My posts are running a little bit late
these days. Ok a lot late. It’s a little less impressive to post
price predictions after than have already happened. Still, here it is
and perhaps the trend hasn’t ended yet.
People in the bitcoin community like
the acronym FUD, which stands for fear, uncertainty and doubt. Lots
of people have doubts about bitcoin, particularly outside of the
cryptocurrency community. So, the community often gets tired of the
same points that are brought up by outsiders, that bitcoin doesn’t
have intrinsic value (which is true, but fiat doesn’t either), that
it’s a ponzi scheme (which isn’t true, but many scammers use btc
to facilitate their scams), and others.
But I recently read an email this week
that makes a compelling argument for a price decrease. Harry Dent
the Founder of Dent Research, uses the following chart, showing some
of the largest bubbles in history.
So it’s possible BTC may lose some
value. In the short time after this email, btc has actually gone up.
But by the time I actually publish, I expect a totally different
story.
Here is another except from his email:
“ But I don’t think this crash is done. I expect we’ll see
bitcoin ultimately lose well over 90% of its value before rallying
again longer term.
Then it’ll be the
buy
of the century just like the internet stocks were
in late 2002 after a similar, dramatic 16-month bubble and then a 93%
crash.”
Here is another chart shared on reddit
recently
So maybe it is a good time to sell.
Unfortunately, it looks like you can no longer buy Amazon gift cards
with bitcoin anymore! The sites I used in the past like Egifter no
longer sell Amazon gift cards for btc, or even for USD. So this is
unfortunate. Perhaps I will have to use EBay instead (which if you
haven’t used since the early 2000s, still has a lot of good things
on it, particularly cables). Either way, I will have to figure
something out, and I’ll post an update.
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