It's hard to admit, but I was wrong about Bitcoin

[PremiumcryptoHub]

As the price of Bitcoin is currently making record highs every moment, many are now regretting every moment of not investing in this coin. Likewise, Australian market analyst Tony Saicamou is also regretting. 2 years ago today this guy joked that crypto would never be the future of money. But now, since the US President Donald Trump won the election, the way the price of Bitcoin has rocketed, they are regretting that maybe the statement they made was completely wrong and it has been proven wrong.

It’s time for us bitcoin sceptics to eat humble pie – we were wrong.

Some liken bitcoin to digital gold, and a way to hedge against an apocalyptic scenario where the US government defaults on its debt, which is growing by $US6.3 billion a day. Fundamentals, or the lack thereof, mean that the price of Bitcoin is driven by nothing but emotion and simple supply and demand.

It's a serious struggle for non-believers like me, who dismissed crypto as a joke and nothing more than a Ponzi scheme for the likes of gamblers and criminals, but now we're looking like shocked mullets as the price rises week after week.

"It's a pure momentum play at the moment – buying and higher prices lead to more buying," said Tony Sycamore, market analyst at trading platform IG Australia

https://www.smh.com.au/money/investing/it-s-tough-to-admit-but-i-was-wrong-about-bitcoin-20241125-p5kt8t.html

[FortuneFollower]

Let that sink in for him and we will see how he will sing when the crypto space will be more for him than a Ponzi.
It would be never too late for anybody in fact to start regaining what you potentially "lost" in the denial stage.

[Majestic-milf]

 Some times these market analysts are blinded by so many factors that have happened in the past and tend to overlook the potential some digital coins have. For someone of Tony's calibre, having 25 years experience in financial markets should have helped him see that Bitcoin isn't just a Ponzi scheme or what someone created to pass the time but a digital coin with the ability to provide a form of security when conducting your transactions.
 Bitcoin has been going strong for 16 years and has surpassed expectations and it's okay to admit you were wrong for regarding as something that doesn't have value and won't last long but what step is he taking? Will he join the train or just sit back and regret?

[franky1]

the guy is still wrong and still doesnt understand bitcoin

bitcoin is not rising in price due to fake-tan-trump

if he actually spent 2 years to learn bitcoin he would look at the protocol and mining process and learn that bitcoin has a 4 year cycle, he would learn that the reward halving and mining costs cause a bull market which the rise in november is on par with this cycle

the last push from the 2020halving had a push above the 2016ATH($20k) 7 months after the halving
the current push from the 2024halving had a push above the 2020ATH($70k) 7 months after the halving

the thing is when a market triggers a rise within its cycle, idiots that dont know better try to find some social media/mainstream media news item that might have been the trigger.. without actually bothering to look at the data and statistics, the economic method and mechanisms of bitcoin itself

..
and no elon did not trigger the 2021 ATH either

..
even just suggesting bitcoin only goes bull due to famous people in the news, is a complete laugh and shows much misunderstanding by those that obviously dont understand bitcoin.
bitcoin has its own economy and market.
he still has much to learn

[o48o]

Let that sink in for him and we will see how he will sing when the crypto space will be more for him than a Ponzi.
It would be never too late for anybody in fact to start regaining what you potentially "lost" in the denial stage.

Let's don't include "crypto space" to this. Just give the credit to bitcoin like we should, and don't legitimate whole space. Because most of that "crypto space" is definitely just Ponzi and scams. You can easily multiple the amount of "legit" ones at least with 90 to get the amount of scams.

And even those "legit" ones are only seem to be legit for now because they are worth something. Not because they would ever mount up to anything tangible.

[letteredhub]

If you have been following or witnessed past bitcoin circles you'll understand that comments of this nature it's not new at this period that bitcoin is making some record highs. But good a thing to see how bitcoin continually create and break more record highs with each passing circle to the amazement and shock of it's critics and pessimistic analysts.

However, I could only advise that those that have had a wrong impression about bitcoin should rather jump on to the moving train and invest for long as there's still opportunities to make more profits with future circles as the 21million bitcoins are still far from been completely mined

[Sanitough]

I think this just proves that the bull run is on because we’re already hearing those regret stories about missing the ride to the moon. That’s pretty normal, there’s no “what ifs” in Bitcoin investing. It’s all about taking risks, and only those who were brave enough to believe in Bitcoin are reaping the rewards now.

For that guy, though, I’d say he’s forgiven, he can still jump in now, but my advice is simple: don’t FOMO. There’s always a better strategy than chasing the hype, so stay smart, and there’s still time to ride the hype.

[Taskford]

As the price of Bitcoin is currently making record highs every moment, many are now regretting every moment of not investing in this coin. Likewise, Australian market analyst Tony Saicamou is also regretting. 2 years ago today this guy joked that crypto would never be the future of money. But now, since the US President Donald Trump won the election, the way the price of Bitcoin has rocketed, they are regretting that maybe the statement they made was completely wrong and it has been proven wrong.

It’s time for us bitcoin sceptics to eat humble pie – we were wrong.

Some liken bitcoin to digital gold, and a way to hedge against an apocalyptic scenario where the US government defaults on its debt, which is growing by $US6.3 billion a day. Fundamentals, or the lack thereof, mean that the price of Bitcoin is driven by nothing but emotion and simple supply and demand.

It's a serious struggle for non-believers like me, who dismissed crypto as a joke and nothing more than a Ponzi scheme for the likes of gamblers and criminals, but now we're looking like shocked mullets as the price rises week after week.

"It's a pure momentum play at the moment – buying and higher prices lead to more buying," said Tony Sycamore, market analyst at trading platform IG Australia

https://www.smh.com.au/money/investing/it-s-tough-to-admit-but-i-was-wrong-about-bitcoin-20241125-p5kt8t.html

They won't admit their mistake until they see that they already left behind by many opportunities they choose to ignore before. Its repent time for them because they know how crazy they are for playing fool around and ignore bitcoin before. Now this kind of people would struggle to find how to enter because then again they afraid to find good position to enter since what they think bitcoin is expensive since they only have limited knowledge about it.

So this is lesson need to learn by lots of people that they should never act the same as these people did since there would be a time that they would also regret their decision on why they didn't acquire bitcoin at what they think early stage before.

For sure there's more room to grow for bitcoin and those entities that continue to doubt about it will remain like that and those people  who believe on bitcoin will experience great growth especially that bitcoin potential doesn't stop there.

[fikrett]

The rapid rise of Bitcoin has indeed taken many by surprise, myself included.

We’re seeing is more than just momentum, it’s the world recognizing the potential of decentralized assets in an uncertain economic landscape.

However, the truth is, Bitcoin is a very volatile asset and it's hard to predict its future. Even though it's doing well now, there's no guarantee it will continue to rise.

We can surely say that it will rise, correct itself, and do it again, and again - but when exactly - yeah, that's a volatile nature for it for you.
Though in my opinion, we would see the drop in the price after some mark, $100K+, of course.

[john_egbert]

If you have been following or witnessed past bitcoin circles you'll understand that comments of this nature it's not new at this period that bitcoin is making some record highs. But good a thing to see how bitcoin continually create and break more record highs with each passing circle to the amazement and shock of it's critics and pessimistic analysts.

However, I could only advise that those that have had a wrong impression about bitcoin should rather jump on to the moving train and invest for long as there's still opportunities to make more profits with future circles as the 21million bitcoins are still far from been completely mined

There is never a wrong time to learn something you are willing to.
Either BTC or something else, there is always a chance.
So, yep - the train won't stop anytime soon, BTC is the coin that's going to be the flagship of the crypto and its community will be the one to trust, truly.

[FortuneFollower]

Let that sink in for him and we will see how he will sing when the crypto space will be more for him than a Ponzi.
It would be never too late for anybody in fact to start regaining what you potentially "lost" in the denial stage.

Let's don't include "crypto space" to this. Just give the credit to bitcoin like we should, and don't legitimate whole space. Because most of that "crypto space" is definitely just Ponzi and scams. You can easily multiple the amount of "legit" ones at least with 90 to get the amount of scams.

And even those "legit" ones are only seem to be legit for now because they are worth something. Not because they would ever mount up to anything tangible.

You are right.
I should have said BTC community in that case, truly, because that's what I thought for myself, but didn't think about it in that perspective.
Thanks for your feedback.

[Lucius]

Anyone who invests in Bitcoin just because someone became the president of a country or because Bitcoin was declared legal tender somewhere has understood nothing and will have almost nothing to gain from changing their mind. People who don't think for themselves and wait for what the politicians tell them are nothing more than ordinary sheep who go where they are directed, even if that means going into the abyss.

Those who figured out BTC 10+ years ago really have no need to depend on any political clowns and characters fantasizing about dust on Mars. We achieved our goal in that game long before them, and there's no way they'll ever beat us.

[Finestream]

Tough, but at least he admitted it. He’s not the only one who doubted Bitcoin, plenty of CEOs of a financial institutions were skeptical too in the past. But as time went on, and Bitcoin kept proving them wrong, many of them eventually came around and started investing in it.

Maybe stories like this can inspire those who are still doubtful today. It’s a reminder that even skeptics can change their minds once they see the potential. Bitcoin has a way of turning doubt into belief!

Ten years ago, Michael Saylor worried Bitcoin might fail

now this company lead by Michael Saylor is holding bitcoins dollars worth of bitcoin and still continuesly accumulating.

[fikrett]

Tough, but at least he admitted it. He’s not the only one who doubted Bitcoin, plenty of CEOs of a financial institutions were skeptical too in the past. But as time went on, and Bitcoin kept proving them wrong, many of them eventually came around and started investing in it.

Maybe stories like this can inspire those who are still doubtful today. It’s a reminder that even skeptics can change their minds once they see the potential. Bitcoin has a way of turning doubt into belief!

Ten years ago, Michael Saylor worried Bitcoin might fail

now this company lead by Michael Saylor is holding bitcoins dollars worth of bitcoin and still continuesly accumulating.

The more time passes - the more confidence there is for BTC.
It's both good and a bit bad because big fellas start to look at it with.. bigger interest, to say the least.
And we all know how things end up when big capital flows without ending in something.

[mirakal]

I, myself was also wrong with bitcoin before. The only difference is that I chose to study and eventually learn the potentials of bitcoin, so it’s not surprising why we are seeing its price going to the moon currently. However, this is not the end for him, nor his opportunities to enter bitcoin investment. As long as he isn’t in a rush for profits, he will definitely gain success after years of investing patiently.

[SquirrelJulietGarden]

Maybe stories like this can inspire those who are still doubtful today. It’s a reminder that even skeptics can change their minds once they see the potential. Bitcoin has a way of turning doubt into belief!

Ten years ago, Michael Saylor worried Bitcoin might fail

now this company lead by Michael Saylor is holding bitcoins dollars worth of bitcoin and still continuesly accumulating.

Ten years ago, it's 2014 when Bitcoin was only five years old and it's Mt.Gox year too.

Mt.Gox, the history of a failed Bitcoin exchange. After 10 years, many things change and if we take Bitcoin halvings into consideration, 2013 is 1 year after a first halving, and perhaps it takes Michael Saylor one or up to two more Bitcoin halvings in 2016 and 2020, before he changed his mind on Bitcoin and invested money in Bitcoin.

With time, Bitcoin becomes stronger and can change many people.

Past halving event dates

The first halving event occurred on the 28th of November, 2012 (UTC) at block height 210,000
The second halving event occurred on the 9th of July, 2016 (UTC) at block height 420,000
The third halving event occurred on the 11th of May, 2020 (UTC) at block height 630,000
The fourth halving event occurred on the 20th of April, 2024 (UTC) at block height 840,000

[Kelward]

Most of us were once wrong about Bitcoin, we called it many names in it's early days, like Ponzi scheme, today we know better. So anybody that is realizing what we've seen some years back and believed in the potentials of Bitcoin as a store of value is welcome to join the hodl. Bitcoin is about 15 years since it's creation and it's adoption has increased tremendously and it's still increasing everyday so we should expect more Bitcoin critics to turn around and become believers like us. People will still deny that Bitcoin is changing the naretive of financial transactions globally and is one of the most valuable assets in this age, but it won't stop what the reality is, Bitcoin is a reputable asset.

[Wexnident]

~

Meh, took them a bit too long to admit that. Still, I think he's talking more about the price (which he seems to think translate to lifespan) and not really Bitcoin being, well, a decentralized option for a currency? Well, I
guess if you start changing your mind because of the price increase then that is kind of reasonable, but still, would've been a lot better to realize and understand how Bitcoin would last just because of how it works.
Granted I was the same, but more of an ignorance at the first time. Used to laugh at it at a scam really .

[MeGold666]

What you, him and many other fail miserably to understand is that it doesn't matter if price of Bitcoin is 1 cent or 1 million USD, it's still not suitable as Money.

Too high fees of transacting
Too slow (max. 7 tx/s) due to fixed small block size.
Not fungible

This are the main but not the only problems Bitcoin has but no body cares because "prices goes up" of this Tether pumped bubble of greater fool.

If When Tether collapses, you will recognize Bitcoin for what it has to offer, and it's not much.

Bitcoin is a proof of concept project that got out of control, it has too many bottlenecks to be used as money.

[Zoomic]

We should expect more people like this to join the Bitcoin community. The good news is that it's never too late to invest in Bitcoin. Many people who are suddenly interested in Bitcoin now are doing so with the mindset that it will help them get rich quickly. While they may not be wrong, their investment plan will determine whether their investment is profitable or not. With the wrong mindset, they could still regret their decision, even after investing in Bitcoin. Focusing solely on price surges shouldn’t be their only strategy. It would be in their best interest to gain sufficient knowledge about Bitcoin before rushing to invest