyone want a bitcoin?or U.S. dollar?
Consider 1 billion people in China,1 billion in India alone, the world goes back to gold.
I just cant see bitcoin being part of the equation.

But, as I said, I dont have a crystal ball, ya never know.

[armati]

He’s convinced: World’s richest man Elon Musk wants to be paid in bitcoin
10 Jan, 2021 10:27

https://www.rt.com/news/512062-elon-mus ... ccept-pay/

[mookiemcgee]

As for cheering for bitcoin, killing the banks, I doubt it, the east is already setting up systems to avoid our banks altogether.
They dont need bitcoin to do away with our banks.

Ummm... you realize that what the east is doing to avoid western banks is move towards blockchain based digital currency right? You are litterally making my argument for me.

[armati]

You can not buy anything in China with cash now, its already happened and it aint bitcoin.
There were issues at first and they had to go back to accepting cash, but that time is rapidly passing if not complete.
I read Rogers, he says its already happened, no cash.

Blockchain is another issue, seems that is a good idea.

When the time comes, and it will, we will go cashless, but it will be a government controlled currency.

[betiko]

honestly... I think I'm late again on the bitccoin train. I would not invest on it right now because anything that has been climbing so high in a short period of time means you're too late.
It's a difficult time to invest, the whole storck market should have crashed by now and it's still as high as it was before covid or even slightly more. I get that with all this confusion, the bitcoin is benefitting from it... and when the stock market does crash... maybe people will invest even more in crypto. I don't know.Any advice mook on how to get started with crypto?

[armati]

1 Bitcoin equals
31,889.20 United States Dollar

Cryptocurrencies lose almost $200 BILLION in 24 hours as bitcoin plummets
https://www.rt.com/business/512107-cryp ... in-losses/

This is why bitcoin is exactly why bitcoin is lousy for business.

How can a person take it in payment if they stand to lose so much after they do?

At this point its just a speculation, maybe some day it gets better but until its not so volitile it wont work.


Betiko, there are lots of u tubes that answer your questions.

[mookiemcgee]

Ooops, sending a ship full of gold, yes that happened.

FDR for example refused to take pounds from Britain and demanded gold, by the end of the war the states had 20 thousand tons.

But you aren't living in the past...

[armati]

I wrote a few sentences proving gold is not in the past, but then I figured what the heck and deleted it.

In any case, maybe your right, maybe bitcoin will save the west from 3rd world status, I just doubt it.