CryptoCurrency : 21 Million
I want the ETF to be approved as soon as possible, just as much as the next investor. I think it would spark a bull run and push us to glorious new ATHs. Despite this, **I think it’s important to stay realistic and be prepared for it to be delayed or rejected for two main reasons:** (1) the government operates excruciatingly slow and (2) the government is more conservative than the private sector, and is full of ex-bankers and Wall St execs – the same industries that crypto threatens.
Whether an ETF is approved in August, next year, or not at all, **I’m still extremely bullish on BTC in the short AND long term.** I think a sell off as a result of an unfavorable ETF decision would do us more harm than good.
Why? Because of the scarcity built into it: there will never be more than 21 million bitcoins in existence. Whether BTC is currently underpriced or overpriced isn’t as important as the torrent of positive news we’ve seen in the last 6 months. Adoption and acceptance are happening around the world. Companies and countries aren’t waiting for the US to accept crypto, they’re moving ahead on their own. ETFs will likely pop up in other countries, inspiring the US to follow suit. **As long as you accept the basic premise that BTC will be used by an increasing number people in the future, supply & demand principles should drive up the price over time.**
Another factor not talked about often is bitcoin’s fractionalization – **the idea that you can own a little as 1 millionth of a BTC makes it much more accessible and psychologically appealing and scaleable to the general public.**
As an example, Amazon stock currently trades for $1,824. Stocks are only traded in whole numbers. **More than half of Americans have less than $1,000 in their savings account. Until that changes, they’ll never be able afford even a single share of Amazon stock.**
**Also, a reminder of BTC closing prices (in USD) on this day in the last 5 years:**
July 24 2018: $8,200?
July 24 2017: $2,754
July 24 2016: $661
July 24 2015: $288
July 24 2014: $601
July 24 2013: $94
Thanks to everyone who read all of that, it was kind of all over the place but I thought it was important to share, especially as this sub adds new subscribers as a result of this recent bull run. I’m really excited for the second half of this year, lets keep up the good work!
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Author: plunditry
Score: 149
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