There’s a good chance that Bitcoin will not maintain the levels it has reached this week; still, it has reached levels it has never seen in its 11-year history. The asset added more than $35 billion in value yesterday, driving each coin over $21,000 for the first time. Already today, it has added another $27 billion in value, and each coin is currently valued at more than $22,700 on Coinbase.
According to AssetDash, which ranks the values of worldwide assets by market cap, the current market cap of more than $421 billion makes it the 12th largest asset in the world, having surpassed Johnson and Johnson and Walmart in value since it topped JP Morgan Chase early yesterday.
That’s pretty much the story. Yes, there’s a good chance that it won’t maintain all of this value. This may be another bubble that is going to see some deflation, but I think it’s a safe bet that you’re never going to see each coin fall as low as $10,000 or even $13,000 again.
Here, I want to point something out. Bitcoin is not some pyramid scheme, and whether you invest or not, it is not going to change the value or potential of my investments. I’m sharing this information solely in the hopes that someone I like will take advantage of the opportunity and strengthen his or her financial future.
I’m going to publish a more detailed analysis in the next couple of days to shed some light on why this value is stronger than that of 2017, but for now I guess the burning questions are: Should you buy or should you sell?
Firstly, if you don’t need the money, you definitely shouldn’t sell. Yes, chances are the price per coin could see a decent drop in the coming weeks, but I think you can bet on this: Those prices will rise again, and the future will see the current value left in the dust. This could be another bubble. If it is, it would be the asset’s seventh. The thing is, after each of those bubbles have deflated, in time the market cap has rebounded to higher levels than it had in the previous bubble.
Should you buy? Certainly. I wouldn’t go hog wild, and, as always in investing, you shouldn’t invest anything you can’t afford to lose. Still, if you have a little money you can put into it each week, money you can just put in there and park it, I have every faith that it’s going to offer significant gains down the line.
When I say “long term,” here’s what my thinking is based on. The last bitcoins are estimated to be mined in 20 years, in 2040. That’s a good idea of how long I’m thinking. I totally believe that if you put a little money into Bitcoin each week and keep it there, in 2040 you’re going to be quite pleased that you did.
It’s that simple, and doing so is just as easy. You’re welcome to contact me with any questions you have.
I want to close by saying this: I like doing things for people. I like being nice. I like being kind. As I said earlier, this is not a pyramid scheme; it is not going to change my investments at all whether you invest or not. So, why do I bother sharing this information? What can I get out of this?
I can get this: I can get the possibility of having you come up to me in ten, 15, or 20 years and letting me know how much you were benefited from investing in Bitcoin–and perhaps other cryptocurrencies–back when so many people were scoffing at the notion of doing so. I can get the satisfaction of knowing that your children got to go to a better college or you got to have a more secure retirement because I took the time to share this. That’s what I can get from this. I can get no financial reward, but I can get the reward of turning you onto something that can help you make your life more secure.
That’s it, friends. I’m here if you have any questions.
I hope to see you back here sometime soon. Peace and prayers.
Paulelmo's Blog 