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Bitcoin to skyrocket in 2024

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stinkynuts

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I guess that explains it. With the ease of buying crypto in the US, it's going to be totally different. The accessibility, media hype, slash in interest rates, and other tailwinds could make this bullrun even greater than anticpated.
 
JuanGoodman

JuanGoodman

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my favorite stocks connected to Bitcoin are MARA and RIOT

but I have no idea how to actually buy Bitcoin itself

how to open a crypto account and which one is a good one?
 
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stinkynuts

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JuanGoodman said:
my favorite stock connected to Bitcoin is MARA

but I have no idea how to actually buy Bitcoin itself

how to open a crypto account and which one is a good one?
Click to expand...
Buy btcc in your tfsa or rrsp

opening a crypto account is not for beginners, unless a small amount. Try bitbuy if you want to go that route though.
 
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JuanGoodman

JuanGoodman

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stinkynuts said:
Buy btcc in your tfsa or rrsp

opening a crypto account is not for beginners, unless a small amount. Try bitbuy if you want to go that route though
Click to expand...
I know about BTCC there is also BTCX

with bitbuy how much are the transaction fees

and how easy is it to open an account

I don't really want to give them my bank account and social insurance numbers

and what about storage after I buy?
 
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stinkynuts

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This is a crucial graph to study. It compares all four cycles, overlayed. You can see they all follow a similar pattern before and after halving. But there are some differences. Perhaps some of it is caused by people knowing about the cycle and taking profits earlier, disrupting the natural cycle.

Also, note that for each cycle, the peak value after halving is a smaller multiple of the lowest value before halving. In the first halving, for instance, the peak value was about 300 times the low value, whereas in the second halving it was only about 100, and the third about 20.

Therefore, for each cycle, the highest value Bitcoin will reach diminishes to about 1/3 of the previous multiple.

Since Bitcoin reached 20 times its lowest value last cycle, one can deduce that it will reach about 20/3 = 6.7 times the lowest value this cycle.

Bitcoin's lowest point this cycle was about 20,000, so that implies a peak of 20,000 * 6.7 = $134,000.

However, since the ETF made it more easy for large money to come in, and the media hype will be crazy, and more and more people are investing in crypto, I think it could be closer to 200,000. Meaning, Bitcoin will triple or quadruple from this point.

As for when exactly the peak will be, it's impossible to say. But it will most lilkely happen between April and December of 2025. There most likely will be two bull runs in 2025, the one near the end of the year (around November) will be the real one, reaching the all-time-high, the one earlier in the year will be the leadup to it.
 
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JuanGoodman

JuanGoodman

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stinkynuts said:
https://support.bitbuy.ca/hc/en-us/categories/360005815232-FAQ
Click to expand...

Documents required to verify your identity



1) Photo of Government Issued ID

  • Passport or driver's license
  • No health cards
  • The entire ID must be visible, with no modifications or obstructions
  • To see a full list of acceptable IDs, please click here and refer to table 4
2) Selfie with your ID

  • Your face clearly visible
  • Holding the same ID you submitted
  • Holding a piece of paper with "For Bitbuy Use Only" and today's date written on it
  • Your ID must be clearly visible with nothing being blocked/obstructed

I don't really want to do that

I thought it was suppose to be anonymous :)
 
S

sprite09

Well-known member
Aug 10, 2020
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JuanGoodman said:

Documents required to verify your identity



1) Photo of Government Issued ID

  • Passport or driver's license
  • No health cards
  • The entire ID must be visible, with no modifications or obstructions
  • To see a full list of acceptable IDs, please click here and refer to table 4
2) Selfie with your ID

  • Your face clearly visible
  • Holding the same ID you submitted
  • Holding a piece of paper with "For Bitbuy Use Only" and today's date written on it
  • Your ID must be clearly visible with nothing being blocked/obstructed

I don't really want to do that

I thought it was suppose to be anonymous :)
Click to expand...
.
eventually all exchanges in Canada need to comply with kyc or they'll be forced out
 
S

sprite09

Well-known member
Aug 10, 2020
1,274
613
113
JuanGoodman said:
I know about BTCC there is also BTCX

with bitbuy how much are the transaction fees

and how easy is it to open an account

I don't really want to give them my bank account and social insurance numbers

and what about storage after I buy?
Click to expand...
sin and bank account ?

you need to provide govt Id ...I've never given out my sin nor bank info
 
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B

Butler1000

Well-known member
Oct 31, 2011
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JuanGoodman said:

Documents required to verify your identity



1) Photo of Government Issued ID

  • Passport or driver's license
  • No health cards
  • The entire ID must be visible, with no modifications or obstructions
  • To see a full list of acceptable IDs, please click here and refer to table 4
2) Selfie with your ID

  • Your face clearly visible
  • Holding the same ID you submitted
  • Holding a piece of paper with "For Bitbuy Use Only" and today's date written on it
  • Your ID must be clearly visible with nothing being blocked/obstructed

I don't really want to do that

I thought it was suppose to be anonymous :)
Click to expand...
You use it to buy, but you can transfer it to a secure wallet like Exodus. From there transfer to your hearts content(small fees apply) .

Its anonymous in the sense of overseas transfers etc.
 
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Jubee

Well-known member
May 29, 2016
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Ontario
stinkynuts said:
You can avoid all taxes. Buy btcc in your TFSA and RRSP. Any gains will be tax free (tfsa) or tax deferred (rrsp).

I'd say there's a very good chance of doubling your money, tax free in the next year and a half, maybe even tripling or quadrupling it.
Click to expand...
I''m on your side for making money, but be careful with the TFSA stuff, the last thing you want is CRA knocking on your door or calling you.
Do your research if you haven't to be sure you don't get screwed over.
But isn't trading stocks or anything within the TFSA a no-no? I know for stocks it was, you couldn't buy and sell and use it as a daily trader type thing.


Understanding Day Trading as a popular way to invest.

Day trading has become increasingly popular as online trading and stock-trading apps have made it easier for the average person to trade.
moneysmartmanitoba.ca moneysmartmanitoba.ca
" While you can buy, sell, and hold stocks within a TFSA, day trading or overly frequent trading through a TFSA may be considered a business activity by the CRA and flagged for audit. As such, you may then have to pay income tax on your trading activity, defeating the purpose of a TFSA. "


money.ca

Should you buy bitcoin in your TFSA and RRSP?

We've got answers to all your burning questions about TFSAs, RRSPs, Canadian taxes and bitcoin.
money.ca money.ca
How to buy bitcoin in your TFSA & RRSP
Bitcoin and other cryptocurrencies are still not fully recognized by traditional banks and brokerages as legitimate currencies. As a result, you cannot buy Bitcoin directly in registered accounts like the TFSA or RRSP. But you can buy an ETF that invests in Bitcoin in these accounts!
 
S

stinkynuts

Super
Jan 4, 2005
8,246
2,640
113
Jubee said:
I''m on your side for making money, but be careful with the TFSA stuff, the last thing you want is CRA knocking on your door or calling you.
Do your research if you haven't to be sure you don't get screwed over.
But isn't trading stocks or anything within the TFSA a no-no? I know for stocks it was, you couldn't buy and sell and use it as a daily trader type thing.


Understanding Day Trading as a popular way to invest.

Day trading has become increasingly popular as online trading and stock-trading apps have made it easier for the average person to trade.
moneysmartmanitoba.ca moneysmartmanitoba.ca
" While you can buy, sell, and hold stocks within a TFSA, day trading or overly frequent trading through a TFSA may be considered a business activity by the CRA and flagged for audit. As such, you may then have to pay income tax on your trading activity, defeating the purpose of a TFSA. "


money.ca

Should you buy bitcoin in your TFSA and RRSP?

We've got answers to all your burning questions about TFSAs, RRSPs, Canadian taxes and bitcoin.
money.ca money.ca
How to buy bitcoin in your TFSA & RRSP
Bitcoin and other cryptocurrencies are still not fully recognized by traditional banks and brokerages as legitimate currencies. As a result, you cannot buy Bitcoin directly in registered accounts like the TFSA or RRSP. But you can buy an ETF that invests in Bitcoin in these accounts!
Click to expand...
You can but the ETF, no problem But you can buy an ETF that invests in Bitcoin in these accounts!

BTCC is 100% legitimate with a long history and stellar record of authenticity and trust. Each bitcoin purchased by you in the ETF is actually bought by them and stored securely offline in cold storage.

You will have no problems buying BTCC and adding as much as you want. Daytrading only refers to buying and selling several Different stocks frequently, so there should be no issue.

This is a once in a lifetime opportunity to double, triple or quadruple your money based on a well-known and predictable cyle, tax free.

Fore more info:

money.ca

Should you buy bitcoin in your TFSA and RRSP?

We've got answers to all your burning questions about TFSAs, RRSPs, Canadian taxes and bitcoin.
money.ca money.ca
 
S

stinkynuts

Super
Jan 4, 2005
8,246
2,640
113
Anyone who put money in when I first posted this thread would have 3 X their money now, as BTC has approached 60k. And possibly could have 7X their money soon. It's still not too late to 2-4 X your money.
 
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