That’s ridiculous. Crypto is all about short term gains in the growth & adoption faze. Serious crypto investors are buying large amounts through its winter and selling 90% of their holding during its peaks, leaving 10% to ride should any further exuberance temporarily take off. Then repeat the process through the next winter and if momentum builds more & more, the swings in volatility should decrease over long periods of time as general adoption takes place. Buying and holding is a terrible way to play crypto imo. You add soooo much extra risk by not taking profits on exuberance.
Unless I am missing a crucial point with Bitcoin as a kinda way for renegade companies to ‘stick it to the legacy financial system’ (which is probably what is happening), it’s hard to see how some of the brightest companies in the world would choose to buy Bitcoin & crypto at this particular moment in time, given the high exuberance. I find it so hard to see companies like Apple get fomo and make crypto purchases at the absolute peak.
Surely, unless I am missing the point where the S&P 500 companies decide they do not care about the buy in price, they just want to get in now, it’s hard to understand why they wouldn’t simply wait until crypto’s winter … and then buy?
I believe it would take only one paragraph of speech from Elon Musk or some other ‘in the know’ entity, to simply explain the solid decision to begin a position in crypto. I believe there is a ‘ah ha’ moment with the top crypto currencies, but you’d need explained such in-depth knowledge of the entire financial system to confidently make large purchases.
The guess work has to be eliminated, these large adopters have had the entire situation explained and they are making renegade plays.
I do not see Bitcoin going to $100K before it revisits $8K-$12K. UNLESS, like I said before, there is a reason that I am unaware of which would make large companies adopt now at these ridiculous levels of exuberance.