Daily Poll: What does Bitcoin mean to you?
The risk-off attitude and selling pressure across the global crypto market showed no sign of abating over the weekend, with losses in $Bitcoin (BTC.CC)$ and $Ethereum (ETH.CC)$ adding to a brutal week. Bitcoin, the largest cryptocurrency by market value, fell to as low as $34,042.77 on Saturday, representing a loss of more than 50 percent from its all-time high last November.
Many investors see Bitcoin as a great hedge against inflation. However, BTC price shows no upward trend to the hawkish signals from Federal Reserve.
Bitcoin has been volatile for years, but that hasn't necessarily correspond with inflation.
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71274309 : Although I do believe there’s merit in blockchain and some crypto assets, I would mainly buy Bitcoin to make money. I don’t think Bitcoin is the best coin for utility.
Milk The Cow : I don't understand how it's a great hedge against inflation...
People get rich from bitcoin & hence their spending power increased.
Conservative people or not knowledge people (long term investing) may even be a contributor to inflation with their extra cash in bitcoin...
Something like the rich taking from the poor/medial to increase their spending power with the help of bitcoin.
Kenji Leow KC : Great sharing please
搞经济 抄底 加仓 : I believe in Blockchain technology. Just only the technology itself.
Revelation 6 71274309 : I agree. It’s big because it was first. That’s the only reason. It got big and the creators just stopped developing it.
Revelation 6 搞经济 抄底 加仓 : The technology is a major breakthrough but the way is being exploited with gas fees will kill it.
Sprockett : I buy Bitcoin to hedge against inflation. The recent decline in Bitcoin coincides with bitcoin's all-time high. Each time Bitcoin hits an all-time high, you will find a retracement. Then, with all the new investors in Bitcoin, it will trade the way traders trade. These guys are old school, and when investors' knees jerk, so goes Bitcoin. The baby is out with the bathwater. Eventually, these traders will grow up and learn the hard way that treating and trading bitcoin like other old-school assets is a fool's folly, especially when faced with inflationary pressure. You should be accumulating Bitcoin, not throwing it out. However, you have the likes of Jamie Dimon that people listen to, and these archaic heads of companies need to educate themselves or retire as he and his cronies have been proved wrong on Bitcoin time and time again costing the consumer millions of dollars of investment returns. Think about how long Bitcoin has been around and even today, the asset is at $33,000.00. Then ask yourself how have those whose portfolios are under his or his subordinate's control lost out on sizeable returns because he was wrong. Then to placate people he trash-talked Bitcoin to make himself look better. In the end, Bitcoin took him to the woodshed. Hopefully the next leg-up we will see Bitcoin whooping Mr. Dimon up and down Main St. finally putting him out. The long and short Bitcoin is an emerging asset as such it will be volatile until certain metrics are met such as wider adoption, regulation written just for cryptocurrencies as they are being forced into current regulations that Do not fit. The cryptocurrencies ecosystem is entirely different than fiat currencies. The price of each bitcoin needs to rise to a point that the fraction satoshi (.00000001) has an actual usable value and all bitcoin has been mined.