TSX:BTCX.B - Post by User
Post by
Mostlyseriouson Dec 15, 2024 9:15am
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Post# 36362956
To describe it another way
To describe it another wayCryptos have done well, but investing in them now is like investing into industrial companies at the beginning of the Industrial Revolution. Bitcoin pretty well a must have to buy and hold forever. Etherium along the same lines. Basically something to have in your long term savings account.
A bunch of altcoins supporting real applications for that medium term parabolic rise to reap gains occasionally for the enjoyment of life.
As long as you hear people saying that they would not touch cryptos with a 10 foot pole, it is not too late. I was not unpleased to hear someone say how they would not touch bitcoin because Tom Brady lost millions of dollars on it, his whole investment. I didn't follow the story closely but wondered how someone could lose their whole investment on an asset that is alive and has reached record highs. Looked it up and he lost the value of his compensation to promote a defunct crypto exchange, not a specific crypto.
And iif you firmly believe that digital economy is a fad and that digital technologies will stop supporting outr way of living, then do stay away from cryptos because that's what they are all about, supporting the digital world.
While this sounds like financial advice, it is not (just like any posts on SH that pump or bash a stock!) Just sharing my own perspective why I put some money in a number of places that have done well. Granted, it is still difficult to digest some followers lofty short term predictions for Bitcoin like US$500k being a strong possibility in 2025. Thankfully you have those believing it will completely tank to keep you guarded. Those predicting some lofty gains can articulate the technological merits among other things to have me convinced that the bears don't get it so I am good with cutting that bullish prospect in half and being satsfied at seeing $250k-ish in 2025. But as a long term hold, the ride will not be smooth, some pullbacks will be painful but that is all part of the long term investment narrative.
GLTA.