The Implications of a $20,000 Bitcoin on Steemit Users
Bitcoin's price of $20,000 in Quarter 4 of 2017 during the Cryptocurrency Market bubble brought a $6 STEEM coin price with it. Since then, we have had more than a year to accumulate this coin at bargain prices. The STEEM Dapp ecosystem has also expanded, allowing for more ways to earn STEEM. What would the implications of a $20,000 Bitcoin be on Steemit and STEEM ecosystem users?
I began my Steemit journey 9-months ago in May of 2018 during the Cryptocurrency Market crash. My cost basis at that time was approximately $1.4 STEEM. STEEM coin fell to $0.2. I have bought STEEM the whole time, and my cost basis is now approximately $0.6.
If STEEM returns to its all time high during a $20,000 Bitcoin, my 4-Steemit accounts will be worth a total of approximately $30,000. This is a house down payment. I have seen many Steemians increase their STEEM holdings by thousands during this time. This has been a great opportunity, and I anticipate STEEM heading to $10 in the next 2-3 years.
Are you accumulating STEEM? What do you think our all time high price will be? What will you do with your gains, and what price level will you power down at?