Not to toot my own bugle, but 16 months ago, I had created a thread when Bitcoin was $12000, and enumerated the reasons it was a very bullish asset then. I had also made a rough prediction/estimate of end of 2021 price of $40k, which isn't too far from what the price is today.

Here is that thread. It was pretty well-received. And most of the points in it still hold. The following are some new developments since that thread.

• Tesla has become a net holder/buyer of Bitcoin, which makes it the first top company to do so. And it holds/buys ONLY bitcoin, no other coin. Elon Musk has also indicated that he holds quite a lot of Bitcoin ( and that he plans to buy more perhaps, but not sure about that).
• Bitcoin became the national currency of El Salvador, apart from the USD.
• Lightning network continues to develop, and gets used, specially by Strike.
• New futures based Bitcoin funds were launched and approved in USA.

​

All these events are again huge positive signs, which continue to make Bitcoin an attractive asset. I expect Bitcoin to double every year, that's my rule of thumb. That's why I was able to 'predict' 18K for end of 2020, and $40k for end of 2021, which are both pretty good 'predictions'. I won't be making any prediction for next year, but you can just keep doubling it every year for next couple of years, that's the formula.

Submitted January 01, 2022 at 12:02AM by parakite https://ift.tt/32wB7q9