The Answer is No, The Bitcoin / Steem Ratio Did Not Peak on Sunday. Did it Peak on Monday?
In Sunday's article, "Bitcoin / Steem Ratio, Did it Peak Today?", we explored some Bitcoin / Steem ratios and the possibility of capitalizing on the crests and nadirs of their turbulent nature. I captured some SBD at ~4550 per Bitcoin, but left some firepower in reserve should the ratio advance higher. Good thing I did because the next day I captured some more SBD at ~4950 per Bitcoin. As I write SBD is back to ~4550 per Bitcoin so our strategy is in the black thus far. Note, the reason I was concentrating on SBD was because you got so much more per Bitcoin than Steem or Steem Power. There were articles speculating on why and pointing at the possibility of manipulation. Today that gap has narrowed significantly so I will consider buying some Steem Power if I can get more than ~4550 per Bitcoin. Even if SP is slightly more than SBD I'll enjoy the influence that comes with ownership of SP and hopefully curb some of the censorship going on in steemit. More on that later. So what now?
Bitcoin is strong. It is interesting to see Bitcoin's share of the cryptocurrency market cap at 52.4%, a few days ago it was under 50%. $7000 + is not out of the question for this year and $10,000 + is not out of the question for next year.
The Steem supply is rapidly inflating, we went from 243m coins to 243.3m coins in no time and I still don't know what the ultimate cap will be, or if there even is one. If you know please leave a response. This along with the festering censorship issue (see my "Threw My Steemit Shirt Away Today" series) is concerning and is causing me to question my strategy. I can see one more purchase of SP as mentioned above and then it will be time for me to take a pause and wait and see where these ratios are going. Again, I am a steemit fan so even if my strategy fails in the short term I will be happy to sit on my newly acquired SBD and SP and hope for the best.
What do you think?
Bitcoin Welcome
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Bitcoin, Steem and many other currencies have a strong upside, and in fact have a long way to go before they level out. Of course, they've been experiencing strong growth, and that may be interpreted by some as being in a bubble.
But another view is that they have not yet reached their true value, and are in fact undervalued. That view seems to be more realistic.
Based on US national debt alone Bitcoin would be $1,000,000 each.
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