Why don't you rich people get bitcoin.

on my side it's a movie wrote:

went from like 12k to 50k in a month. Surging daily. Free money and you can drop out/ hedge whenever.

Does anybody actually get out though? Most are gonna ride it up and then ride it down.

Because they want to stay rich.

Some of them do. My buddy bought 5 at $10K, sold 3 at $20K and still has the other 2.

I dipped in a little bit several years back but it’s a wild ride and the fees were killer back then. I think Robin Hood has cured the latter.

I still don’t think it’s the holy grail investment, but when it gets some hype it can soar (and crash).

on my side it's a movie wrote:

went from like 12k to 50k in a month. Surging daily. Free money and you can drop out/ hedge whenever.

Just like Tulip Mania. The idiots buying the Tulip bulbs thought they were geniuses and had found riches. Some got out and did. Unfortunately, it collapsed just like Bitcoin will and someone gets left holding the bad.

There is a lot of pump and dump going on and manipulation due to the grayscale trust. There are a million ways this ends badly. It is extremely likely the Biden administration will launch some attack that makes it impossible for financial institutions to deal in and impossible to transact. The central bankers already hate Gold because it is an asset they can't manipulate, they hate Bitcoin to and the path to do something about Bitcoin is much easier.

There's no reason to believe it will keep going up. Stocks are likely to go up with more productivity due to advances in technology and increases in population to consume the product. Over time stocks are almost guaranteed to go up. Bit coin has no reason to expect it to keep going. There could be some other crypto currency that takes its place more likely than some big company will completely be wiped out. This is why rich people aren't investing in bit coin. Better to take the nearly guaranteed 10-20% returns rather than the who knows what percentage chance to gain a who knows what percentage of profit. Rich people could also go to the casino and throw it all on red.

It's a matter of time until bit coin takes a huge drop off, just like it did in 2018.

The surest way for a billionaire to become a millionaire is to go all in on bitcoins.

Yeah you gotta keep in mind the big banks have immense power, work with the government, so there's no way bitcoin can overtake the banks/government and their currencies. I agree that Biden coming to power will be an excuse for bitcoin to plunge from its recent surge and for other stocks to rise from their recent decline.

The thing just fluctuated 9% in as little as 8 hours. This is not uncommon.

To me, that clearly indicates proceed at your own risk. And don't be surprised if the bottom falls out.

Swaglord_the_real_one_1_one_1 wrote:

on my side it's a movie wrote:

went from like 12k to 50k in a month. Surging daily. Free money and you can drop out/ hedge whenever.

Does anybody actually get out though? Most are gonna ride it up and then ride it down.

An aqua instance from college bought $300 worth of the crap back when it was getting started and in 2016 he cashed out for $212,000. I bet he feels like an idiot.

If you asked a bitcoiner, he or she would say that there actually is a reason it will go up -- and that is scarcity. It can be thought of the same way as gold (digital gold). There is a fixed supply that will ever exist and the price should actually go up relative to a nation's currency as that nation deflates its currency. It is a hedge against inflation with potential for much more upside (if it basically replaces gold as a hedging investment) or huge downside (govt intervention, massive hack, etc.)

What makes you think rich folk don't have Bitcoin ?

Not backed by anything wrote:

There's no reason to believe it will keep going up. Stocks are likely to go up with more productivity due to advances in technology and increases in population to consume the product. Over time stocks are almost guaranteed to go up. Bit coin has no reason to expect it to keep going. There could be some other crypto currency that takes its place more likely than some big company will completely be wiped out. This is why rich people aren't investing in bit coin. Better to take the nearly guaranteed 10-20% returns rather than the who knows what percentage chance to gain a who knows what percentage of profit. Rich people could also go to the casino and throw it all on red.

It's a matter of time until bit coin takes a huge drop off, just like it did in 2018.

Of course it will take a drop off at some point, just like most stocks do. It will also increase, just like stocks do. Cryptos have their place and value just like other stocks, just in a different way.

As for people thinking rich people don't invest in Bitcoin. Who on earth do you think is driving it all, the poor people ? Who do you think has pumped in those trillion dollars ? Why are they doing it ?

No one in their right mind will put all their savings and investments in Bitcoin. But you'd also be relatively dumb not to have put a small portion of it into it at certain points (if you can afford to lose it, but it's a sane risk).

The fact that the general population is talking about bitcoin again is the best proof that it will crash again soon.

Yep. When your barber gives you a tip to buy Bitcoin, time to sell.

BTC is the future. Come back to this thread at the end of 2021 and the price on one Bitcoin will exceed 100,000 usd.

Stack sats kids!

I don't know how to buy it. Please advise.

As a preface, I am not share I qualify as your definition of rich. My reason for not buying BC is that there is zero reason for me to expose myself and my family to the volatility and risk associated with it. We are already on financial autopilot and on track to fulfill our financial goals so what is the point?

When I do put my hard earned money into a risky/volatile investment I make sure it is something that I actually care about and am personally invested in.

That said, most VERY wealthy individuals I know do have some exposure to BC/crypto and/or blockchain as a technology through direct investment, angel investment in start-ups etc. so I believe the basic premise of your post to be incorrect.

Bitcoin is an ancient, lumbering beast rising up for one final strike before it's put out of its misery.

Google Dogecoin

There are ways to indirect exposure like Square or MARA, for example= less risk. That’s how my partner and I played it.