Where is the bottom for Bitcoin price?
In last few weeks there has been a bag of statements by well-known billionaires that they are going to invest in cryptocurrencies. Rockefeller, Soros and surely few more will come. But is it really the way it is written?
Photo source: Pixabay - CC0 license
Later this year Soros claimed that Bitcoin was an inflated bubble. Would such an experienced investor really change his mind so radically in a few months? It seems to me more as a manipulation.
How much does a Bitcoin cost?
Probably the most important players in the field are the miners in China where there is cheap electricity and there are huge halls full of mining hardware that run 24/7.
As you can read in the article below, the costs for mining 1 Bitcoin in China are $ 3 127.
What are the costs of Bitcoin in 114 countries of the world? Is the mining in our country worthwhile?
Here’s how much it costs to mine a single bitcoin in your country
Below this price, it is not profitable for those Chinese miners to sell Bitcoin. For HODLERS who bought for $ 1-1000 and for weak hands, the lower limit is even lower.
In my view, the inflow of a new capital and institutional investors is a good sign in the long run. These people did not come for 10-year HODL, they didn’t come to earn 5 %. They come to earn millions and billions, to earn both on growth and fall, increasing their power and influence, not to be behind when other billionaires already have ”that Bitcoin”.
In the short run, this may, of course, mean increased volatility, falls to $ 3000, new ATH’s followed with massive corrections, bear traps, bull traps, Bitcoin accumulation from the hands of those who do not know how to trade properly or from weaker natures.
It's also just a matter of time when they will start focusing on other Altcoins, not just a Bitcoin.
This is my personal opinion, not the investment advice, I am not a financial advisor. Always do your own research and invest only money that you will not miss in case of loss.
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Institutional investors are healthy for the whole crypto economy.
Sure they are and it was just a question of time when they will come. I am curious how many Altcoins and which will survive the long run.
It depends on the utility of each of them in the free market!
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