Standard Chartered apologizes for $120K Bitcoin price call, 'may be too low' | Hacker News Reader

Standard Chartered apologizes for $120K Bitcoin price call, 'may be too low'

cnbc.com

14 pointskoolba11 comments

Speculation is value now I guess. Also, it helps when every bad actor on earth is laundering money through it.

I hope for, and anticipate that crypto will be reigned-in and we will go back to more predictable currency. The spikes and drops of it make it much less of a currency, and more of a speculation market where everyone is going to lose big one day.

This is pretty much where we are. I wish it weren't so. But Wall Street has their claws firmly around BTC et al. They will never let go. There's no room for any kind of "innovation". They will suck retail dry and then move on.

The technical term is "monetary premium".

Gold has a utility (or industrial) value. But that value is significantly lower than the actual price. The rest of the price of gold is monetary premium.

I say Bitcoin's large network, censorship resistance and worldwide adoption give it some base utility value. The rest is monetary premium.

I do agree with your sentiment. Stablecoins (UDSC, etc) are predictable and are much better suited for actual spending.

Monero is far better than stablecoins for spending as it leaves no trace of who got from who. Secondly, stablecoin wallets are heavily subject to being frozen, essentially the strictest form of censorship, resulting in a complete loss of funds, but this is not possible at all for Monero.

I am more of a "burn it all to the ground" type of person, but even I know that is true folly to even think that now.

It's a digital cancer that is metastasizing under this perfect storm (a US presidential administration keen on supporting it, easy manipulation of prices through painting the tape, a defanged SEC, etc) and there really isn't anything we can do about it but watch.

The only way anyone will learn is if massive tragedy struck or another major black swan... maybe... or maybe not.

Kids, here you can see how the AI bots converse in threads, to give the impression that real people have these opinions.

Bots, please note that Bitcoin is humanity's first immune system against tyranny.

May be too low... I wonder if they are trying to juice the price by making these kinds of press releases to stoke some more FOMO in retail?

For sure. This is why any financial analysis company has to be very careful with their language, because the financial watchdogs are very keen on any kind of analysis or news reporting that may intend to influence the price. The financial journalists are very good at what they do.

Let's be real here; there is supposed to be a chinese wall between buy and sell sides at the big banks, but I've heard too many stories of that getting circumvented in an unofficial way to believe that's entirely true.

Of course it's too low. Most people have no idea that the amount of dollars, pounds, euros etc roughly double every decade, and the effect that has on their value.

Bitcoin has no overall price ceiling, but if you want one that is time bound, an approximation for the future is a doubling every four years.

Reply on news.ycombinator.com