tech_invest wrote:Read an article this AM about Bitcoin wiping out... thought this analysts chart was interesting...
He's usually really good at reading charts, but Bitcoin seems to defy the norms of investing.
Sorry, the chart makes little sense.
You may want to follow Bitcoin and other cryptocurrency here: https://coinmarketcap.com/
Moreover, I don't understand the reference to 'millennials' and them heading back to parent's basement. Most millennials I've communicated with are no more into Bitcoin than individuals in their 70s.
The chart you provided seems like something created by a traditional investor who just doesn't really understand Bitcoin or just doesn't want to because they may have already spent years of their life in the 'old' market and it's just sometimes hard to deal with something new, and better, when it comes along.
You'll find some of that same philosophy in all professions (e.g., welders, police, bakers, web developers, sandblasters and basically any profession). Sometimes it's difficult for people to admit that the system they've been a part of the 10 - 25 years (or any amount of time) just isn't effective anymore (and perhaps, in some cases, never was).
In any event, I don't understand why new investors (or anybody for that matter) would have a huge problem with Bitcoin price potentially taking a dive. Do you all want to pay $20,000 for a BTC or $4000 for BTC? $4000 sounds great to me. If BTC drops down to $4000 I'll be happy to pick a few up from you people dumping them (or you people who wont touch BTC at all don't worry I'll pick up enough for all of us!)