Can the Bitcoin price reach $100K/BTC ever? We’ll have a discussion about it that I think will be really helpful for you and I will start off with the top 10 reasons that it could be yes or no depending on what you think the reasons are.
My goal for it to be helpful for you to see is Bitcoin a good long-term investment or is this something that it’d be better to sell now and not keep messing with and what might be better than that.
I value your feedback and I read every comment on YouTube. I hope this is helpful to you.
The current price of Bitcoin is just over $10,000 with 66% market dominance meaning Bitcoin is today clearly established in terms of value as the number one cryptocurrency. To me, there are a lot of points as to where we go from here and what the value can be.
I’m very excited as we debate rather it can or can’t reach a hundred thousand to see what each of you as a viewer has to say.
Brandon Wilkinson: I have a lot of Bitcoin. How do I sell them?
You can send me a message if you’d like to ask for more direct help with jerrybanfield.com/contact. There are a lot of exchanges you can sell your Bitcoin on and I recommend using an exchange or finding someone you can buy from directly.
The first key thing about Bitcoin reaching a hundred thousand is the buyers need to buy Bitcoin all the way up to a hundred thousand. I’ve been buying Bitcoin since 2013 and I’ve just stopped in the last year.
I don’t think it’s a good long-term investment. I was really excited and I think cryptocurrencies are generally a very good long-term investment. However, my behavior indicates that I’m not willing to buy and hold anymore.
That said, I’ve been wrong a lot of times and I don’t know if it’s a good long-term investment. I just personally choose not to mess with it anymore.
I bought Bitcoin for as low as $170 and it sold as high as $15,000 and something. How much more do I really need?
For me, the economics indicate that people need to buy Bitcoin all the way up to a hundred thousand. I mean someone needs to buy Bitcoin for $11,000, $12,000, $50,000, $75,000 that if in order for Bitcoin to go to a hundred thousand, more people have to buy Bitcoin for $99,000 then they are selling it.
Can the Bitcoin Price Reach $100K/BTC? Getting up to $10,000 has been relatively easy in some places. However, remember that you need buyers who are willing to pay $99,000 for a Bitcoin in order for it to get to $100,000.
To me, the question is not whether it will get to a hundred thousand. The question is whether it will go to $0 or $100,000? To me, those are the 2 trajectories.
I don’t see this being something that has long-term value if there’s something that happens to it and there’s a lot of potential things that could happen to Bitcoin to potentially totally ruin and sabotage the value down to $0.
I believe cryptocurrencies are a very good long-term investment generally. The question is specifically Bitcoin. The idea that Bitcoin is a store of value is one of the key reasons people point to and say it’s a store of value.
Well, why is Bitcoin a store of value? It’s just because people think it’s worth something. If that belief changes and people start to say, “Well, this isn’t a store value” and if people believe, especially the big holders, if even one of the big holders decides this isn’t a long-term store value and starts selling, the price is likely to fall a lot.
Just as Bitconnect did and from hundreds of dollars in one day, Bitconnect came down to $20. To lose 90% of its value in a single day. At the same time, it’s already been through a lot of ups and downs. I’m pretty resilient. You might not ever do that.
To me, all it takes is one time for it to have a day where it loses 90% of its value and the idea that it’s the store value at that point is finished.
There have already been days where it has lost a lot but we still haven’t seen things like having a huge Bitcoin wallet get hacked. We’ve seen big hacks earlier on but the prices are a lot higher now and there are a lot more people invested in it and there are a lot of alternative cryptocurrencies.
Facebook’s coming with a currency. It’s a lot different market now than when there was the Mt. Gox hack, for example.
Something seems to be going on with Etherium. It’s up 15% and to me, there’s an opportunity for a cryptocurrency like Etherium, for example, to rise above Bitcoin at some point and if Bitcoin is not number one anymore, to me, it loses again the status of A STORE OF VALUE.
Can the Bitcoin Price Reach $100K/BTC? It might stay #1. It might go to $100,000 before it stops being a store of value.
In fact, the price going up might trigger someone to sell who’s been holding on for the long-term and sees, “Well, it’s not going to go any higher”. There are so many cryptocurrencies that, to me, have the potential like Etherium to take over Bitcoin.
Brandon: I have 10 Bitcoins. Is that a decent amount?
Yes. I’ll do the math. That’s $100,000.
I remember when Bitcoin was $1700 which is 10x the lowest now as compared to when I bought it. I thought this was crazy. I was going to have to crash and I had 60 something Bitcoin when it was $1700/BTC and I sold all of them.
I bought Etherium for $9 and I was just playing around. I had a few thousand dollars in Etherium for $9 and I got so excited when it went up to like $15 or $20. I sold all of it.
Thus, these markets can have massive upside. The bigger the market goes, the more exponential amounts of money you need to get into it.
One thing that could indicate Bitcoin going to a hundred thousand is institutional money. If you’ve got things like pensions and retirement plans that can now start funneling money into Bitcoin, that could potentially drive it to a hundred thousand.
If there is a big pension plan that has access to things like 401K money that could put money into it, that leaves it in a good direction. However, Bitcoin is banned in countries like India where there’s a lot of wealth.
Now, you might not think the average Indian person individually has a lot of wealth but like the country, there’s a lot of wealth and Bitcoin is banned there. However, cryptocurrencies like Facebook might be able to get their cryptocurrency to be just fine in India.
Bitcoin is banned in multiple countries and when a country’s banned Bitcoin, to me, the long-term future of it might not be very good, especially when something like Facebook might be able to get its cryptocurrency accepted in which case Bitcoin is a long-term store value.
Can the Bitcoin Price Reach $100K/BTC? I’m interested to see where it goes from $10,000 because $10,000 is kind of a key mental point but that doesn’t matter as much because people buy at $9000, people buy it at $11,000 and people buy Bitcoin all the way up to $20,000.
Can the Bitcoin Price Reach $100K/BTC? Some of these currencies, like Ripple, are working with banks to process payments and to phase out the old Swift system. Some of these might have fantastic potential and if the banks start putting money into an Altcoin, to me, that could also spell out the demise of Bitcoin.
One of the reasons Bitcoin rose so high before is that Bitcoin was needed to trade all of the different Altcoins. When I first was buying anything except Bitcoin, for example, when I bought Dash, I bought around 10 Bitcoins in order to buy the 1,000 Dash for my Masternode.
Today, you don’t need to do that. There are so many exchanges where you can directly go fiat currency like US dollars straight into Etherium, Ripple, Lite coin, EOS & more. There are so many things you can buy without Bitcoin today.
Now one of the reasons Bitcoin could continue to go up is because of Bitcoin being lost or unretrievable in wallets. What we have with Bitcoin today is a reflection of the amount of transactive Bitcoin continuing to shrink depending on how much miners sell.
The more people use Bitcoin just like if you’ve got cash in your wallet, the US government prints more money all the time and people lose cash. People lose $20 bills. People lose coins all over the place and Bitcoin is the same. People have a little bit of Bitcoin that gets left in a wallet.
I had Bitcoin that got left in a wallet and I forgot about it. What originally was only a few dollars when I remembered I had that wallet that I hadn’t cleaned all the Bitcoin out.
It was worth hundreds of dollars and there are tons of Bitcoin wallets that people have either forgotten about or lost access to and that Bitcoin is no longer transactive. That means that if people simply continue transacting with the same amount of Bitcoin, the usable Bitcoin continues to go down.
What the market price really reflects is the transactive Bitcoin. If that were ever to get enlarged by having, let’s say, one of these large Bitcoin holders dump a whole bunch of Bitcoin that hasn’t been transacted regularly, even if it’s a little bit at a time, it could already be happening.
The potential for the price could very easily drop a lot or just never go up that much more. These are some of my thoughts.
Let’s talk about some other angles for long-term Bitcoin prices. A lot of these other cryptocurrencies have been enhanced. What Bitcoin originally did, they’ve got greater security. They’ve got things like account retrieval. Bitcoin is still super basic.
To me, Bitcoin is not friendly to the masses. There are cryptocurrencies that do seem like they are preparing to be very friendly for mass adoption where you can just have a mobile wallet on your phone, easily use it and if you lose your account, you could even get it retrieved.
With Bitcoin, if you lose your wallet somehow, you cannot get your money back and to me, that’s not average person-friendly and if you have something that’s not average person-friendly, the transaction fees can also be very high on it.
Bitcoin is not average person-friendly either. Unlike something like gold where people have suggested Bitcoin is a store value, gold is used for a bunch of things. Gold is worn around jewelry. Gold is used in electronics.
I’ve even read stories that gold is used by extraterrestrial civilizations to purify their atmospheres and that’s how originally people got the idea on earth that gold was valuable as extraterrestrials are coming here and using human beings to help get gold that they could take home and purify the atmosphere on their planet.
Gold has real actual tangible value and the idea with gold being a store value is that people will want to buy gold and use gold to build something.
Bitcoin is purely an idea that it’s a store of value. There is nothing physical that people can use Bitcoin for. Therefore, there’s no real-world relevancy to something like gold, silver, platinum or other precious metals that people buy and hold them as a store value.
Based on the idea that people will want to buy precious metals in the future, Bitcoin is completely something that doesn’t have that and the idea that if Bitcoin goes, there’s no actual demand to buy Bitcoin.
Whereas people are not going to lose the idea that gold is valuable because people wear and use gold. There is a real physical market that doesn’t exist for Bitcoin.
Can the Bitcoin Price Reach $100K/BTC? At the same time, things like US dollars are only valuable because these are ideas and therefore, it maybe could go up to $100,000. For me, if it goes to a $100,00 it might go to a million.
RA: Bitcoin is also limited. There will only be 21 million.
Yes, that’s a very good point.
Can the Bitcoin Price Reach $100K/BTC? One of the reasons Bitcoin could increase in value is simply a decrease in the transaction volume of it. Therefore, it is possible if people continue to believe Bitcoin is a store value and just hold on to it, the transactions with Bitcoin will continue to shrink over time.
The more people use Bitcoin, the smaller the amount of it that’s able to be transacted as people hold it and don’t transact it or lose the ability to transact with it.
So you could have essentially the same Bitcoin being used more and more often, making the supply of Bitcoin much more scarce. Therefore, it’s possible that the value could simply increase based on scarcity alone.
Can the Bitcoin Price Reach $100K/BTC? If you look at the current amount of Bitcoin, you can see that the market cap is a $180 billion right now. In theory, the market cap could be higher if the amount of transactions with Bitcoin continues to decrease.
There’s one big misleading thing when you look at the market cap. That assumes that it’s possible to sell all of the Bitcoin at the current price. Realistically, if even a small fraction of the top Bitcoin holders began selling at any decent amount, the price would plummet as we saw with Bigconnect.
When a bunch of people try to sell and this pressure to sell goes down. It almost disappeared. The value of it almost disappeared in just a few hours and the same is possible with Bitcoin.
The question is will the people who have a lot of Bitcoin continue to hold it and see it as something that’s valuable?
As long as the top holders keep holding on to it, the price is likely to go up in my opinion.
If you’d like to talk to me in private, you can go to jerrybanfield.com/contact. I’ve got my WhatsApp, phone number, and email on there.
Aditya: Gold does not have a certain supply. It can increase by time.
That’s a very good point. Gold can be mined in quantities that aren’t purely defined and I am sure that gold can also be directly created through alchemy rather that’s done through physics or whatnot. Gold can also be simply created by putting other elements together.
You could argue that Bitcoin is more limited than gold because gold can simply be mined. There could be a massive stash of gold found somewhere and all of a sudden the price of gold could tank because there’s so much of it on the market.
Therefore, you could argue Bitcoin is more scarce.
Murali Mohan: How to decrypt a Bitcoin with least computation?
That to me is a big potential point of collapse or something like Bitcoin. Bitcoin is like a sitting duck for someone to crack a wallet that has a lot of Bitcoin in it and really has a Bitconnect kind of crash with it.
All you need from my understanding of things and experience is to just have a public key which you can easily pick a Bitcoin wallet essentially and then you just need to get the private key right to that wallet.
While many of the Altcoins have outstanding security, they’ve taken security to the next level and continue to be harder and harder to crack. For Bitcoin, all you need is to get the private key right to a wallet with a lot of Bitcoin which you can easily research and find wallets that have a lot of Bitcoin.
You could literally guess the private key to a big Bitcoin wallet. You could take all of it and nobody could stop you from doing that. How many times does that need to happen? How many times has it already happened? How many more times will it happen before confidence is completely broken?
Some of these Altcoins that have much stronger systems are resilient to being stolen, for example, Steem which I pumped endlessly before. If someone steals your account key and you’ve got your Steem powered up, they can’t just wipe your whole wallet all on at once.
You’ve got a core development team that can help you restore it. Whereas with Bitcoin, if you get the private key through any method and get into that wallet, you can do whatever you want to with it just like the owner and there’s nothing to stop you from it.
Therefore, it only takes one event like that on the wrong wallet to really knock the whole Bitcoin out. In my opinion, if that happens to Bitcoin, some of the Altcoins might tank with it but at the same time, it might allow one of the Altcoins or several Altcoins to become dominant.
If Bitcoin loses dominance, in my opinion, it’s no longer a store value.
When we look at some kind of a leaderboard like this we will reminisce about the days Bitcoin was number one as it tanks. I promoted Steem a whole bunch and then after promoting Steem, I put out videos and posts saying that this is not going anywhere good and I’m selling and getting out.
The price has gone mostly straight down after that and it keeps sinking lower and lower on the market. Once the confidence that this is a long-term store value is lost and the selling continues to outweigh the buying, I mean, there’s a long way down things can go.
Can the Bitcoin Price Reach $100K/BTC? I’m imagining that it’s possible Bitcoin could go all the way down.
Bitcoin has already survived a lot of things like this happening. The Mt. Gox hack is one of the earlier ones to many more new exchange hacks that have come along since then. Bitcoin is very resilient and it very well might be able to survive another catastrophic event without everyone deciding that it’s worthless.
Therefore, with limited supply, it could continue to increase in price. Ironically, something like a big hack could take some Bitcoin transactions off the market and that might increase the price.
That’s why I haven’t set this up that I know what’s going to happen specifically given I haven’t had any premonitions.
I imagine there are groups of people working very hard on this right now to be able to decrypt some of these big Bitcoin wallets and I put out a video before. I believe that the US government has technology that is so much more advanced than we know about in terms of what is official.
I believe the US government already has Bitcoin wallets that are cracked that they can do whatever they want and I believe the US government could knock Bitcoin out anytime they wanted to. Our government has computers that are so powerful that decrypting bitcoin is easy.
If you look at our consumer technology, whatever our military and security have, that’s not necessarily what the average person works in, but the elite and the best of the best et to work with is probably a whole generation better.
If you got next-generation computers and a group of really smart people that wanted to crack Bitcoin, to me, this is why the USA has not banned Bitcoin because the government knows it could take it out without directly banning it any time desired.
Therefore, it’s no threat. It’s kind of entertaining and it’s something that could even spark.
Can the Bitcoin Price Reach $100K/BTC? Another reason Bitcoin might go to zero is the US government might be planning to introduce US dollars as a cryptocurrency managed by and issued by the Federal government the same as we use bills today.
The Federal government would love to have a cryptocurrency because they can track all the transactions on it. The US government could literally automatically track all of the financial transactions and the Treasury could cut out things like credit card companies and even banks from getting between them and money.
As you can imagine, there could be a lot of resistance to doing something like that from banks and credit card companies. My vision of the future is that the U.S. government will issue U.S. dollars in a cryptocurrency.
Facebook and companies will have their own currencies as well and then to me, any exception to the very best out of the cryptocurrencies will fall when that kind of mass adoption happens because things like Facebook will have their own built-in currency that you’ll be able to send.
The US government may make the US dollar a cryptocurrency. Google might have a cryptocurrency or some of the newer companies that are rising might have their own currencies.
The credit card companies will be looking around to partner and try and stay alive. If people stop using and transacting Bitcoin then it loses its value.
Murali: How do other countries apply taxation on cryptocurrency-based transactions?
The currencies right now are taxed differently by the country. I’m not aware of the exact taxation by different countries.
What I can see is that it’s currently pretty confusing. However, the longer cryptocurrencies are around, become normal and the more companies like Facebook start to introduce them and maybe even government’s start putting out their cryptocurrencies.
To me, it’d be an amazing move for the US government to be the first country with a huge Treasury to put out a cryptocurrency that could really lead the way and control money.
Thus, taxation might change on it. Right now, in the U.S. it’s complicated and I prefer not to even hold and fool with cryptocurrencies outside of using them as transactive money because there are a lot of opportunities to make money.
I’m grateful I’ve made lots of money in the crypto market but there’s also a lot of potential as I’ve seen first hand to lose money. I had over a half-million dollars of Steem at the height of me promoting it and at the height of the crypto boom that came at the beginning of 2018.
By the time I sold all of that, I was lucky to get a hundred thousand out of it. I was lucky to get 20% of the value I had at one point.
I’m excited to see what happens next in the crypto market and I’m grateful today that I can make videos without being so invested in it myself. The limitation I ran into before was biased and as long as I was holding certain cryptocurrencies, I just couldn’t talk properly about the whole market.
Now that I’m not buying or holding anything of significant value, I’m in a position where I can essentially report and help facilitate discussion. I hope this helps if you’re holding on to Bitcoin and wondering where to go from here.
Can the Bitcoin Price Reach $100K/BTC? To me, a great investment plan would be, if you’ve got to say 10 Bitcoin, sell half of it today and hold the other half forever or steadily sell some and plan to hold some because if it goes up to $100,000 and you sold half of it, you still have $500,000 if you had 10 Bitcoin.
If it goes to $0 and you sold half of it, you still have $50,000 which is pretty good.
RA: Yes, they sacrificed decentralization for security.
That is accurate. Unfortunately, the reality of what I understand is that Bitcoin is extremely centralized. The top holders have almost all the Bitcoin. The top miners that make almost all the decisions are a relatively small group of people.
Therefore, Bitcoin, while it might appear decentralized on the surface. When you look into it further, it appears very centralized and given the reality centralization with a very small amount of people having almost all the Bitcoin and a very small amount of miners making almost all the Bitcoin mining.
This is the case for many of these cryptocurrencies. Many of them are very centralized despite the goal to not be centralized. It just seems to be one of the natural laws of the world that energy from money tends to accumulate.
Can the Bitcoin Price Reach $100K/BTC? Some people are predicting for Bitcoin to go to 1 million in 2020. I think it’s possible for it to go to $100,000 as long as the top Bitcoin holders do not unload and ultimately for Bitcoin to go up. I’m going to search for Bitcoin on Google Trends. We’ll take a look at some more data.
Ultimately for Bitcoin to go up, there need to be a lot of people talking about Bitcoin.
Let’s look at the Google Trends data. This will show you the conversation, at least in the United States, about Bitcoin. It has been recently trending down a bit. This means fewer people are talking about Bitcoin, at least to the point of searching for it on Google.
We’ll look at the past five years and we’ll look globally to get some better context. When Bitcoin is at the height of its price, you’ll notice how high the conversation was at the end of 2017. What you’ll notice today is that Bitcoin is at a fraction of the peak conversation.
Ultimately, if Bitcoin is going to go up in price, it also needs to be talked about as well. If you think back to when Bitcoin was $20,000, who was buying Bitcoin? Often it was people hearing, talking about Bitcoin, seeing it on the news, getting excited, being totally clueless about Bitcoin and jumping in at whatever price.
When I first heard about Bitcoin in 2013, I just jumped in it whatever the price was and started buying and I bought the whole way down and bought the whole way back up.
Therefore, the conversation on Bitcoin would need to go up about 10 times as much just to reach the peak of where it was before. To me, that is a huge consideration for the long-term value of Bitcoin.
It needs to be talked about in order for the price to go up. You don’t have to just be talked about or searched about but you need people who’ve never heard of Bitcoin or haven’t thought much about Bitcoin to be discovering Bitcoin if the price is going to go up.
According to Google Trends data, the amount of searches for Bitcoin is down 90% from the peak. The raw level of conversation at this point does not look very good. Let’s look at some other terms.
I’ll put some other terms in the conversation and we’ll compare these with some of the other Altcoins so we can get an idea of how these other coins compare.
Opt Imos: How can I start mining or earning? I have 0 Bitcoin.
That’s a really good question. If you want to start making any kind of money, the basic mental law is that if you help someone else make money, you will make money. Especially, if you help someone else make 10x as much money as you make, you have good odds on making money yourself.
Therefore, if you mentally want to make money in this cryptocurrency environment, the first step is to think how I help people with Bitcoin make more money and when you think about things like that, you’ll be attracted to places.
I don’t know if it’s an affiliate program. I don’t know which cryptocurrency it’ll be. There are a lot of opportunities to make money.
If you look at the crypto market, it’s basically companies. You can look at a lot of these as companies with stock. Although, that’s another point that I have really wanted to mention and I’m glad you helped remind me of that.
One of the investors that I was listening to on Tim Ferriss podcast, I think his name’s Peter Thiel. He was asked about the value of things like gold, silver, and Bitcoin as something that’s worth investing in.
He said that things that don’t make money for you are not a good long-term investment and I completely agree with that.
If you’re buying Bitcoin and hoping to make money off it, the only possible way is to make money off of Bitcoin with these Bitcoin Forks. Now, there are 2 ways.
- You can make money off of the price of Bitcoin going up.
- You can make money off of Bitcoin forking if you immediately sell whatever bitcoin forked in and dump it on the market.
That’s problematic because lots of the best ways to make money involve having something that’s profitable. For example, if you buy real estate and the price stays the exact same but you rent the house out, you make money on the real estate regardless of the price unless it goes to almost nothing.
Can the Bitcoin Price Reach $100K/BTC? When you compare something like owning property versus Bitcoin, Bitcoin does not look like a good investment because Bitcoin does not help you make any money just by holding it. For example, if you own a company and it makes a profit, you get the profit plus you own the company. That is a really good investment.
If you own Bitcoin, it doesn’t make any profit and that stinks.
There are a lot of these cryptocurrencies in the market with the same properties that if you own them, the only way you can make money is for the price to go up. There are cryptocurrencies where you can just hold them and stake them and make money, for example, Dash.
Dash has Masternodes and you can also do Masternode shares. If you don’t have 1,000 Dash, you can do Masternode shares and the Masternode pays your interest. Masternode pays you out every few days just to hold it.
Therefore, even if the price of Dash stays exactly the same and there are a lot of other Masternode coins I can bring up a list of them but Masternode coins are awesome because just holding them, you make a profit on it and that is a true investment.
Whereas, to me, just buying something and hoping the value goes up and it doesn’t make a profit, that’s not the kind of thing I want to do but it doesn’t mean it won’t work. There are a lot of people that make lots of money holding things that don’t produce any profit.
These are coins that have Masternodes and you can see the return on investment. I don’t hold any meaningful amount of any of these. So, I’m just reporting these.
Dash, you can see, 6% return on investment. That means if the price of Dash stays the same all year, you make 6%. If you have $100 in Dash, you have $106 in Dash by the end of the year. That to me is a really good investment assuming the price doesn’t go to 0 and assuming you don’t lose your Masternode or your master node shares.
When I had $87,000 Masternode, I was sweating. I realized, if I screwed something up with my wallet, I could lose all that and nobody could help me get it back.
You can see on Masternodes and how much they pay. There’s a delicate balance on the return of investment by having a Masternode versus the amount of the price of the coin. That means the more you payout to Masternode owners, the more you’re likely to have a chance for the price to go down as Masternode owners sell the profits.
You can also see how much the cost of a Masternode is. For example, the Masternode of Dash will cost you $93,230 but on the Image coin, you can get a Masternode for $3,407. On Stakenet, you can have one for $833.
You can see the return on investments you get on these. To me, these are a lot better investments than having something like Bitcoin, especially since it pays you out. That said, if they go down, it might not be.
Wrench Pandya: Bitcoin falls because many Indians take their money off from that rule passed by RBI.
Yes, and that’s the problem for Bitcoin with countries banning it. That is hurting the value of it.
Can the Bitcoin Price Reach $100K/BTC? There are a lot of places like India where you’ve got a billion people and Bitcoin is banned, if Facebook comes in and their currency is allowed, to me, that’s just the kiss of death for something like Bitcoin.
432Hertz: What are your thoughts on Clickbank?
If I’m correct in remembering, Clickbank is for affiliate marketing. I personally find that doing a really good job on 1 affiliate program is worth a lot more than just spamming links all over.
I also have found that affiliate marketing has been one of the lowest return activities I’ve done in my business. Serving clients, YouTube videos, Livestreams Content creation, video courses, ad revenue, etc have been a much higher return.
Doing affiliate marketing has been one of the lowest dollars per hour earning activities I’ve done so far. That said, affiliate marketing can be really good when you’ve got an audience and you know your audience.
For example, I have a post on my website about a cabbage business line of credit. I have a $11,000 business line of credit. It’s basically cash. I can have any time if I need it and I earned $250 to promote that one affiliate link.
Therefore, you can do really good with affiliate marketing, however, it often can be a big waste of time as well.
Most of the time doing something like Clickbank, there are better ways to use the time and earn money. That said, if you can find the right program, you know where to get people to buy it and you believe in it yourself, you can make a lot of money.
I personally don’t promote anyone else’s stuff on Clickbank and don’t have my stuff on there.
RA: Bakkt is going to be a one-stop crypto hub which will enable institutions to buy Bitcoin on a seamless global network. The same network that the New York Stock Exchange uses and it starts on Monday.
Really? Something like that could add a lot of value to Bitcoin.
Can the Bitcoin Price Reach $100K/BTC? One of the big reasons the price for Bitcoin could go up is if you can get that institutional money into Bitcoin, if you can get those pension plans and the people who already trade socks, if you can get their money in the Bitcoin then it can go up a lot.
Thank you for letting me know about Bakkt. I know nothing about Bakkt so far.
Murali: Can Bitcoin or other kinds of cryptocurrency beat down the US dollar homogeny?
That’s a good question and I’m not sure. I like the idea of a future where we use currencies that aren’t tied to one Federal Government. At the same time, the US government has so much power, money, and technology that is unbelievable.
I hear the US government for 20 plus years has already had faster than light technology such as spaceships like Star Trek Voyager. The amount of wealth the government has is ridiculous.
Can the Bitcoin Price Reach $100K/BTC? What I see is that the US government is pretty unlikely to get taken out of the equation. There will either be a US government cryptocurrency or the US government will just lock down the existing cryptocurrencies.
Cryptocurrencies are great for the most part in the eyes of the US government because these allow automated tracking of financial behavior without having to do anything like a warrant or a subpoena.
If the US government wants to know what’s going on with a bank unless they’re at the very highest levels at which point there are absolutely no rules and anything can be done regardless of what the laws say, but for the most part, for most of the operators, there needs to be warrants and bureaucracy.
With cryptocurrencies, a local police department can go investigate cryptocurrency transactions and hire someone to help and look through cryptocurrency transactions.
Therefore, I’m very interested to see whether the US dollar supremacy will be impacted by cryptocurrencies. It’ll take a lot of support from countries around the world to put into cryptocurrencies in order for that to make any difference.
Still, at the end of the day, all cryptocurrencies are priced in U.S. dollars. Even with things like cryptocurrencies, the US dollar still remains supreme.
Opt Imos: Can I invest $5 or $10?
Yes, if you’d like, you can get an account on something like Coinbase where you can buy $5 or $10 worth of Bitcoin. I think I have like $60 of Bitcoin or something like that just from earning an affiliate commission promoting Coinbase.
I think some of the cryptocurrencies that are able to work in the adult market and industries that currently struggle to work with payment processors, to me, one of the best features of cryptocurrencies is enabling the transactions back and forth.
Enabling the transactions on things like gambling and adult entertainment online that have often been difficult to transact and to me, a lot of the growth in cryptocurrencies seems to be driven by those 2 industries.
Therefore, any coin that can do a good job for things like the dark web, illegal services, gambling, adult market and things like that, that can have a lot of potentials. At the same time, those are tempting for governments to go after, especially privacy coins.
Privacy coins, to me, can be a big risk to hold because, from the Federal Government’s point of view, cryptocurrencies can be a lot of fun at a great time until they start allowing anonymous transactions, at which point it seems worthwhile to potentially ban those specific currencies but not ban all cryptocurrencies together.
Again, I don’t hold any of the cryptocurrencies. Therefore, there are ups and downs with everything.
That said, the way it’s set up right now, governments are in a position very easily where the crypto market is not established enough in a lot of places where you can successfully transact without having to convert to fiat.
When the market gets mature enough that there are a lot of places, for example, you could go to a restaurant and pay with Bitcoin, Dash or something else then the restaurant could directly buy food to stock the shelves and pay employees with that and then the people earning that money could go buy what they needed to.
At that point, you’ve got a market that could have a lot of value, which to me rather Bitcoin will be the currency that people are using in that scenario seems pretty questionable.
Can the Bitcoin Price Reach $100K/BTC? If you look at Bitcoin, so far this year it has gone up to 50% from where it was a year ago. The interesting question now is if you look back, there was a big pump to $18,000 and then relatively quickly it came all the way down to a low of $3400.
I bought 2 Bitcoins when it was around that price. I immediately sold them because I thought I don’t want to play this head game again.
Opt Imos: How can I spot a scam or spam?
I’ve got an entire video on YouTube that helps you figure out what’s a scam and what is not worth your time versus what is. I did a whole Livestream on it. And is it, How to Judge Websites, Offers, and Opportunities Online as Trustworthy or Scams?
I went into a lot of details about trust signals and showing you what things you can do to figure out easily if things are a scam or a fraud. I helped several of my friends (while I tried to). I had friends that were saying Bitconnect looks great and that we’re putting money into it.
I had friends that were doing these other crypto schemes and I easily spotted them ahead of time. I said, “No.” It’s an obvious scam. Staying away from it and one friend that put into Bitcoin agreed that it was an obvious scam. He just couldn’t resist and he lost thousands of dollars doing that.
I stayed out of those. Thus, I’ve got a very in-depth blog post and video showing you how to spot a scam and not just for money but for time. It’s pretty easy to spot something legit vs something that’s not.
With the Google Trend’s data I pointed out before, there are fewer people searching or learning about Bitcoin right now and that’s a good indication that there might not be a great opportunity for it.
Can the Bitcoin Price Reach $100K/BTC? Many of the reasons that Bitcoin goes up is because new people discover it and start putting money in and if that’s not happening then the price will struggle to go up a lot.
RA: If you can do technical analysis, you can probably trade Bitcoin every day and make money.
Absolutely, and that’s one of the reasons Bitcoin might go up is the number of people trading Bitcoin and all the transactions that are created. That’s one good reason Bitcoin might go up.
One reason stocks have so much because so many people trade them which means constant buying demand and the more people are buying, the more the price is able to go up.
Can the Bitcoin Price Reach $100K/BTC? All the opportunities to trade can be a very good reason Bitcoin might go up because bitcoin is often on a lot of exchanges. You have to trade in Bitcoin to trade with a lot of other Altcoins and Altcoins or anything besides Bitcoin.
The more there are Altcoins that are worth buying and trading, the more that is good for the value of Bitcoin.
Can the Bitcoin Price Reach $100K/BTC? The more people trade, have trading accounts, buy Bitcoin, forget to sign in, and leave their Bitcoin in there without thinking about it, the more you’re making the supply of Bitcoin scarce and that’s a big reason for the long-term it might go up.
Even if it does dip in the short-term, our intelligence here in terms of the comments seems to indicate it’s on its way down. I think there are a lot of good opportunities to trade cryptocurrencies and make money, especially if you can put at least a $1,000 in.
The key thing it seems you need to be able to do is data analysis. If I was going to make my living trading cryptocurrencies, I’m certain that I could probably make at least $1,000 a day trading cryptocurrencies by putting in $10,000+ and using data analysis to find artifacts.
Artifacts i.e. little areas of irrationality where at certain times of the day, certain people sell and consistently drive the price down. When you can realize that humans have a lot of irrational habits and behavior that are predictable, the book predictably irrational was really good at this.
You can look through the data and find little outliers. I imagine there are at least thousands of people who are working on this same thing. There are so many cryptocurrencies and so many exchanges. There are so many markets and so many automated trading BOTS that there are lots of opportunities for finding irregularities.
For example, I found a little irregularity one day, especially when there’s what’s called, I don’t know if it’s a Black Swan event or White Swan. I don’t know what color the Swan is but what I can say is when there’s an event that’s unusual, that can be a good opportunity.
I spotted an exchange that had a messed up priced peg and it was instantly exchanged and I worked several thousand dollars out of it within an hour to use up to $5,000.
When I did, I’d buy $4,000 of Lite coin. I’d send it over to the exchange. They’d send me back. There was one little irregularity in the price peg and I worked on it until the price got so high that you couldn’t do it anymore and then I talked about it and helped the exchange fix it.
I did have fun making a few thousand dollars in an hour so just by doing what’s called arbitrage. Prices are artificially higher or lower on one exchange. You buy it out to make the price match up and you will bring it down a little bit.
You can adjust the exchange prices. That said, if you don’t have a lot of data analysis, skills or any cash to put in, that might not be a good opportunity.
Molla: Bitcoin needs at least 10% global adoption into the near future.
If Bitcoin continues to get more user adoption then that speaks really well for the price. At the same time, all other cryptocurrencies are also trying to get user adoption, which means getting more users is super competitive now.
Bitcoin, a few years ago was one of the only options and there was a small number. The more of these Altcoins that do successfully get users, those are people that don’t even need to transact at all in Bitcoin.
Can the Bitcoin Price Reach $100K/BTC? You can transact a lot on cryptocurrencies today without ever touching Bitcoin and, to me, that’s one of the main reasons that I see the long-term future of Bitcoin going to zero and once Bitcoin falls to the top, I think it’s got a really good shot to go to 0.
For cryptocurrencies like Ethereum and Ripple, no way. I might be wrong but I’m saying no way.
These are my top picks.
1- Bitcoin I think will fall and will not even be in the top 100 in the future.
2- Eetherium has a good shot to be number one.
3- Ripple has a good shot to be number one.
4- No way on Bitcoin Cash to be number one.
5- Litecoin can be number one.
6- EOS has a good shot at being number one.
7- Some of the Exchange coins have a good shot to have a lot of value but they also risk getting hacked and losing all their value very easily. So, an exchange coin does not have a very good shot of being number one and staying there.
8- Cardano might have a good shot at number one.
9- Stellar might have a good shot at number one.
10- Tron has a shot at being number one with its economy.
11- The privacy tokens like Manero seem to have good odds of getting wiped out by government bans, which I suggest none of the privacy coins have a realistic shot to be number one because it’s too tempting for governments to crack down on privacy coins as they’re so helpful for facilitating things like illegal transactions because they can’t be tracked.
These are some of my suggestions for a few cryptocurrencies that have the potential to be number one.
I’ve had a vision of cryptocurrencies making a big difference in food. When I buy a tomato, I can pay the person that grew it. I can pay the person that picked it. I can go to the store. Cryptocurrencies in my vision of the future will help us all pay and connect with each other much more directly.
At this point, it doesn’t seem realistic to think Bitcoin will be able to facilitate that, but some of these new ones, like EOS, might be able to facilitate that kind of transaction.
I appreciate your time. Thank you for all of you reading can the Bitcoin price reach $100K/BTC. I love you. You’re awesome. I’m grateful for a chance to serve you today. I trust that if you want to make sure to see all of my Livestreams, you’ll subscribe to my Youtube channel if you haven’t subscribed yet and turn the notifications on.
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