The New CS Board

[jumanji0881]

Bitcoin has become detached from reality, but you ain't seen nothing yet if you believe this guy :

Another Day, Another Record High For Crypto: What Happens Next? : https://www.zerohedge.com/markets/analyst-sees-bitcoin-hitting-4-million-18-24-months

My Comment : I think some of these companies that are buying bitcoin in volume are potential shorts. Timing is everything though.

Excerpts:
Why the rise?
Decrypt notes the reasons are likely manifold and various:

One obvious candidate is US business intelligence firm MicroStrategy, which yesterday announced that it will sell off $1 billion of debt to buy more Bitcoin. MicroStrategy has done this before: it sold $400 million in convertible senior notes in December, which it added to a pool of money used to buy billions of the coin.

MicroStrategy is headed by CEO Michael Saylor—the crypto critic-turned-evangelist. Industry leaders who spoke to Decrypt credited him for his influence on Tesla’s buy of $1.5 billion worth of Bitcoin, which has since contributed to the price surge.

The new all-time high comes as the crypto benefits from a recent wave of "mainstreaming".

Last week, BNY Mellon announced that it will invest in crypto for its clients. Industry leaders told Decrypt last week said that the move will change how asset managers view Bitcoin, pushing its price even higher in line with the long-term price predictions by JPMorgan, Guggenheim and others.

Guggenheim CIO Scott Minerd said that Bitcoin's long-term price could reach $600,000 and JPMorgan predicted that it could reach $146,000.

And while $57,000 may sound like a lot, but the record high price which Bitcoin just hit may be just a little over 1% where it eventually trades according to Global Equities Research analyst Trip Chowdhry, who said in a note to clients said he thinks the digital coin will rise to $4 million in the next 18-24 months.

Putting that move in context: at a $4 million price, bitcoin - which today surpassed a $1 trillion market cap for the first time ever..

...would have a valuation of over $80 trillion, which while 8x bigger than the value of all above ground gold would still be a fraction of all financial assets in circulation.

"We are of the opinion that Bitcoin will get to $4 million per Bitcoin, in the next 18-24 months," Trip wrote

The question in the minds of serious investors is whether this is a safe place to put your wealth. The main driver of what could be described as a "mania" is the "fear of missing out," and it runs rampant in this market.

With wild predictions of Bitcoin surging to six figures or more, many people claim cryptocurrencies are like gold. Many people view it as a way to shelter themselves from the falling value of paper currencies and the dollar in particular. Since the dollar is the reserve currency of the world many Americans that fail to see its major competitors such as the euro and yen are even worse places to store wealth have magnified the possibility of a dollar collapse.

A big risk to investors in Bitcoin is that it could be made "Illegal" or the trading of it banned. If this happened in many countries it would drastically damage its appeal. This could be done under the claim that it protects investors from themselves or because it was not sanctioned by those in charge. The greatest reason for this is that it would protect the power of Central banks across the globe and their fiat currencies. It is rather silly to think those in control of fiat currencies would surrender their power over the financial system and go gently into the night.