Bitcoin price prediction!!

[tonoy]

Originally Posted by iDumb
Tonoy is a genius!!! what else u alll looking at. I need to know. Nice RIOT

zaman cannibis good?

This just can’t be sustained...

My biggest regret is selling my tsla 850 jan22 leap for mere few percent profit. That leap would’ve printed me money. I have to get out of this trader mindset.

[zman]

Originally Posted by SportingBD
Bitcoin is artificial gold.

Listen to Warren Buffet, Charlie Munger and Bill Gates.

https://youtu.be/NBVDqAHQ4-M

Above is 2 years ago!

Funny they mentioned about how people become aggressive when you criticise them for not understanding bitcoin .

Bro you've been a godsend and this msg truly opened my mind. I realized I've been under a spell the last few years and trying to chase a mirage. You couldn't be any more correct about what Warren Buffet said. He also called it rat poison. Now that really scared the **** out of me cuz that **** kills. I hereby declare I'm liquidating all my bitcoin and crypto positions and closing all my accounts and will never get close to it again. It's over for me. I'm investing in CSPR and so looking forward to finally getting some good night sleep.

[kalpurush]

Originally Posted by iDumb

zaman cannibis good?

Invest now. 2021 will be a great year for cannabis...

I have invested in NIO. Keeping them as l o n g term investment.

Also,

TTCF (Tattooed Chef)
NNDM (Nano Dimension)

Seems have a great future...

[iDumb]

Reversal started ?? So hard to predict. But it is poised to drop 50 percent from height..that's how btc price movement works ...

I guess need a bad overall red market on Monday...

[cricman]

Originally Posted by iDumb
Reversal started ?? So hard to predict. But it is poised to drop 50 percent from height..that's how btc price movement works ...

I guess need a bad overall red market on Monday...

Its gonna be like 2017, perhaps a new floor is going to be set but so many people who dont know to hold are gonna panic sell.

Also, BTC manipulation is rampant.

[iDumb]

Originally Posted by cricman
Its gonna be like 2017, perhaps a new floor is going to be set but so many people who dont know to hold are gonna panic sell.

Also, BTC manipulation is rampant.

yeah I think the floor might be 28-30 area... all depends on how the stock market does this week.... If EV sector and all the high flying stocks also take beating.. the selling will continue. But it wont go below 20K - the height of 2017. I do not believe so. I will add to my position if that happens.

I actually sold some today at 39K (took out my cost basis). Was planning to sell most in upper 40s/closing in on 50 but I guess u can't always have it your way and u can't cont to watch market 24/7.

[tonoy]

This was a long overdue correction and was healthy for the March to 100k to continue. Avg downing my buying cost.

[tonoy]

Btw just realized that my gaming rig with its rtx 3080 can earn me about 5bucks a day if I leave it on 24/7.

[Rifat]

Originally Posted by tonoy
Btw just realized that my gaming rig with its rtx 3080 can earn me about 5bucks a day if I leave it on 24/7.

That's not bad at all...it would be enough to pay for bills I guess.

[iDumb]

i don't know what you guys talking about. Mining? what will be our electricity bill if you run 24/7 LOL. stop thinking 5 dollars a day crap. Think 500 dollars a day and go up from there.

[iDumb]

44K!!!! this is legit... be on the right side of history... still plenty to run. Man why ddn't i delve into it even further before... But better late than never....

[tonoy]

Told you. The March to 100k continues. I’m glad I got my RIOT shares. Tesla and bitcoin are my main plays for the next 5 years.

[NoName]

What are some decent blockchains/funds to invest in for crypto ex. QBTC.

[iDumb]

Originally Posted by tonoy
Told you. The March to 100k continues. I’m glad I got my RIOT shares. Tesla and bitcoin are my main plays for the next 5 years.

i think buying the actual bitcoin is a superior and a safe investment than buying into a mining company. Return maybe better on the latter but purely from risk POV, and for the argument of diversification into crypto - I prefer investing into the actual coin.

[iDumb]

Originally Posted by NoName
What are some decent blockchains/funds to invest in for crypto ex. QBTC.

hmmm..i don't think there aren't any in US - no regularity approval for a blockchain fund. if any of you guys delve into any other coin - please educate us.

[NoName]

Originally Posted by iDumb
hmmm..i don't think there aren't any in US - no regularity approval for a blockchain fund. if any of you guys delve into any other coin - please educate us.

Hmm I see, I'm not too savvy with crypto but interested in adding it to my portfolio. I guess blockchain funds are a Canadian thing lol.

Can't really add Bitcoin and other cryptos in a TFSA in Canada, but the workaround is to invest into blockchain funds/etfs which can be sheltered under a TFSA account (though the premium is slightly high).

[iDumb]

Originally Posted by NoName
Hmm I see, I'm not too savvy with crypto but interested in adding it to my portfolio. I guess blockchain funds are a Canadian thing lol.

Can't really add Bitcoin and other cryptos in a TFSA in Canada, but the workaround is to invest into blockchain funds/etfs which can be sheltered under a TFSA account (though the premium is slightly high).

What's TFSA account.. retirement fund?? Why not buy bitcoin outright from an exchange that trades them. Do they have coinbase in canada? or robinhood? THere has to be an exchange - they are everywhere - it;s very profitable. You can also try paypal and buy coin there.

[NoName]

Originally Posted by iDumb
What's TFSA account.. retirement fund?? Why not buy bitcoin outright from an exchange that trades them. Do they have coinbase in canada? or robinhood? THere has to be an exchange - they are everywhere - it;s very profitable. You can also try paypal and buy coin there.

TFSA is a tax free savings account, so essentially here in Canada people invest through their TFSA so gains aren't taxed. Think of it as tax-sheltered savings vehicle rather than a savings account, you can use it as more than a place to place your cash (and earn a measly 0.01 % interest). There is a contribution limit per year, but no limit to how much those investments can grow once the funds are put into the account.

RRSP is our retirement fund where pre-taxed income is stored and you can't withdraw til you retire (and also get taxed) and can also be used for investment. People tend to buy their American dividend paying stocks in this account since an RRSP is exempt from the US withholding tax.

We do have exchanges for crypto, but you can't hold bitcoin or any other digital asset in a tfsa, but like I mentioned people use other proxies such as ETFs and funds that track it, which can he be held in a TFSA. Its mainly to protect your capital gains from being taxed.

[NoName]

We don't have Robinhood

Canada is the worst in terms of fees when it comes to brokerages, we aren't as fortunate as you guys.

[iDumb]

Originally Posted by NoName
TFSA is a tax free savings account, so essentially here in Canada people invest through their TFSA so gains aren't taxed. Think of it as tax-sheltered savings vehicle rather than a savings account, you can use it as more than a place to place your cash (and earn a measly 0.01 % interest). There is a contribution limit per year, but no limit to how much those investments can grow once the funds are put into the account.

RRSP is our retirement fund where pre-taxed income is stored and you can't withdraw til you retire (and also get taxed) and can also be used for investment. People tend to buy their American dividend paying stocks in this account since an RRSP is exempt from the US withholding tax.

that's a good summary. Basically your TFSA is our roth ira. and your RRSP is our 401k.

We do have exchanges for crypto, but you can't hold bitcoin or any other digital asset in a tfsa, but like I mentioned people use other proxies such as ETFs and funds that track it, which can he be held in a TFSA. Its mainly to protect your capital gains from being taxed.

But that's my question. Why do you have to buy it in TFSA. Why not buy directly via the exchange - like someone would buy in a taxable account? You just pay the tax on gain. What's wrong with that? I rather pay the tax and have direct access to crypto. what am I missing?

[tonoy]

Originally Posted by iDumb
that's a good summary. Basically your TFSA is our roth ira. and your RRSP is our 401k.



But that's my question. Why do you have to buy it in TFSA. Why not buy directly via the exchange - like someone would buy in a taxable account? You just pay the tax on gain. What's wrong with that? I rather pay the tax and have direct access to crypto. what am I missing?

It’s easy our tfsa allows easy withdrawal any time and did I mention that it’s completely tax free? Even with the etf fee associated with bitcoin etf, the fact we don’t have to worry about any gains tax. Unless you maxed out your sheltered account why pay any capital gains tax when you don’t need to. Besides at this point unless you prefer to do direct transactions with bitcoin there isn’t that much incentive holding actual bitcoin. Another thing is the crypto wallet places sometimes were shady. Back in 2018 many of these wallets completely disappeared eg quadrigacx. I feel good knowing my assets won’t just declare bankruptcy in a day.

I prefer miners on the short term to capitalize on the price movement. For me being vested by thinking long term but calibrating every often seems to have been working for me. For me I think what’s more crucial is investing on the main ideas(EV sector, crypto, biotech). The returns will pay for itself. I strongly believe this decade will be played out in EV and crypto. These two are huge ideas as to the total impact on a grand scale and on the long term being invested in them should reward those that have that long term vision.

[NoName]

Originally Posted by iDumb
But that's my question. Why do you have to buy it in TFSA. Why not buy directly via the exchange - like someone would buy in a taxable account? You just pay the tax on gain. What's wrong with that? I rather pay the tax and have direct access to crypto. what am I missing?

Not sure how I can describe the advantages any better than just simply saying no taxes? I don't really care for the direct access to crypto as much as I care for saving on taxes. I

For example if I invest 20k directly into buying bitcoin and sell it down the road for 40k, that is about 20k in capital gains. In Canada up to 50% of capital gains is taxed so 10k of that 20k profit will be subjected to tax (added to my income). Now under the opposite scenario if this was a bitcoin ETF under a tax sheltered account, I would keep my entire 20k profit (excluding the premium/fee). So iDumb, is there any disadvantage in me choosing to invest through the TFSA? I guess I'm just trying to understand why having the direct access matters so much (going to have to forgive me here as I don't know much about the intricacies of 'owning' bitcoin).

Also from what I understand, TFSA is much better than the Roth IRA. Canadians can carry over their contribution rooms, if unused, to following year. If a kid from the age of 18 has no idea of what investing is and never used his TFSA til the age of 30, his contribution room would be the accumulation of the years from 18-30, this doesn't exist in a Roth IRA. Another thing is with a TFSA we can withdraw funds anytime where as there are some limitations with the Roth IRA. Also, withdrawals are added to my contribution room for the next year (on top of the regular contribution room for the new year!) I hope this gives more context to what the TFSA is.

[NoName]

Anyways back to my original question.

Tonoy, do you invest directly into crypto or are you also buying ETF/funds through your TFSA?

[NoName]

@iDumb

Personally, another reason why I do it through TFSA is because my investment is done through the Brokerage side of my bank. My personal bank account and investment accounts are essentially the same since its the same platform/company. Funds are available right away and I have the peace of mind that its secured since its like the top bank in Canada (TD). Still not the best brokerage since buying/selling has fees and they don't offer crypto.

We have other brokerages in Canada but I've seen the horror stories where service is down, funds take days to settle etc which I have never experienced with TD. That is why I stick with mine, just for convenience and ease of mind that everything is one place (even though you can still open a TFSA in a non-bank brokerage/exchange).

[tonoy]

Noname, excellent explanation and I couldn’t have said it better. As for my crypto position, I hold 90% of my crypto in RIOT shares and 10% in qbtc. I chose RIOT as it allows me to take advantage on writing covered calls on a weekly basis and earn income even on down trending weeks. Overall, I used to allocate 10% towards crypto. But as of today I’ve now doubled my position to 20% as I am getting further conviction that this will pay off on the long term. What’s your position like?