How many people can buy a whole BTC for $70,000?
On May 21, the price of BTC once again exceeded US$70,000. For BTC spot holders, they finally found some rising joy amidst the volatility and silence.
ETH also surged by 20% due to news about the Ethereum ETF.
Spot holders finally saw a little phased increase, although it has been sideways for such a long time.
Many people will say that the crypto market is unpredictable in the short term and will inevitably go higher in the long term. However, most people stand still or find a shortcut to get rich overnight through contracts.
Many people are afraid to participate, or are unable to hold for a long time and wait for opportunities, from the price of BTC to US$1,000 until it reaches US$10,000.
There is a point of view that many people do not invest in BTC because they cannot afford an entire Bitcoin.
Today’s BTC price is 70k, which is indeed not affordable for ordinary people. Of course, you can also hold 0.1 BTC for only $7,000.
In 2010, a programmer exchanged 20,000 BTC for a pizza. He would have never imagined that BTC would be so valuable 14 years later.
In 2012, you could also buy BTC directly on Taobao.
At that time, one BTC was 50 yuan, and you could buy 20 for 1,000 yuan. The seller also shared how to download and create a Bitcoin wallet.
I don’t know if the seller at that time broke his thigh and whether the buyer at that time got it today.
I have been in the crypto market for more than 3 years. I have seen BTC rise from 50k to 69k, then drop to 15k, and now rise back to 71k. No matter what time period, some people say it is expensive.
Just imagine that in 2014, the price of BTC was several hundred dollars, but how many people would buy it?
After all, a virtual currency had no use case at that time. It was just a string of characters. It was worth hundreds of dollars. Many people could afford it, but most people thought it was expensive.
Moreover, at that time, BTC dropped from US$1,000 in early 2014 to more than US$200, an 80% drop that ordinary people could not afford.
If there is no strong endurance, most people may leave the market with regret, and people can only make money within their cognition.
Speaking from a closer perspective, the price of BTC was just over US$10,000 at the beginning of last year, and fell to more than US$15,000 at one point;
If I didn’t think it was expensive at that time, I would have made more than 4 times the profit after buying it, and this was just over a year.
Today’s BTC price is $70,000, which is no longer affordable for most people.
Many holders and believers firmly believe that BTC will rise to US$100,000–200,000. Compared with the current US$70,000, there is still room for double or even multiple times, but now most people think it is too expensive.
If BTC really rises to 100,000 or 200,000 in the next 5 or 10 years, and then looks back at 70,000 today, will you exclaim that it is so cheap?
Of course, history can only be used as a reference and cannot be copied. No one can predict the clear direction of the future encryption market. It is hard to say whether it will go to the moon or return to zero after suffering a blow.
Every method has risks, and anyone can only participate in the market and the crypto world in a way they can understand. Wish us all good luck.
The above is just my personal opinion, no investment advice. I’m CryptoLola and I follow the crypto market and web3.
