Dan on BTC Growth
Dan Bilzerian, king of Instagram and professional poker player, has seen significant gains in his bitcoin investment and he’s told his 23 million social media followers all about it.
Dan, who is known for his many wild antics and hobnobbing with people like Floyd Mayweather and others, stated in may that he purchased a significant amount of BTC earlier in may and it’s crazy to see how its going up.
Since his announcement of his purchase in the month of May, we’ve seen that the price of bitcoin has gone up from around $2,300 to it’s current hovering around $8,200. If we were to extrapolate the value of the Bitcoin Cash (BCH), that would have been airdropped (equivalent to how much BTC he owned or how much he received) and if he hasn’t sold those either, he would have seen a double jump in his increases with bitcoin cash also sort making leaps as the months go by. BCH is now sitting at $1500.
Dan stated :
“I bought a sh**load of Bitcoin today. It’s so crazy watching that shit f***ing go up, too, it’s like sweating like I made a bet on the Super Bowl or something.”
He also commented recently “damn all my crypto is killing it,” making it seem as if he has much more holdings than just in BTC.
Long Term Growth & Inherent Stability
Many investors may not be aware of the inherent value of bitcoin and may simply be speculating, looking to gain a quick buck from the cryptoworld and then sell at a level where they feel they can’t take any more risk.
They may not believe in the potential for the crypto world to rise in strength in comparison to fiat currencies and gold, these investors may have sold when they reached a 50% or 75% return on their investment.
These are the sort of investors that tremble when the wild swings happen, like the sort that happened just recently with the price of BCH flying to $2,900 while BTC plummeted to $5,600. These sort of investors can be justified in their own right, they may wonder, what is going on?! And may not be in the mood for a roller coaster and simply have a short term goal they want to meet. Whatever the reason, it does take quite a bit of stomach to reign in the crypto bull but some may not have the appetite for it.
Then, there are those who are holding for the long term, those like Dan, who seem to have a diversified portfolio and riding the market out through it’s dips and its highs, setting a long term target.
These investors are doubling down on crypto for various reasons, they may have surrounded themselves with people who know what they are talking about or maybe they themselves have done their due diligence on the market. They know that they are not playing in a market that’s similar to penny stocks, they believe that bitcoin is, to a certain extent anti-fragile and will be a long term store of value.
Bitcoin and crypto may be about the bear case for Fiat currencies
Growing demand is coming from both individual and institutional investors, the institutional investors by nature place more money into the system to be able to receive the returns that they need. This fundamental need provides for a larger appetite for investment which provides for more strength to the crypto economy.
Investors with a large network are stepping into the market and have a belief that bitcoin can surpass the $500,000 in the long term if it is able to sustain it’s advantages and beat out the current system.
Patrick Byrne, the CEO of Overstock, summed the current state of BTC and Fiat nicely on Fox Business
“The real question is not how high can bitcoin go. The real question is how low can fiat currency go—and at the end of the day all fiat currencies have gone to zero and that’s because they end up with irresponsible money printing. We have all these currencies since Bretton Woods, fluctuating against each other, and maybe the dollar hasn’t gone to zero against these currencies but all of them have gone down 95% … versus something that they can’t control like … gold and bitcoin. So bitcoin may be on its way to a million for all we know.”