Dan Bilzerian, whom Wikipedia describes as a “socialite and professional poker player,” has 22 million followers on Instagram, all of whom were informed of his recent “shit load” sized purchase of Bitcoin. At this late date, it seems he can still make money on it. There seems to be no real cap on the future of Bitcoin’s value.
Regardless of internal drama that has continued to mark the community, culminating in a user-activated soft-fork come August, the value has continued to rise in recent months. It’s hard to place a ceiling on something so new, so any of the people following Bilzerian on Instagram who had not previously heard of Bitcoin and get in as a result could also make a handsome profit.
To many who are already deeply in touch with the cryptocurrency space, it seems late for anyone to pitching their full weight into Bitcoin, now that we’ve seen such massive gains. It’s never too late, of course, and anyone can come in now and probably still see price rises over the future months. We have to avoid any sense of “we did it” and allow for the possibility that growth is only just beginning.
If a third of all millionaires in the US were to take an interest in Bitcoin and put some of their money into it, for instance, we’d see even more gains than we already have. Network congestion will continue to be a problem, and one that will have to be resolved sooner than later, but actual growth of the user base will lead to some price increase.
“I bought a sh**load of Bitcoin today,” Belzerian reported from the gym. “It’s so crazy watching that **it fu**ing go up, too, it’s like sweating like I made a bet on the Super Bowl or something.”
He didn’t indicate how much he bought. It’s hard to tell what would constitute that size of a load for him. His net worth is over $100 million, according to a web search and recent sources, so if we suppose he bought $10 million, then yeah, even a few dollars change in this volatile investment would mean gain or losses that would be noticeable. On the flip side, he could see a 400% gain by the end of 2020, as some believe it will be.
It seems likely that Bitcoin, regardless of any scandal or government interference that comes its way, will continue to retain value as an instrument of commerce and value storage. Its inherent value is both in its immutability and its versatility across borders and beneath the nose of tax collectors. Where it will go from here can only be determined by the boldness of the people coming on and expanding the user network.
Featured image from All in/Youtube
Last modified: May 21, 2020 9:47 AM UTC