Bitcoins - about to hit $5,000 per coin today!

[gib]

https://dailyhodl.com/2024/11/08/investor-dan-tapiero-says-ethereum-is-too-cheap-predicts-eth-will-explode-by-over-171-heres-his-timeline/

Investor Dan Tapiero Says Ethereum Is Too Cheap, Predicts ETH Will Explode by Over 171% – Here’s His Timeline

Macro investor and fund manager Dan Tapiero believes Ethereum (ETH) is severely undervalued in the current market.

The CEO of investment firm 10T Holdings tells his 120,000 followers on the social media platform X that ETH could soar by 171% from its current value as decentralized finance (DeFi) crypto projects built on its blockchain could flourish under pro-crypto US President Donald Trump.

Trump, who is expected to take office in January 2025, has promised to fire the chair of the US Securities and Exchange Commission (SEC), Gary Gensler, who is largely seen as being anti-crypto.

“Ethereum too cheap. Gonna explode from here. Gensler and Co. killed DeFi in the US in ’22-24. Not killed now. Long live US DeFi. Break of $4,000 going over $8,000 in the next year.”

He predicts that Ethereum will remain a strong ecosystem due to the amount of current network usage. He also shares a chart showing that ETH is holding the 100-day moving average on the daily timeframe as support, a bullish signal.

“Silly chart stuff but can’t resist. Ethereum about to launch. It’s just too cheap here. Ignore the chirping on X. It’s achieved network effect. Core asset of digital asset ecosystem along with BTC.”

He didn't provide a single detail of how one would calculate the fundamental value of ETH.

[gib]

Musk's net worth is approaching $300 billion. 220,000 BTC @ $1million / BTC is $220 billion.

I wonder how much BTC Musk has?

https://www.nasdaq.com/articles/which-cryptocurrencies-does-elon-musk-own

Which Cryptocurrencies Does Elon Musk Own?
At The B Word conference in June 2021, Elon Musk said that he supports Bitcoin. He also revealed that Tesla might start accepting payments in Bitcoin again. The SpaceX and Tesla CEO further said that Bitcoin could be used for economic empowerment.

As revealed in his tweets and with confirmation at the conference, Elon Musk revealed he owns three cryptocurrencies:

Bitcoin
Ethereum
Dogecoin

Would be interesting to know, although I doubt we will ever find out for sure. (As for what Tesla holds, that of course needs to be disclosed). Concerns me that he still has DOGE...

[SouJerz]

ETH 3,061.20 first time over 3K since August 1st.  Now let’s see if ETH can make up some ground on BTC.  I remember a year ago in January when BTC was just starting to rumble out of 28k-30k I calculated converting my ETH into BTC and the best ratio was at .06  ETH/BTC  it now stands at .04 I never did pull the trigger because the conversion would have forced me to pay capital gains taxes.

[obsidian]

He didn't provide a single detail of how one would calculate the fundamental value of ETH.

How do you calculate the fundamental value of BTC?

You forget that ETH was already over $4,800 in 2021. That's more than the $3,200-$3,400 you paid for BTC in 2019. People were willing to pay that much for ETH in 2021! And $4,000 for ETH earlier in 2024.

Also consider that the dollar has further devalued since 2021. For what reason should ETH devalue more than the dollar, when it's inflation rate alone is much less than the USD, and it offers staking rewards on top of that?! Never mind all the growing use cases.

Note that BTC's ATH in 2021 was around $68,000. Guess how much that is now in 2024? $79,000. So, the purchasing power of BTC in dollar terms has still not recovered to the 2021 levels. ETH needs to rise to at least $5,585 right now for it to match it's 2021 ATH purchasing power.

I don't see why cryptos should lose value against a shitcoin like the dollar. Almost all have better tokenomics.

https://www.usinflationcalculator.com/

We will hit $36 trillion soon. Total unfunded liabilities is at $220 trillion.

https://www.usdebtclock.org/

[obsidian]

ETH 3,061.20 first time over 3K since August 1st.  Now let’s see if ETH can make up some ground on BTC.  I remember a year ago in January when BTC was just starting to rumble out of 28k-30k I calculated converting my ETH into BTC and the best ratio was at .06  ETH/BTC  it now stands at .04 I never did pull the trigger because the conversion would have forced me to pay capital gains taxes.

If I sold 3.22 ETH @ $4,896 in 2021 I could have bought 1 BTC @ $15,795 in 2022 with those funds. 1/3.22 = 0.31

That's how you do it. You don't trade from one crypto to another. You sell an asset near ATH, and then wait for the dump, and then buy the other asset near the bottom. That's if you have perfect timing, luck, and understanding of how it works. .04 or .06 does not impress me at all. I don't see an ETH/BTC ratio of 20:1, 16:1 or even 12:1 as fair value. How about a 3:1 ratio. That I'll take!

[obsidian]

I have used AVAX to transfer stablecoins. Worked amazingly well. Tokenomics could be better, but it does have a capped max supply.

[SouJerz]

If I sold 3.22 ETH @ $4,896 in 2021 I could have bought 1 BTC @ $15,795 in 2022 with those funds. 1/3.22 = 0.31

That's how you do it. You don't trade from one crypto to another. You sell an asset near ATH, and then wait for the dump, and then buy the other asset near the bottom. That's if you have perfect timing, luck, and understanding of how it works. .04 or .06 does not impress me at all. I don't see an ETH/BTC ratio of 20:1, 16:1 or even 12:1 as fair value. How about a 3:1 ratio. That I'll take!

Maybe you’re right but right now you are wrong.  The only thing that continues to happen is the ratio between Bitcoin and ether keeps dropping and dropping and dropping.  Do you think we can even get back to .06?


Again I have some ETH more BTC though so I want both to do well. And I do foresee ETH going up in value over time but I also see BTC going up in value over time.  The biggest question is does ether ever get back or even close to .06 ratio?

[obsidian]

Maybe you’re right but right now you are wrong.  The only thing that continues to happen is the ratio between Bitcoin and ether keeps dropping and dropping and dropping.  Do you think we can even get back to .06?


Again I have some ETH more BTC though so I want both to do well. And I do foresee ETH going up in value over time but I also see BTC going up in value over time.  The biggest question is does ether ever get back or even close to .06 ratio?

You're not wrong if you don't sell. I have more ETH now than I had in 2021. That's my yardstick. I would rather see ETH go to zero than trade 20 or more ETH for BTC  I don't like those ratios and don't think that's a fair trade. 1:3 or perhaps 1:6 will work for me. The BTC:ETH ratio might never get there but it is possible to do it if you time the markets right and have patience.

Long term Bitcoin's security model is questionable.

Even now, it is cheaper to buy than to mine BTC. Miners are constantly chasing the price, trying to get it for cheaper. But most never do. They end up with a lot of work, paperweight hardware, big utility bills and some BTC that they might have to sell to cover their expenses.

https://en.macromicro.me/charts/29435/bitcoin-production-total-cost

You can buy the fastest miner available right now. You'll be in the red after 1 year of mining and be better off just buying BTC. But of course somebody has to mine BTC to secure the network...

[SouJerz]

79,788 NEW ATH!!!

[Griffith]

[SouJerz]

https://x.com/alifarhat79/status/1855581745745145875


80,137!!!

[gib]

80888.88

[Mayday]

80888.88

76k absolutely defeated.

Other patterns which needed to be broken now are aswell.

If we repeat history it would mean
If 2021 we go 116k this month
If 2013 we go 130k by end Jan 2025
If 2017 we go 150k by end Mar 2025

Inauguration 20th Jan.

[Andy Griffin]

80888.88

Moonbag looking good

[Flexacon]

Where is that guy that was pleading for people to sell at around $50K?

[gib]

Where is that guy that was pleading for people to sell at around $50K?

So much easier just to buy and hodl isn't it.

I know so guy who trades like a maniac, in and out, short and longs, alts and shitcoinery, icos, NFTS, etc, knows all the lingo for technical analysis, does maco analysis etc - sometimes goes on 18 hour trading binges... Would be so much more profitable for him simply just to buy BTC, hodl, and then enjoy is day doing other productive things. With BTC, is one of those few things where active effort does not really matter. What does matter is getting into the market, and then patiently remaining in the market over time. Anyone who did that when this thread started would now be over 20x up, and 200x up when BTC hits 800K.

[gib]

MSTR up 10% to $300 per share in pre-market trade.

[gib]

83333.33

[gib]

84,444,44

[SouJerz]

84,999.98!

[gib]

Imagine if we saw our first ever BTC God-Candle today. We are about a half god candle on the day so far.

I am so happy by the way, for every GetBigger who understood the importance of BTC early on during this thread. GetBig not only entertained us - it also made many of us significantly wealthier.

[gib]

85858.85

[gib]

How do you calculate the fundamental value of BTC?

BTC has no intrinsic value. That's the point. Its value is based entirely on supply and demand as the world's centralized store of value. So the value is calculated as a function of demand vs supply.

Alts on the other hand are not BTC, and they are unlimited in supply. Hence unless they have some calculatable intrinsic value, they go to zero over time...

There are some rare exceptions - Filecoin as an example, does have a value which can be ascertained, as the service it enables actually makes it money. Same with Uni-swap. Therefore these are not "alts" in that they are not alternatives to BTC. But rather securities in a venture.

[gib]

I don't see why cryptos should lose value against a shitcoin like the dollar. Almost all have better tokenomics.

https://www.usinflationcalculator.com/

We will hit $36 trillion soon. Total unfunded liabilities is at $220 trillion.

https://www.usdebtclock.org/

Agree about the dollar. However, you are missing one crucial point (you as so so close to getting it, and you will do so in the end). Alts ae not finite in supply - they are infinite.  For the vast vast majority their only really purpose is to separate you from your Bitcoin.

[Lartinos]

People have been shorting this whole rise, I’ve slowly selling since we swung the ATH above 74 and I still have some left.

I don’t see much weakness yet, but it could happen quickly.