Who bet on BTC in the early days: Michael Saylor didn’t, Elon Musk and Jack Dorsey didn’t. The legitimacy of BTC as a permanent financial asset has grown over time. Buying Bitcoin in 2013 was Inexpensive, but Could have Cost the Marriage of the First Bitcoiners.
An immature wife or an adventurer husband?
In a post on Reddit in February 2015, a 28-year-old woman said she was angry at her husband, who had been constantly buying Bitcoin since 2013 without consulting her.
According to her estimates, more than $ 22,000 worth of PTS was purchased in two years. The wife asked her husband to sell BTC when the price rose. Then the price reached a peak of $ 1,000, but then it also fell below $ 200.
The price continued to fall, and the man continued to buy more BTC. He repeated to his wife that these Bitcoins were intended to pay for their children’s college education, buying a house, etc.
Many crypto-phobes at the time considered investing in BTC immaturity (BTC haters continue to hold this position).
It is not known whether the husband sold BTC to allay his wife’s fears, or the couple divorced, but the conflict took place, and the husband’s initial investment could easily bring in millions of dollars.
Even assuming that he bought BTC after their price exceeded $ 1,000 in November 2013, 22 BTC would now be worth more than $ 1 million.
Critics of Bitcoin continue to stick to the same rhetoric as they did 10 years ago, ignoring the development of BTC and cryptocurrencies in general. But what do you call it-the wisdom of an experienced investor or the reckless risk of a novice? Then how to evaluate the actions of institutional investors, who even look at whether the price of the Cue ball is falling or growing. They just buy it up.
Wild Desire to Hold Bitcoin
Bitcoin is trading at a high price for retail investors. However, the CEO of the analytical firm Global Macro Investor, Raul Pal, does not share this opinion.
According to him, the “high price” of Bitcoin is due solely to the mindset of individuals, and institutional investors also do not see this. The bullish rally of 2017 was supported by retail investors, and in 2020 by the entry of institutions into the BTC markets.
In the podcast, Pal told Peter McCormack that for institutions, the price is relative.
Institutional investors are more concerned about the speed of adoption, regulation, and the current market capitalization of BTC. Bitcoin’s market cap has reached $ 1,000 billion, further drawing institutional attention to the king of cryptocurrencies.
Pal believes that achieving this market capitalization involves structural changes in the market and players in the crypto sphere. In conclusion, he stated that the current market is “technically perfect”, has a good roadmap and good seasonality.
According to him, the only obstacle to the mass entry of organizations into the BTC markets is the time it takes for these organizations to create the infrastructure necessary to manage their cryptocurrency holdings.
Here is the answer to the question of why India has finally abandoned its plans to ban cryptocurrency. The Indian government has a more moderate discourse. If the United States did the same, institutional investors would be much more exposed to the impact of BTC. It’s not easy to make the first move with Janet Yellen, who is “having fun” sowing fear in the minds of potential new bitcoiners.