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Bitcoin Conversations will be different this Thanksgiving as it nearly hit ATH and dropped over 10%

Price of Bitcoin on Thanksgiving

2017: $8,200

2018: $4,400

2019: $7,400

2020: $16,800 (At time of publication)

Over the last several years, Bitcoin has found its place in conversation around the Thanksgiving dinner table.

In 2017 Bitcoin hodling member of the family could be found teaching their family about the rising digital currency met with responses of "I don't understand it" or "sounds like a ponzi scheme". While Thanksgiving 2017 was still early in the rapid rise to nearly $20,000 Bitcoin, Thanksgiving 2018 had crashed back to earth with the conversations from family members mocking the Bitcoin hodler.

Last Thanksgiving saw Bitcoin at $7,400, fluctuating much of the year, leading to family members asking questions like "you still in that #bitcoin thing"?

After hovering at in the $10,000s for most of the summer with a slight uptick to $12K, #Bitcoin has been on a dramatic climb since late October and earlier this week hit above $19,000 for the first time since 2017. Bitcoin conversations around the Thanksgiving Virtual Dinner Table will be interesting this year and the Bitcoin member of the family will have a lot to share, primarily how this Bitcoin run is much different than 2017.

Bitcoin Thanksgiving 2020 woke to a sudden drop from the $19,000 levels hitting as low at $16,200 and now fluctuating around $16,800. This is likely do to large whale movement and exchanges being flooded with Bitcoin which had been in cold wallets for large sell offs.

With this morning drop of over 10% conversations around #bitcoin will be interesting to say the least.

How to discuss Bitcoin's rise over the past month with family at the dinner table.

In a wild and unstable 2020, the factors proving the case to hold Bitcoin have become clear. In a year of COVID-19 lockdown, global uncertainty, and financial stimulus, the need for a scarce asset class has never been more clear. So here are a few bullet points to mention when getting the questions assuming you are already versed in the basics of bitcoin's value.

- The US has printed more money this year than ever. What may be well intentioned in stimulating the economy, also has a high inflationary effect, meaning dollar value likely goes down.

- Gold is considered scarce. Bitcoin is more scarce with only 21 million.

- All of the new Bitcoin being mined is getting purchased immediately.

- Billionaires are diversifying their portfolios and purchasing large volumes of bitcoin.

  • Paul Tudor Jones invested 2% of his assets into Bitcoin in October.

  • Rap artist Logic purchased $6 million dollars in Bitcoin last month.

  • Ricardo Salinas Pliego, Mexicos second richest person put 10% of his assets into Bitcoin.

- Corporations are buying Bitcoin and holding on Balance Sheet

  • Stripe purchased $50 Million in Bitcoin

  • MicroStrategy bought $425 Million in Bitcoin

- Bank's and Investors have high price predictions for Bitcoin

  • Anthony Pompliano thinks we'll be at $100K buy end of 2021

  • Citibank sees Bitcoin at $318K by 2021

Bitcoin may be headed further down or up, or who knows for sure. If you are in Bitcoin right now, you are here for the long term and the long term view is $100k to $300K in the next couple years.


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