This morning, when we checked the numbers, we saw that Bitcoin was nearing all time highs. And, lo and behold, that nice round figure – $1800 (US) – was achieved.
Seriously, if you need another reminder that the Bitcoin revolution is NOT going away, look no further than this morning’s price chart on Poloniex. We captured a screen shot at just the right moment, and now, as we write, it appears BTC/USDT is right at that level (give or take five bucks).
It’s actually rather staggering – we use that word a lot here, maybe we should be saying “breathtaking” instead – how quickly Bitcoin has gone from some crazy idea to a revolution.
It seems like ages ago – it was just March 10, so two months ago today – that the SEC said no to the ETF. Had you bought at the height (uh…we did) of that frenzy, you would have been in at $1300 a coin.
Then you could have watched BTC drop into the $900s (we bought again, but that’s because we’re in this for the long haul).
Ignore that second buy at $900 for a moment. The $1300-per-coin rate would have seen a 38.46% rise.
Bitcoin is the on-ramp
We’ve talked about this concept a few times: Bitcoin is, in effect, the on-ramp for cryptocurrency investment, and for cryptocurrency access.
Ignore for a second the fact that Coinbase (ADVERTISEMENT: YOU SHOULD TOTALLY USE THIS LINK TO GET YOUR BITCOIN THROUGH COINBASE) now has three coins/tokens that you can buy, sell, and put in your wallet (Bitcoin, Ethereum, and Litecoin). Bitcoin is still the Kleenex of cryptocurrency – it’s the first thing the masses think of. “Can you hand me a Kleenex?” “Do you accept Bitcoin?”
If an altcoin is going to be traded somewhere like Poloniex it’s most likely going to start trading as a pair with BTC first. Others might be added later.
And if you’re going to do some active trading, you are probably going to park your unused money in BTC while you figure out which pump-and-dump to chase next.
What does this mean???
A couple things. First of all, with a “market capitalization” of $28 Billion, Bitcoin (or, more accurately, its ecosystem, or network value) is one-half the market cap of a company like Tesla. While you could say Tesla is over-hyped, you also could say that the company is not going anywhere.
Same for Bitcoin – it’s a movement, ecosystem, network, whatever you want to call it.
So don’t bet against it.
What do I do now?
Two things, in our view. One: get some Bitcoin. Even at this valuation. Use the Coinbase link and we’ll get a little – but you’ll get a little, too, with a qualifying purchase.
Two: store that Bitcoin somewhere safe. We’ve joined the TREZOR Affiliate Program, and this is the best deal we’ve seen on TREZOR. It’s a storage solution we’d recommend even if we weren’t working with them – and you’ll be hearing more about that from us in the days to come.
Also, Hold On for Dear Life. This Bitcoin stuff could get really interesting.