Thursday, December 17th 2020
Bitcoin Hits All-Time High: Now Worth Over 23,000 USD
Cryptocurrency market capitalization has now hit over $650 Billion, and that is mainly influenced by a single, most wide-spread currency on the network - Bitcoin. The Bitcoin (BTC) is the biggest cryptocurrency available, simply because it was the first one established and well designed. In its history, Bitcoin was priced anywhere from 0.1 cents to tens of thousands of US Dollars. However, in the recent soaring, the cryptocurrency has reached its peak value since it was created. Today, at around 09:14 UTC, the cryptocurrency has reached an astonishing value of 23,441.60 USD, making it a record high value. What is driving the price up and the reason for soaring is unknown, but it is a reflection of the market capitalization of cryptocurrency and its use, so it must mean that the BTC is getting more attention than ever.
Source:
Coindesk BTC Price
27 Comments on Bitcoin Hits All-Time High: Now Worth Over 23,000 USD
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As bitcoin busts out new records, these market watchers see $250,000 and even $400,000 on the horizon - MarketWatch
The reason some are speculating such ludicrously high numbers is that there is a finite amount of Bitcoin whereas the Fed can print more money, thus lowering the value. If we had a finite amount of USD then they would theoretically be worth more in the same manner that some are speculating over $100,000 valuation for Bitcoin.
23.200 atm.
And privacy-minded guys have their own reasons to consider cryptocurrencies.
My hypothesis on the reasoning (if it's anything like last time it spiked then tanked) is that those with lots of legitimate money invested in bitcoin are looking to cash out as soon as the new year hits so they can write it off on next year's taxes instead of this year's. 2021 probably won't see the huge swings that 2020 did so it'll be easier to write off the huge gains from bitcoin next year assuming that the stock market of 2021 will see modest gains/losses. The coin is pumped up in value from new buys with those that have the resources to do so, which will maximize the gains of those same investors. By the end of January, you're going to see the value of the coin has tanked from all the selling.
I reckon the bubble goes pop and we see 70-90% falls in almost everything ultimately. When you look at the real economy and see 1.4m million new total US jobless claims in each of the last two weeks and 20.6m total continuing claims, up 1.6m from the week before. Then you look at last year and realise there were only 1.7 million total continuing claims this time last year. It's vomit worthily bad out there in the real world.
You decide what.If you want that analogy, sure. Fact is it isn't going away. I told all of you this years ago. The only thing that went away (and thank god) was GPU mining.I used to use it as a currency all the time.
It's fine for it. I wouldn't hold it like a currency, but you can spend it fine.
Such insanely high levels of claims suggests it is indeed bad out there. If you compare to 2008/9, the peak in weekly claims was 670k~ back then. Figures been above that in every week since the pandemic started and continuing up 1.6m in the last weeks stats alone.