5 Reasons Bitcoin Is A Steal At $60K

“Bitcoin is going to $1 million! Bitcoin is going to $0!” When it comes to Bitcoin price projections, I always take them with a grain of salt. Over the past 15 years, I don’t think any analyst has accurately predicted Bitcoin's short-term price. And if they did, everyone would follow them, and the model would break. Daily, I see forecasts for Bitcoin going down below $50K or above the all-time high of $75K “soon.” These analysts/influencers/gurus attempt to shake you out, pump their bags, or monetize your attention.

I prefer a more pragmatic approach rather than getting hung up on all the noise. The last time I got shaken out of my Bitcoin was during the COVID-19 crash. Bored at home, I consumed too much media and regretfully sold out my BTC and ETH. I followed articles about expert traders who “called the 2018 top or the BTC low in 2019.” I got shaken out, and a few months later, I changed my Bitcoin investing strategy.

I went from trying to time the markets to investing a uniform amount daily. I bought at the 2021 peak and the 2022 low. I’m not the most profitable Bitcoin trader, but following my plan has given me: 1) Mental peace because I’m not obsessing over whether I’m in the market. 2) A decent stack of Satoshis that are in profit and growing daily, and 3) A steady cornerstone in my portfolio that affords me to take risks on altcoins when it seems profitable.

That said, I’m extremely bullish on Bitcoin in the long term. I try not to overthink it. There are 21 million Bitcoins and 8 billion people in the world. There are 21 million Bitcoins and 55 million millionaires on earth. Over 93% of the total supply is in circulation. If the new supply is going down and demand increases, the price of Bitcoin should increase.

Today, I am more bullish on Bitcoin than I have ever been. And for those readers thinking, “$60,000 is too high,” many regretful investors said the same thing at $2,000 Bitcoin and $20,000 Bitcoin. I will share five reasons why buying Bitcoin today in the $60,000 range is a great value.

1) Regulators have cleared all the risks of owning Bitcoin

Historically, I had three primary concerns with Bitcoin: 1) Government bans, 2) Quantum Computing, and 3) High concentration in a small number of wallets. My top risk for owning Bitcoin has been eliminated this year when the US approved the Bitcoin ETF. Many other countries followed, and Bitcoin is now not in a gray area, scaring away potential investors and giving pause to current investors.

2) The odds favor a Republican Presidency

Former President Trump has already voiced his support for Bitcoin and cryptocurrency. While it may be nothing more than pandering for votes, I am optimistic he will keep his word if elected. After watching the recent presidential debate debacle, the Democrats must pull an ace on the river if they hope to keep the White House.

The national debt increased by the highest amount under Trump’s presidency. I doubt his debt accumulation will stop if he gets re-elected. He also said he wants all Bitcoin made in America, a complete 180 from Biden, who has been seeking to oust miners with unfair taxes.

3) People are realizing inflation isn’t going away

Yes, the stats say that inflation is going down, but I believe this is a synthetic number crafted with specific metrics for the most part. Prices on everything I buy continue going higher. It’s gotten so bad that people are cutting out their Starbucks habits, and fast food companies are launching $5 meals to get people back in their drive-thrus

Recognizing inflation and monetary debasement is the easiest narrative for ordinary people to understand Bitcoin’s value. People are seeing the 5% interest in the bank, and the 2–3% raise in salary annually will not keep their wealth above water. Enter Bitcoin.

4) Multiple indicators have flashed that the bull market is still on.

Here are a few (of many) charts indicating Bitcoin still has a lot more room to run.

Notice how market peaks typically happen when Bitcoin prices rise above the red line? We aren’t flirting with the red line.

While many people question the credibility or accuracy of the stock-to-flow model, considering it in this context illustrates that it has been relatively accurate over history. If the trend continues, Bitcoin should go far above $100K.

This graph shows the Bitcoin price to the short-term holder price. ‘The Bitcoin Short Term Holder (STH) Realized Price is a metric that represents the average acquisition price of Bitcoin for investors considered short-term holders, typically defined by the movement of coins that have been held for less than 155 days.’

You can see that when the BTC price is above the short-term holder price, it tends to do extremely well for long periods.

5) Retirement

With the launch and incredible popularity of the new Bitcoin ETFs, you must consider what other investors will join the party. There are around $38 trillion in retirement assets. The price will skyrocket if 5-10% of these funds go to Bitcoin.

Additionally, retirement investors aren’t going to alter their investments every month. Since much of the public is programmed to take a hands-off approach with their retirement, money managers will buy Bitcoin to compete with other funds that hold it.

Key Takeaways

Not too long ago when Bitcoin was around $28K (in the past year), there was a lot of argument whether Bitcoin would go back down to the low 20s or exceed $32K. In retrospect, would you have cared too much if you bought Bitcoin at $24K, $28K, or $32K? Probably not, because with any price point, you’d be up nearly 100% in less than a year.

If you purchase Bitcoin at $55K, $63K, or $71K, will you be disappointed if the price exceeds $150K in the next 18 months? For most people, the answer is a resounding ‘No.” So, if you agree with the points I have outlined above, now is a tremendous time to begin or continue stacking more BTC.

Let me know what you think. Are my reasons valid, or am I creating justification for my investment? Do you think another sector, such as AI, will replace the money that went to Bitcoin and crypto in the past? Will more government and Wall Street interference hurt Bitcoin? A. Do I need to include other reasons why Bitcoin is a steal at $60K?

If you enjoyed this article, please clap for it. I greatly appreciate it. Thank you for reading.

I own Bitcoin and a Bitcoin ETF at the time of writing. This information should not be taken as investment advice. I am no more qualified to give financial advice than to dance like a ballerina. Digital assets like crypto and NFTs involve risk, so you should always perform due diligence before investing.

Follow me on Twitter.Image by ChatBox

“Bitcoin is going to $1 million! Bitcoin is going to $0!” When it comes to Bitcoin price projections, I always take them with a grain of salt. Over the past 15 years, I don’t think any analyst has accurately predicted Bitcoin's short-term price. And if they did, everyone would follow them, and the model would break. Daily, I see forecasts for Bitcoin going down below $50K or above the all-time high of $75K “soon.” These analysts/influencers/gurus attempt to shake you out, pump their bags, or monetize your attention.

I prefer a more pragmatic approach rather than getting hung up on all the noise. The last time I got shaken out of my Bitcoin was during the COVID-19 crash. Bored at home, I consumed too much media and regretfully sold out my BTC and ETH. I followed articles about expert traders who “called the 2018 top or the BTC low in 2019.” I got shaken out, and a few months later, I changed my Bitcoin investing strategy.

I went from trying to time the markets to investing a uniform amount daily. I bought at the 2021 peak and the 2022 low. I’m not the most profitable Bitcoin trader, but following my plan has given me: 1) Mental peace because I’m not obsessing over whether I’m in the market. 2) A decent stack of Satoshis that are in profit and growing daily, and 3) A steady cornerstone in my portfolio that affords me to take risks on altcoins when it seems profitable.

That said, I’m extremely bullish on Bitcoin in the long term. I try not to overthink it. There are 21 million Bitcoins and 8 billion people in the world. There are 21 million Bitcoins and 55 million millionaires on earth. Over 93% of the total supply is in circulation. If the new supply is going down and demand increases, the price of Bitcoin should increase.

Today, I am more bullish on Bitcoin than I have ever been. And for those readers thinking, “$60,000 is too high,” many regretful investors said the same thing at $2,000 Bitcoin and $20,000 Bitcoin. I will share five reasons why buying Bitcoin today in the $60,000 range is a great value.

1) Regulators have cleared all the risks of owning Bitcoin

Historically, I had three primary concerns with Bitcoin: 1) Government bans, 2) Quantum Computing, and 3) High concentration in a small number of wallets. My top risk for owning Bitcoin has been eliminated this year when the US approved the Bitcoin ETF. Many other countries followed, and Bitcoin is now not in a gray area, scaring away potential investors and giving pause to current investors.

2) The odds favor a Republican Presidency

Former President Trump has already voiced his support for Bitcoin and cryptocurrency. While it may be nothing more than pandering for votes, I am optimistic he will keep his word if elected. After watching the recent presidential debate debacle, the Democrats must pull an ace on the river if they hope to keep the White House.

The national debt increased by the highest amount under Trump’s presidency. I doubt his debt accumulation will stop if he gets re-elected. He also said he wants all Bitcoin made in America, a complete 180 from Biden, who has been seeking to oust miners with unfair taxes.

3) People are realizing inflation isn’t going away

Yes, the stats say that inflation is going down, but I believe this is a synthetic number crafted with specific metrics for the most part. Prices on everything I buy continue going higher. It’s gotten so bad that people are cutting out their Starbucks habits, and fast food companies are launching $5 meals to get people back in their drive-thrus

Recognizing inflation and monetary debasement is the easiest narrative for ordinary people to understand Bitcoin’s value. People are seeing the 5% interest in the bank, and the 2–3% raise in salary annually will not keep their wealth above water. Enter Bitcoin.

4) Multiple indicators have flashed that the bull market is still on.

Here are a few (of many) charts indicating Bitcoin still has a lot more room to run.

Notice how market peaks typically happen when Bitcoin prices rise above the red line? We aren’t flirting with the red line.

While many people question the credibility or accuracy of the stock-to-flow model, considering it in this context illustrates that it has been relatively accurate over history. If the trend continues, Bitcoin should go far above $100K.

This graph shows the Bitcoin price to the short-term holder price. ‘The Bitcoin Short Term Holder (STH) Realized Price is a metric that represents the average acquisition price of Bitcoin for investors considered short-term holders, typically defined by the movement of coins that have been held for less than 155 days.’

You can see that when the BTC price is above the short-term holder price, it tends to do extremely well for long periods.

5) Retirement

With the launch and incredible popularity of the new Bitcoin ETFs, you must consider what other investors will join the party. There are around $38 trillion in retirement assets. The price will skyrocket if 5-10% of these funds go to Bitcoin.

Additionally, retirement investors aren’t going to alter their investments every month. Since much of the public is programmed to take a hands-off approach with their retirement, money managers will buy Bitcoin to compete with other funds that hold it.

Key Takeaways

Not too long ago when Bitcoin was around $28K (in the past year), there was a lot of argument whether Bitcoin would go back down to the low 20s or exceed $32K. In retrospect, would you have cared too much if you bought Bitcoin at $24K, $28K, or $32K? Probably not, because with any price point, you’d be up nearly 100% in less than a year.

If you purchase Bitcoin at $55K, $63K, or $71K, will you be disappointed if the price exceeds $150K in the next 18 months? For most people, the answer is a resounding ‘No.” So, if you agree with the points I have outlined above, now is a tremendous time to begin or continue stacking more BTC.

Let me know what you think. Are my reasons valid, or am I creating justification for my investment? Do you think another sector, such as AI, will replace the money that went to Bitcoin and crypto in the past? Will more government and Wall Street interference hurt Bitcoin? A. Do I need to include other reasons why Bitcoin is a steal at $60K?

If you enjoyed this article, please clap for it. I greatly appreciate it. Thank you for reading.

I own Bitcoin and a Bitcoin ETF at the time of writing. This information should not be taken as investment advice. I am no more qualified to give financial advice than to dance like a ballerina. Digital assets like crypto and NFTs involve risk, so you should always perform due diligence before investing.

Follow me on Twitter.