The first gold ETF was approved in the US in 2004, exactly 20 years ago.
Here’s the chart of gold price over the last 30 years:
Gold was around $400 back in 2004. The price wasn’t moving much in the 10 years prior to 2004. Now it’s over $2,000. There was a huge run up after ETF approval in 2004 that last until 2011 as retail money floods in. I think Bitcoin and probably ETH will do something similar. Even if people allocate just 1% into Bitcoin we are talking about a humongous inflow.
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MeetKevin opined won’t appreciate as much in % as for gold. Anyhoo, traders are front-running the possibility of an ETH ETF.
Talking for Cathie? Today, she admitted for the first time, bitcoin holdings is 25% of her NW.
What happened to TSLA?
Depends on how much institutions and retail allocate to crypto. It won’t be zero that’s for sure. In a bubble frenzy I think allocation could go pretty significant like 5%. BTC is pretty small. The entire market cap is just 900B as of today. That’s even less than META’s market cap.
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Btw, talking her NW. Not talking about ARK funds.
1.48M means total 28 trillion USD for bitcoin market cap. If bitcoin can become that valuable what’s preventing people from coming up with another bitcoin?
Bitcoins don’t have any inherent values, right? The value of bitcoin comes from its wide adoption and recognition so if there is a way to set up another digital coin similar to bitcoin (I assume it’s mathematically doable.) it should be good business to spend a few trillion dollars to make it as widely accepted as bitcoins? This could be how the US government solves its debt problem. Just approve some more ETFs.
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Have this thought. So reluctant to buy any crypto coins…
If the prize is sufficiently high, some people would come out with a better “blockchain “ technology or find a way to crack the encryption.
The current bitcoin market cap (~$900B) should be big enough already to motivate people to create a second bitcoin, but so far it has not happened so there must be a reason why that I don’t yet understand. Is bitcoin algo that advanced that nothing similar can be invented? I tend to think math problem can always be solved so the existing bitcoin value is probably in the market penetration, but market penetration can be solved too given enough budget or government policy assistance.
Maybe $900B is still not big enough. I hope $9T will. Maybe the US debt problem isn’t that big of a deal after all. Nothing some digital coins cannot solve.
There are already tons of alt coins out there. So it’s not for lack of trying. Here’s the list for the top 10:
You and I can create our coin. I believe there is even open source software out there.
But just because anyone can come on stage and sing and dance, doesn’t mean anyone can become Taylor Swift. It’s not even necessarily about the talent. There is only one spot for the queen of pop and that spot is already taken.
For some reason people trust Bitcoin more than Random Joe Coin. And once a consensus is formed it’s hard to dislodge.
It’s marketing and the fact people use bitcoin as a term for crypto. There are tons of other coins.
Bitcoins are created by GPUs solving an algorithm to unlock them. That’s it. It takes a lot of compute to unlock one, so people assume they must be valuable. I think at some point the SEC and other regulators will look like complete idiots for this.
The amount of electricity being consumed to do this should have environmentalists demanding all crypto be shutdown immediately.
“ It takes an estimated 1,449 kilowatt hours (kWh) of energy to mine a single bitcoin. That’s the same amount of energy an average U.S. household consumes in approximately 13 years.”
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How can this be true since billionaires like Elon Musk and Chamath Palihapitiyavbelieve in Bitcoin? Elon Musk also believe in climate change, he is selling EV to help save the Earth.
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After a quick DD, realize there is an alternative to the Blockchain technology…
So…
is correct but DAG is not ready for primetime.
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This recent activity illustrates that blockchain is unfortunately not unhackable… However, at this point it does not appear that blockchain users need to be too apprehensive because the technology is still very secure in design.
So is a matter of when?
They believe in whatever increases their wealth. I think bitcoin takes more electricity than any other crypto. It’s horribly inefficient. The transactions take a lot of compute too. It could never be an every day currency.
Ethereum is actually a superior design with much lower transaction costs. The issue is Bitcoin was first, and people literally use the term bitcoin for crypto. Ethereum actually can be used as a currency for every day transactions.
As long as the heavily followed people only mention Bitcoin, then it’ll remain top of mind for people who want to invest in crypto. People are too dumb/lazy to actually look deeper and understand any of it.
BTC-USD BTC-ETH or etfs or miners 
I suspect USD would weaken from here so reluctantly bought some ETHE and GBTC. Didn’t buy any spot etfs or miners.
The bartender at my local pool hall The Cue says bitcoin will be $100,000 this year… sell sell sell
Btw they have the best burger in town $14,50 for a bacon cheeseburger with fries and $5 beers…
Ain’t not spending $15 for a burger.
