Bitcoin Price Buoyancy – Don’t Bet Against Bitcoin
Bitcoin price fluctuations over the past week only go to show that Bitcoin price buoyancy over time is real. Anybody who watched the latest 60 Minutes heard (or reheard – this story has become as historical as it has notorious) learned of the sad tale of Laszlo Hanyecz who paid 10,000 Bitcoin for some Papa John pizza.
When he bought that pizza almost nine years ago to the day — on May 19, 2000 – he ended up paying $800 million for that pizza at today’s current market price for a single Bitcoin. Repeat this until it sinks in; Bitcoin Price Buoyancy – Don’t Bet Against Bitcoin.
Looking at this sad story as a cautionary tale HODL takes on a new, deeper meaning.
As to current Bitcoin Price Buoyancy let’s look at what happened at the end of last week; Bitcoin rocketed up to nearly $8,000 USD then plunged by nearly $1,000 to roughly $7,000 in the blink of an eye. And then it rebounded back to the $8,000 level within a few hours. Buoyant indeed!
The most feasible explanation for the sudden drop of Bitcoin late last week is best explained here. As usual, Bitcoin recovered. And quickly. Some say that Bitcoin is poised to return to the $18,000-$20,000 in very short order. We’re optimistic yet skeptical. Nobody can truly know what Bitcoin will do – or why – in the short term. Studying all of the charts ever generate on Bitcoin won’t help. Nor will predictions of future financial markets or indeed even analyzing the current status of any financial market anywhere in the world.
Nine years on the only thing certain is that Bitcoin price buoyancy is real. There’s years of history behind this. In the long term we see Bitcoin as going nowhere except up. Who can say when or how is a mystery to even the smartest of talking heads.