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You must be new to crypto...
I am still buying as it’s going down... I think next time it goes up, it will get to at least $55k...
Fundamental analysis based on intrinsic value
There is no target price on Bitcoin. How do u even value this? No one knows what’s driving the price up and down, so how do u know its worth???
Pump and dump
It makes me very happy to see posts like this and the inevitable comments of people calling cryptocurrency a pump and dump/scam/tulip mania because it reconfirms my suspicion that crypto is very very young.
I have been holding and using BTC for about 8 years now and bought into ETH close to ICO. I have seen these exact same conversations time and time again. Folks can continue to FUD and get left behind, or start considering Bitcoin, Ethereum, Monero, Stellar a valid investment for their futures. Everyone needs to have crypto in their portfolio.
Now onto the questions:
Price is volatile because we historically didnt have institutional investment at scale (this is changing rapidly, however) to lock up supply. The 2017-2018 market was way less refined than today. You are seeing some sell offs happening now, but BTC is still much higher than it was even a WEEK ago.
Cryptocurrency has intrinsic value because of 2 factors:
1) It banks the unbanked - too many folks think about the US and dismiss cryptocurrency. There are 3 billion people in the world without access to a bank account. Hundreds of millions of people without access to a stable fiat currency (think Venezuela, Zimbabwe, etc). Cryptocurrency will eliminate most of these issues eventually as the world becomes more globalized and interconnected.
2) Cryptocurrencies are required for public blockchains to work. Public blockchains open doors to smart contracts like on Ethereum where every transaction can execute code. You can essentially now define a job for every transaction to perform automatically, without anyone to interfere or manage it as a middleman. We are so early in the applications of this that we cannot think what this looks like in a decade. Ethereum is the foundation to the new decentralized web. Entire organizations can be run via smartcontracts and it's completely possible that we start seeing major parts of society automated, decentralized, and logged forever on an immutable ledger in the near future. Think voting, or supply chain, or ride/energy sharing applications. All of these become way better when incorporated on blockchains with smartcontracts.
The is the way ✋🏿
It crashes back to March last year I’m hopping back on the bandwagon.
Rising Star
10k