Here’s Why I’ve Been Secretly Buying Bitcoin
If you’ve read any of my previous posts, you know I’m anti-bitcoin.
So what gives!?!? Why have I been buying bitcoin on the side?
It’s Not to Strike it Rich, It’s to Diversify
Don’t take offense to what I’m about to say. I’m already “rich.” Rich is relative. But I have enough, is what I’m trying to say. The richer you are, the more you need to diversify your portfolio. In other words, it’s called hedging one’s bets because anyone can be wrong.
Most of you also know that I don’t like precious metals (i.e. gold, silver, etc). But I still own precious metals. Why? Diversification. I also don’t like commodities. But I own commodities.
The major difference is that people who are crazy about Bitcoin are risking their entire life savings and even going into debt to buy more Bitcoin. I don’t care if my Bitcoin goes to zero. But if it goes to $100,000, I’ll be happy that I diversified into it.
Make sense? There’s a huge difference.
This is the Biggest Bubble of our Lifetimes
Personally, I think Bitcoin will become the biggest bubble of our lifetimes. The mania I’m seeing around this is like nothing like I’ve seen in my life time. It’s the talk of the town, and once enough Joe Schmoes become Bitcoin millionaires, Joe’s neighbors and family members will feel like they’re missing out, and they will want in too. This will all work to expand this ever-expanding bubble.
But I Think This Still Has Room to Go
I wouldn’t be surprised if Bitcoin hits $100,000 within the next 5 years.
Seriously, that’s how crazy this all is. There’s so much pent up demand from people who feel like they’ve “missed the train” on Bitcoin. So when this drops 20 – 30%, it’ll shoot back up and double from its’ previous high.
By the way, it recently had a 20% drop and recovered super quickly.
Eventually This Will Crash 90% or More
People still aren’t mortgaging their homes to get in on this. So there’s still room to go.
A mania is at its’ highest point when people start getting into debt to “strike it rich.”
I’m seeing people starting to buy using their credit cards, so we’re starting to get there.
But A Ton of People Are Waiting To Still Get In
Again, the people who missed out are waiting on the sidelines hoping this will crash 50%.
But it won’t crash 50% first. Smart money will start going in around 20 – 30%. Just like when it recently dropped 20%.
But just know that at some point, when it capitulates to a certain point, say a 60%+ drop, panic will start setting in. And that’s when it’ll take this down by 90+%.
When Will This Happen?
How am I supposed to know? Lol, no one knows. So don’t listen to anyone who says that he/she knows!
What are your thoughts on this? It seems like every day there’s a new high on Bitcoin and we’re seeing it on the news every day! Do you own Bitcoin? If not, why, and will you ever consider buying, and when?