Some line you drew on a chart?
Nah. We have the future of money. This will replace fiat as surely as email replaced the fax machine. Barely anyone owns it, and somehow it's worth 9k fake inbred-moron-issued USD at the time of this writing.
Why? Well, because money is a record. Bitcoin keeps very good records that can't be disputed. It cryptographically signs them. If I send 500,000 satoshis (.00500000 BTC) to you, there can be no dispute that I have done that. And I can do that without anyone but you, me, and the network knowing about it. Or I could sign up for PayPal, Venmo, or whatever stupid app, hook it up to my bank account, hope you use the same app and pay a big fat fucking fee to the Man.
Yeah, this is a no-brainer. Try sending more than $500 to somebody in another country faster, more easily and more cheaply than you can do with Bitcoin. Yeah... you won't be able to do that.
So what is the bearish case for Bitcoin? Derp... tulips. Duh... bubble. Doi... down from all-time high? KaaaDoii... head-and-shoulders formation on the five-second chart?
Let me delineate just a few levers of demand that have barely been pulled on this very rare asset:
- Nation states looking to get out from under dollar/euro/yen hegemony -- there are many. They have, collectively, a not-insignificant amount of money in dollars/euro/yen that they might be willing to re-allocate
- Working people, the unbanked -- sure, we're poor. But we make money. We exist in every country in the world. We all have smartphones and access to the Internet. Maybe 2 percent of us own bitcoin right now.
- Rich people -- why would a rich person not have Bitcoin right now? Why would they not be buying more? It's not like stocks or bonds return more than 10 percent in a good year. Bitcoin has a nine-year track record of much higher returns, and it's cheap as dirt at $9k per 100 milllion satoshis right now.
And there are others, but I think you get my point. There is no rational bear case for Bitcoin right now, and the developmentally challenged dullards selling it are doing us a big favor.
That is all.
In all fairness the price of Bitcoin may not be rational as of yet no matter what the price is. It may take some more time for the market to figure out what its worth since its still going through early-stage changes.
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