Warning, the amount of bullish energy coming from this post can be contagious. Simply put, the bitcoin price is about to explode and the world is not ready. Even for the most bullish of us who think we got into bitcoin early; they're not really ready either. Although we are much better off than the person who hasn't started investing in bitcoins yet.
Let's go back to February, when bitcoin reached a new all-time high in the $ 60,000 price range. Bitcoin holders were feeling high like no other and we were sure that bitcoin would soon jump to 100k. But that didn't happen and it dropped all the way to 28k. This was caused by the FUD attack thrown at bitcoins at an unprecedented rate. I remained bullish all this time. There were people who argued that the bull market was at least over and maybe this bitcoin was done for good. That it would never overcome the hurdles put in front of it, never return to the 60,000 price level. It was a bearish time. Do you remember how you felt during that time? But now we're rising again and beating back most of that FUD. Which means we are much stronger and prepared for the next run. The Chinese FUD is over. We've survived the permanent Binance FUD, the US government passing regulations, the mining hashes collapsing, China banning mining, and the list goes on and on. But as just mentioned, we've moved past every issue.
The second time is always sweeter than the first. All those new hands in bitcoin who panicked and sold out during the FUD and swore in bitcoins. They're already coming back, they'll run even faster when bitcoin hits 50,000 and 60,000 bits.
Something most people don't consider is that perhaps the biggest news in bitcoin history came out during this bearish period. The news of El Salvador making bitcoin legal tender in their country. Although this caused the price of bitcoin to rise slightly, it was quickly shot down by all the FUD that was happening during this time. I have no doubt that if this same news had happened, but instead during this bullish time period in February, we would have seen the price of bitcoin get much closer to 100,000, if not more.
Go to cryptocurrency message boards, Twitter posts and the like on the internet. You may come across comments that bitcoin is an old technology that is extremely slow and expensive to use. That it may never become a payment method that ordinary people will use. There are two things that these people need to understand that they clearly don't. For bitcoin to become hugely successful, it doesn't need to do either of those two things mentioned above. Simply having an extremely good way to preserve your wealth and overtake gold would raise the price of bitcoin to over 500k. Not to mention if it absorbs the bond and debt markets. Those things alone would drive bitcoin to unprecedented levels. And then move on to point two. These people are uninformed. Bitcoin has made a lot of progress in the last year and has evolved. This is due to the development of Lightning, bitcoin's layer 2 chain. Transactions on Lightning are instant and only cost one satoshi, which is about 1/100th of a cent. Practically free. This will make bitcoin a method used for everyday transactions. It will be very similar to having both a checking and savings account at a bank. Your savings account is your money that you will store in bitcoins. This is the money that you are saving for the long term that you have no intention of selling. As long as you keep a smaller amount of money in your checking account that you use for everyday transactions, this is your Lightning. Once people start catching on to this fact, it's game over for almost half of all cryptocurrency coins,
When bitcoin reaches a price of 100,000, there will be a rush to it, and when prices exceed 200,000, they will flee entirely. Not from the public, but from corporations and potentially countries. Unfortunately there are too many people who simply have no interest in their finances or learning how money works. These people will be the last to enter the market. They will not enter until they are forced to do so.
Now keep in mind that many analysts are saying that these types of prices could come before the end of the year. Which leads me to my question - have you done enough to be ready? The days of semi-cheap bitcoins are coming to an end. In a few months when bitcoin is at 150k, we'll be back to the summer when bitcoin was at 28k, and we'll be filled with regret that we didn't buy as much as we could. Unfortunately people are often controlled by emotions in the here and now. I don't remember my original vision and everyone is thinking about the long game. Even to this day, bitcoin is cheap. You can buy 0.01 BTC for about $ 460. But when bitcoin reaches 150 or 200 thousand, the same bitcoin purchase will cost you 1500 to 2000 dollars. Now let's move on to my favorite part to think about; passive income. If you have done everything, and make an effort to maximize your bitcoin passive income will become quite significant. For example my passive bitcoin would grow to more than I make with my full time job.
People aren't ready, are they?
Have you done everything you can to accumulate as many bitcoins as possible during this time? How do you earn passive income with your bitcoins?