BITCOIN HIT 17,000 USD IN JUST A FEW HOURS!
In just 24 hours, Bitcoin moved from 13.5k USD to 15k USD to 17k USD! This is supply and demand at a global level. How long will this last? Will this just burst and drop to barely nothing or will this upward movement be sustainable? At one point One Bitcoin could have bought you a Toyota Vios to as high as Toyota Altis in just a few hours! This movement was triggered by the news that Bitcoin will be made legal in Russia and the news of the Bitcoin futures exchange.
With this movement, should you come in and swap your cash to Bitcoin or should you just stay in the sidelines? Just a headsup, I am more of a stock market trader and entrepreneur, so take this from the lens of a person who love stocks and businesses that create value more that currencies that really are just a supply and demand play. Bitcoin in itself, is just like gold, in and of itself, it does not give create any value.
For those who want to know what Bitcoin is, check out this FB Live video.
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Investor Insights 2018 — January 20, 2018
Stock Smarts London — January 26 – 28, 2018
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Stock Smarts Singapore — May 5 – 6, 2018
Stock Smarts Iloilo — May 12 – 13, 2018
ICON 2018 — May 26, 2018
HOW HIGH IT COULD GO?
1. We don’t know how high Bitcoin will go but one thing is for sure, once the last person stops buying at a high level expect a sharp and deep movement downward.
SHOULD YOU PUT IN MONEY NOW?
2. For people coming in just now, please exercise caution. Do not just shell out money because everyone is going into to it. Study it and see if it fits you. The same as stocks, don’t chase them while it is too high already.
3. At current levels it maybe too late already to come and invest, it does not mean that it has peaked yet but it would be prudent if you be positioned early and low.
4. By the speed of how it is going, it may also drop massively after all the hype and news is over. When? No one knows, how deep? No one knows too. But stuff like this isn’t new. i.e. Tulip, dot.com, etc
WHAT DOES THE TECHNICALS SAY?
5. On a technical level, it really needs to develop a strong support, which it has not had since the 5k levels, more so as compared to the 1-2k levels. Should a breakdown happen expect it to search where the strongest support is.
6. Don’t just jump it because you are hoping to earn money, the same as stocks, form an entry and exit plan first before jumping in. It would be prudent to follow technical analysis, from where we are now, Bitcoin is very far from the closes support.
CONGRATULATIONS TO THOSE MAKING MONEY
7. For those who are making money congratulations, same as stocks, at this point just maximize your gains and no when to take profits out.
WHAT ARE THE PROs and CONs of BITCOIN?
8. Bitcoin as a crypto currency has its own pros and cons. For one it makes transactions cheaper and easier. Since there are so much Filipinos that are unbanked, this gives them access to be able to create and transfer money online without having a bank account.
9. OFWs will save so much money from transaction and remittance fees. This will add more disposable income to Filipinos, thus pushing domestic consumption even more.
10. On a negative side though, it’s anonymity has becomes a haven for launderers and other black market transactions.
11. I think bitcoin is still at its early stages, that it still has a lot to go through before it becomes widely accepted as a currency. It needs to have good and strong regulations for it to enjoy widespread acceptability.
BEWARE OF SCAMMERS
12. Apps that offer GUARANTEED and FIXED returns that uses BITCOIN as a front are scams and ponzi schemes. Stay away from those avenues. They are not bitcoin at all but are just using the popularity of bitcoin to push their wrong deeds. Please stay away from anything that gives you a fixed return. Stay away from scams. Protect your money.
THE FUTURE OF BLOCKCHAIN
13. Bitcoin, particularly blockchain technology, will just continue to grow. It is like email, it won’t stop as long as people are using the internet. I think this is the future and this is where I think things are headed.
THE BOOK OF REVELATION
14. For people who follow the Bible, this is something that’s not new. As the book of Revelation already spoke of a cashless society. As we inch closer to that, we are just seeing Biblical prophesy unfold before our very eyes.
