Cryptocurrency ETFs

[RMA]

No comment on any of the above, but given what china has done, among other factors, good luck to those holding one or another form of this.

It is not the first time China has banned bitcoin. They banned it in 2017, bitcoin fell 40% and then ended up 6x from there in 2017 itself before entering a longer period of correction.

Fun fact: Bitcoin yearly lows:

2010 – $0.01

2011 – $0.30

2012 – $4

2013 – $65

2014 – $260

2015 – $150

2016 – $350

2017 – $780

2018 – $3,122

2019 – $3,322

2020 – $3,850

Leaving 2015 aside, there was not a single year when it fell below the previous year low.

And many are saying, this time it fell because of Elon's tweet which I don't believe. It ran from $3850 to $64000 in 12 months so it had to take a breather somewhere. Elon's tweet was just a catalyst and might be a manipulative move. There are still 7 months left in 2021 and I think bitcoin has not entered in bear market yet. It might bounce back in a month or two.

Nations cannot ban bitcoin, they can only make it harder to accumulate. Right now we can easily and freely get it, so I am not missing my chance. And I am not putting my life savings in it, I'm only betting which I can afford to lose. There is limited downside but high potential to the upside.

EDIT: Fun fact#2 - Anyone who bought bitcoin and didn't sell for 4 years was in green no matter at what price they bought.

[TokyoWart]

Fun fact: Bitcoin yearly lows:

2010 – $0.01

2011 – $0.30
...

2017 – $780

2018 – $3,122

2019 – $3,322

2020 – $3,850

Thanks for the interesting history. I don't hold any bitcoin or even understand it but I find this new asset class really interesting. Do I understand you correctly that the lows were really below $4000 in each of the past two years? I had no idea it got down that far.

[RMA]

Fun fact: Bitcoin yearly lows:

2010 – $0.01

2011 – $0.30
...

2017 – $780

2018 – $3,122

2019 – $3,322

2020 – $3,850

Thanks for the interesting history. I don't hold any bitcoin or even understand it but I find this new asset class really interesting. Do I understand you correctly that the lows were really below $4000 in each of the past two years? I had no idea it got down that far.

Yes it fell below 4000 in 2019 and 2020. Actually it has a 4 years cycle and it topped out at $20000 in December 2017. After that it entered in correction mode for whole 2.5 years but never went below previous cycle (2013) top or previous year's lows. Going by that theory, we're again in bull market and might still see new highs this year.

[TokyoWart]

Very interesting. That amount of volatility is amazing for an asset that has this scale of market capitalization.

[imaginatorium]

Very interesting. That amount of volatility is amazing for an asset that has this scale of market capitalization.

Hmm, but it's surely not amazing for an "asset" which actually has no intrinsic value?

[mighty58]

Very convenient timing to release this...

https://money.yahoo.com/bitcoin-is-offi ... 40636.html

Crypto has been an "investable asset class" as long as it's been in existence. What Goldman Sachs declares or doesn't, several years later, is moot.

[TokyoWart]

Very interesting. That amount of volatility is amazing for an asset that has this scale of market capitalization.

Hmm, but it's surely not amazing for an "asset" which actually has no intrinsic value?

I'm certainly not an advocate for these digital "currencies" (because I don't understand them) but keep in mind that lots of assets have no intrinsic value. Fiat currencies for instance don't have any intrinsic value and the intrinsic value of something like gold is what you could actually use it for in a physical device.

[adamu]

surely not amazing for an "asset" which actually has no intrinsic value?

Are you trying to turn this into another 50-page thread about the merits of cryptocurrency? I'm sure there are plenty of places to do that online.

Perhaps keeping this on-topic to ETF options, and whether that makes sense, would be useful.

[captainspoke]

Maybe use something like RIOT as a proxy instead of an actual bitcoin ETF?

[RMA]

surely not amazing for an "asset" which actually has no intrinsic value?

Are you trying to turn this into another 50-page thread about the merits of cryptocurrency? I'm sure there are plenty of places to do that online.

Perhaps keeping this on-topic to ETF options, and whether that makes sense, would be useful.

Yes, I wouldn't argue whether it's an asset or not. To each his own. On the main topic and the OP's main concerns regarding real crypto vs ETFs, I would say he should go for real crypto instead of looking some foreign ETFs.