The digital currency Bitcoin Traded at a high of $ 47,000 when in the past day it has cumulatively risen above 20%. The jump this time (again) is attributed To Alon Musk Which announced that its Tesla has acquired $ 1.5 billion of Bitcoin and also – that it will be possible to purchase vehicles from Tesla in digital currency. Everything Musk touches becomes “gold” and bitcoin becomes a sought-after commodity. The truth is that he put the gold in the little pocket. But it’s not just Musk who, in his statements over the past year, is inciting the masses to invest in Bitcoin. These are also serious and large companies that are entering the field and producing a big buzz.
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To a bystander it looks like a game, even a pyramid scheme. There is no real value behind Bitcoin. There is a limited amount of coins that rises at a pre-determined rate of production and it will be limited within a few years, and on the other hand there is demand – product like any product, demand and supply like any market, and so the price is set. But while most of the products we buy to use or consume them or because of their value, we usually buy Bitcoin as a financial product (can be used but the use is still not significant).
When buying or selling a financial product do so according to economic value. If you have shares in nature, you are not likely to sell at a price of $ 6 if you think the price is $ 15, and in the same way of course you are unlikely to buy at $ 15 if you think the value is $ 6.
The economic value is determined in accordance with the Company’s balance sheet, the Company’s assets and in accordance with current and future profits. This is how the market price is determined, which expresses all the wishes of the buyers and sellers. Bitcoin has a market, but there is no value behind the product.
This is a big problem, but on the other hand, it should be said that the currencies of countries do not currently express their true value, that is – behind the US dollar issued by the US Federal Reserve has a very strong economy, but it does not really express value in the money in circulation. Of the bank. Issuing money / printing money produces securities that are worth money, with no solid value backing them, but with the knowledge that the U.S. government, U.S. citizens, and the U.S. economy are committed to the currency. The value of U.S. government assets, including unrealized assets (Land, minerals, etc.), worth the money in circulation. This is how it should be in every country. The value of the shekel stems from the strength of the economy, the strength of the Israeli economy and the assets of the state.
In other words – the price of a financial product is determined in the market by demand and supply, when its price depends on its true economic value. Bitcoin has a market price – $ 47,000, but has no economic value. So why is its price going up, how is it possible that the Bitcoin rate has gone up by 11,692% in five years more than any other investment? There is no economic answer. The answer lies in the psychological / emotional world. Bitcoin is “the neighborhood guy”, “the most beautiful girl in the class” – everyone and everyone is interested in it, everyone and everyone (almost) is in love with it. He has a big buzz around him, he has a great image, he is just … attractive.
Millions of people around the world want to know it, millions of people around the world buy it. When millions of people do that and the currency supply is limited, the price goes up. When more successful people tell millions of people that they are also “attracted” to it, it only increases the desire.
When Musk says – “I bought Bitcoin”, a few hundred thousand and even millions of people buy. The price is no longer tied to the traditional economy, it is tied to a social revolution. A generation that did not know Joseph, thinks he knows better than anyone and buys the coin. But Bitcoin is not really new. Each generation has its own bitcoin. It could have been bank shares in the 80s that went up until the collapse came, it could have been technology stocks in the late 90s, it could have been real estate lands in Eastern Europe that attracted investors like flies in 2005-2008. This is the same lady in a change of cloak – it’s seductive, you’re attracted, friends tell you about huge profits. In previous times – in previous generations – it ended in tears, why would it be any different this time?
Bitcoin investors rely on one key thing – the recent past. Bitcoin has soared 11.692% in five years. Whoever held tens of thousands of dollars became a millionaire. Go convince investors that this is the figure they see, that Bitcoin is inflated. It’s not forces.
So you can write about it, you can warn, you can talk about a world where zero interest rates push you to invest in Bitcoin and other risky devices. It is impossible to argue with success, until the fall comes. When it comes it will be painful. Meanwhile, Bitcoin can still soar. Anything is possible, but someday the game will be over.