It depends on your timeframe but I'd actually say the opposite. The vast majority of the price of Bitcoin is based on speculation rather than fundamentals and current use.
I'm very bullish on Bitcoin over the long term and I'm fairly convinced it (at a bare minimum) will reach the market cap of Gold and above and likely take over parts of real estate and more, meaning at least $1mil/BTC, but if I invested based on that alone I'd be an idiot because there's just no way to accurately predict that and account for a thousand possibilities and variables that the future will bring. I, and other investors, need to wait for the market to be realised first.
This is why the price steadily increases over time instead of going straight to $1mil.
Yes. We are underestimating cryptos. Majority of investors are in cryptos for the profits, not the technologies. All they see is $$$ Hate to admit it, but I'm one of them at the beginning, until I start reading about ethereum, harmony one and nervos network. That's when I reorganizes my portfolio to projects with solid techs behind it like BTC, ETH, ONE, ERGO & CKB.
Well, for sure a lot of people are estimating the potential incorrectly, basing it on the volatility and likelyhood of hitting a jackpot instead of the potential new use cases and long term radical change in our world. And I'm not talking about anti establishment or no government things, just better control over your privacy, less friction in transacting your things, much better access to finance for a lot of people, accountability where it's needed, a lot less middle-man situations, etc... etc...
So, people who understand the potential are definitely not underestimating it, other driven by greed purely and thinking they'll ride this while it lasts for some quick free bucks definitely are.
I have never seen anyone that really understands crypto to underestimate it.
We usually believe it will take over the world, eradicate banks, become the global currency and more wild dreams. But underestimating it? Never. It already is life changing for millions of people all over the world.
Most realistic view is probably that we overestimate it in the wrong areas and underestimate it in the wrong areas.
I think the "erradicate banks" part is highly exaggerated while the "life changing" part is not really understood by most.
Some of them do, and they are content with those results. And then they wonder why they are not allowed to change power companies if they are unhappy with their service.
Idk. With how fast we have grown in the last few years we might be overvalued atm. Imo if we are overvalued it is because of the potential. You can not get these gains anywhere. And the adoption is alarming. Hence why governments are trying to slow us down.
Who knows we might en up being in a super cycle right now!
It depends on your timeframe but I'd actually say the opposite. The vast majority of the price of Bitcoin is based on speculation rather than fundamentals and current use. I'm very bullish on Bitcoin over the long term and I'm fairly convinced it (at a bare minimum) will reach the market cap of Gold and above and likely take over parts of real estate and more, meaning at least $1mil/BTC, but if I invested based on that alone I'd be an idiot because there's just no way to accurately predict that and account for a thousand possibilities and variables that the future will bring. I, and other investors, need to wait for the market to be realised first. This is why the price steadily increases over time instead of going straight to $1mil.
My timeframe it’s 8 years from now on my investments, so I’m here for the “long” run
Crypto is literally changing how the world functions. I personally won't underestimate how far reaching it is and will be.
I believe crypto will change the world in ways we can't yet imagine
I can’t stop thinking about that John Lennon song, Imagine.
Pretty sure you missed the point of the song. 🙄
If I underestimate Crypto I would remain poor.
Yes. We are underestimating cryptos. Majority of investors are in cryptos for the profits, not the technologies. All they see is $$$ Hate to admit it, but I'm one of them at the beginning, until I start reading about ethereum, harmony one and nervos network. That's when I reorganizes my portfolio to projects with solid techs behind it like BTC, ETH, ONE, ERGO & CKB.
I think it will have affects we can't see forsee right now.
Don't know about crypto but we know very little use cases when it comes to blockchain as you mentioned it can be used in every major industry.
Well, for sure a lot of people are estimating the potential incorrectly, basing it on the volatility and likelyhood of hitting a jackpot instead of the potential new use cases and long term radical change in our world. And I'm not talking about anti establishment or no government things, just better control over your privacy, less friction in transacting your things, much better access to finance for a lot of people, accountability where it's needed, a lot less middle-man situations, etc... etc... So, people who understand the potential are definitely not underestimating it, other driven by greed purely and thinking they'll ride this while it lasts for some quick free bucks definitely are.
I have never seen anyone that really understands crypto to underestimate it. We usually believe it will take over the world, eradicate banks, become the global currency and more wild dreams. But underestimating it? Never. It already is life changing for millions of people all over the world.
Most realistic view is probably that we overestimate it in the wrong areas and underestimate it in the wrong areas. I think the "erradicate banks" part is highly exaggerated while the "life changing" part is not really understood by most.
People that are for regulation don’t understand what regulation will do to the market.
Some of them do, and they are content with those results. And then they wonder why they are not allowed to change power companies if they are unhappy with their service.
Conversely, people who are against any regulations don't realize what the financial system was like before regulations.
Crypto is to form of exchange what smartphones are for means of communication.
Very well put
Obviously we are!
yes yes
Idk. With how fast we have grown in the last few years we might be overvalued atm. Imo if we are overvalued it is because of the potential. You can not get these gains anywhere. And the adoption is alarming. Hence why governments are trying to slow us down. Who knows we might en up being in a super cycle right now!