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Yellen: Bitcoin Is A Highly Speculative Asset And Is Not A Stable Store Of Value
I suppose it's only fitting that Janet Yellen would weigh in on Bitcoin at her final press conferenc
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That letter is very sensible. Clearly, it was written by someone who has lived through margin call cascsdes. Yellen had a plain vanilla prepared response. She at least could have said “irrational exuberance” especially given the backdrop of perspectives that never ponder important metaphysical propositions.
Heisy, I think Bitcoin speculators are waiting for the new year to book gains. I myself face this issue, on a very small scale. My guess is we see a significant sell-off right before year-end that could turn into a rout come the new year. Hot potatoes indeed. I’ve decided to hold long term though.
Rudy
well I think this is less of a no-brainer for people with smaller positions and for people with giant positions than it is for the people in between.
if you have a tiny position that’s worth maybe $30K, I could see wanting to stick around to make another $30K.
with giant positions, if you’re up $50 million and you are a dedicated crypto maniac who thinks this is going to change the future, well then I could understand wanting to stick around and see if your thesis plays out.
what I cannot understand, is why anyone in the middle would stick around. that is, if you became a small-time millionaire in this and are sitting on $ 3 million bucks (or something like that) that you didn’t have two years ago and that in all likelihood you will never be able to make again if it collapses, just get the hell out now. cash out a millionaire. you’re never going to be a billionaire anyway, so why not retire tomorrow?
but again, for the small time holders and the mammoths, the calculus is different.