Bitcoin's price is truly a measure of the market's intelligence -- and these people are dumb as rocks.
People seem to be talking about "Bitcoin crashing," "Bitcoin booming," etc. but fail to recognize that bitcoin isn't some mysterious entity with conscious movements that we can only observe in awe. Was it the transaction fees, transaction times, the holidays, the politics, the taxes, etc? Well segwit wallets and the lightning network are erasing the problems of transaction fees and times, the holiday season is over, and the SEC met in front of the senate to discuss crypto and overall had an extremely bullish conversation. What's the problem now?
You are. Let me explain.
Bitcoin's price is merely the collective opinion of all of you gambling addicts constantly buying and selling at a loss. As Richard Heart put it, "Everyone in crypto is either a DJ or a poker player." After you realize that, the price makes perfect sense.
Will Bitcoin go up in the near future? Will Bitcoin crash? Will Bitcoin take over currencies? These are all the wrong questions. The only true question is the following: What will people -- not bitcoin -- do in the future?
We are collectively discovering how many stupid people are panic selling. We have seen Bitcoin's price go up. We have seen it go down. It may be instinct to think that we are constantly collectively trying to discover the truth behind Bitcoin's price. That is not the case. We are making the price. We have seen people pay a lot for it. We have seen people pay very little for it.
More importantly, we have seen people SELL it as a high price and SELL it at a low price. One thing we know for sure is that Bitcoin has some price -- it does sell. The fact that bitcoin sells at some price goes a long way.
It sells - what does that mean? Consider buying a selling beach rocks. People don't really generally buy them. Not too many go to the beach and collect up buckets of rocks either. But occasionally someone might think a rock looks nice and maybe keep it.
You can go get rocks from the beach as easily as you can log on to a crypto exchange. The difference with an exchange is that you can't pick up satoshis as easily as a rock - you have to pay for it.
If there were a price barrier at any level for picking up a rock, hardly anyone would ever do it. But people do cross that threshold and pay for bitcoin -- the price is beside the point. That threshold of paying at all has been penetrated. We have seen people pay for bitcoin at astronomical levels, not because the bitcoin god decided to fly up, but because people willfully paid that high.
However, we are witnessing people like you messing up this whole party by flooding the exchanges with sell orders. Odds are if you are reading this, you are no hodler. You are trying to get rich off hot alts, trying to day trade, or you are abandoning bitcoin until "it goes back up." You are part of the red sell wall. "It" -- "Bitcoin" doesn't have a mind of its own. You are the problem. You are the only obstacle in the way of your dreamt moon. You are the one clumsily falling and bringing the price charts down with you. Your are what you think "Bitcoin" is. As Deepak Chopra preaches, all negative things you find in this world are truly a reflection of yourself.
Yet, you can fix yourself. You can pick yourself up. You can realize your mistakes and apologize to yourself for your self-inflicted abuse.
You
Can
HODL.