Everyone Is Wrong About Bitcoin: “Have Fun Staying Poor!”
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BITCOIN IN 2024:
Bear Case Scenarios:
Warren Buffet famously said “You can’t value Bitcoin because it’s not a value-producing asset…If you buy something like Bitcoin or some cryptocurrency, you don’t really have anything that has produced anything. You’re just hoping the next guy pays more.”
Charlie Munger has taken a tougher stance – he’s called it “Rat Poison that will go to Zero,” that it’s “crazy, stupid gambling – anyone who disagrees is an idiot,” and compares it to – and I quote: “Somebody Else Is Trading Turds And You Decide, I Can’t Be Left Out.”
The CEO of JP Morgan, Jamie Dimon, also agrees with this, slamming it as “worthless and a tool for criminals,” and then famously drawing comparisons to smoking, where – you have a right to use and own it – but, it’s bad for you.
An economics professor at Harvard also makes the argument that “People in power will move to regulate anonymous transactions. That you can be sure of.”
Deutsche Bank also surveyed their customers, with the majority believing that it will fall below $20,000 by year old.
Bull Case Scenarios:
The asset manager of 3IQ says that his “mid- to high-range price target for bitcoin this year at between $160,000 and $180,000. Next year, it anticipates an eye-popping target of $350,000 to $450,000.”
Another analyst also arrived at a $150,000 price target by assuming “$10 billion inflows for 2024 and another $60 billion for 2025,” while Cathie Wood believes that $1 MILLION bitcoin could happen around 2030. Robert Kiyosaki says he thinks that a single Bitcoin will one day be worth $2.3 million dollars.
Some people also cite past performance after the Bitcoin halving, in which – so far – prices have increased in the following 18 months.
My Thoughts:
Fortune recently published a fantastic piece about how Cryptocurrency is seen as “intergeneration revenge” on the financial system, and for the first time – people can take complete ownership of their own money – and, I agree. Of course, with that comes some potentially disastrous risks – but, so far – for those that have bought and held Bitcoin – they’ve been correct.
That’s why I believe – sure, something like Bitcoin has its purpose and it could one day be worth a LOT more money – but, as many times have shown – it could also drop a substantial amount, and that needs to be considered.
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