Quote:
Originally Posted by Edward64
Anyone think that Bitcoin won't do well in the long term (5+ years) albeit with a bumpy ride?
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I have been reading a lot lately, and honestly can't say I have an opinion. So called experts are so incredibly divided. Who do you believe Elon Musk or Warren Buffet?
I am around 50% it will be up in 5 years. I am not tempted now. I may go in lightly when everyone stops talking about it. You have to figure it will see $20k at some point, maybe buy in then.
I am a little surprised such a huge buy in from a global figure had a relatively small impact. I also find it very odd he bought in now. Why now at right around an all time high. That's odd to me.
I think my no.1 concern is the powers that be lean on bitcoin at some point. Ultimately the more people invest in it, the less they invest elsewhere. With governments not benefiting from bitcoin at some point they make think it is worth while to jump in, and not in a good way for investors.
I also think it is fairly likely that bitcoin falls out of favour to another crypto, at some point. I have always liked to invest is business which are dominant in the market. Companies which have a strangle hold for one reason or another. I don't see that bitcoin has that. Fickle investors won't have brand loyalty. Tech moves on quickly. But it has held strong this long, so who knows. All guess work.
For me bitcoin would be a buy cheap, sell dear short term thing, rather than my standard buy and hold