Bitcoins - about to hit $5,000 per coin today!

[gib]

 
Quote from: Mr Anabolic on March 17, 2014, 03:13:27 PM (back when Bitcoin price was just $589 per coin, or 58.9 cents for 100,000 Satoshies).

"Bitcoin is so 2013.

The bitcoin bubble has popped.

It's over."

[Mayday]

Its interesting to see what is going on. My contacts in Asia and in the US who are in banking and private wealth tell me they see a wall of institutional money coming into BTC in Q1-Q2 of 2021. Once these institutions are in, they will open up and give access to retail investors via simple platforms (eg EFTs, investment funds, payment systems, credit cards, and via retail bank accounts and stock broking accounts, etc).

This is trading movements though.

We are in a 7 day parabolic window and today is day 7.

I’m watching the charts right now. It’s already had a huge 10% dump and then bounced back above 34k. It’s closing in fast! Just you wait.....

[Humble Narcissist]

Crazy mofos buying in at $34,100 LOL

Eject eject eject !!!

  No shit.  Buy high sell low.  Haha

[obsidian]

Mr Anabolic, Mayday and others. Below is a great video that touches on the various topics and concepts you guys have been debating. Well worth the listen from beginning to end. Super important that we understand what is happening and what lies ahead.

To Mr A specifically. Once you have listened, I challenge you come back here and post any questions, whether about macroeconomic trends, or BTC specifically.

As fellow Getbiggers we are all here to help each other grow (and that means not just physically, but mentally and financially also).

I watched this video. Very informative and he is a smart dude! Interesting way to look at things! Thanks for posting!

I am optimistic that we might see:

1 BTC = $500,000
1 ETH = $75,000

There's 100 million Satoshi's in 1 BTC.
There' 1 billion GWEI's in 1 ETH.

Also watch Cardano.

I think BTC and ETH are the two main coins that will be safe to invest in. Both have been deemed to not be securities by the SEC. Both have huge upward potential. I will diversify into BTC once ETH catches up. I believe it will, it is only a matter of time.

BTC has started off 2021 with a bang. ETH is also going up nicely, not quite as much as BTC but I think that might change. It has already blasted through $800. The ATH of $1392 could be smashed in the next few months I think.

[IroNat]

[FitnessFrenzy]

$ 34,133.46

[gib]

There are 2 ironies I cannot but help point out about this song.

The first irony, is that the song is about poker. And poker, for those of use who understand it, is ultimately a game of skill (not luck). Over time, all players are dealt the same amount of luck, but the better player (the person who best knows what do with the hands he is dealt) will always win over time. So its ironic that a song called "the gambler" is actually about poker (which is a game of investing).

The second irony, is that Mr A posted this song many months back, when a whole Bitcoin was only around 6.8K per coin (or just USD 68 cents for 10,000 Satoshies...)

[hardgainerj]

I'll buy some when it crashes again

[affeman]

I'll buy some when it crashes again

It won't. Actually, we're just witnessing the last moments when average Joe could potentially still get it.

[hardgainerj]

It won't. Actually, we're just witnessing the last moments when average Joe could potentially still get it.

I understand the role bitcoin has in electronic transaction but I don't see it replacing the dollar for example as of right now

[polychronopolous]

Colombian Watchdog Says Companies Can Convert Capital to Bitcoin

 Big American companies like MicroStrategy have made the headlines this year with their bitcoin (BTC)-buying policies, but companies in Colombia may be set to follow suit – after a corporate watchdog in the nation green-lighted the practice of holding capital reserves in crypto.

In an official notice, the Superintendency of Corporations (Superintendencia de Sociedades), the nation’s corporations regulator explained that following a consultation, firms in Colombia are now legally permitted to use their capital to buy cryptoassets such as bitcoin (the only token explicitly named in the document) – so long as they abide by regulations outlined in the existing commercial code.

The watchdog added that providing the tokens companies bought could qualify as “intangible assets,” and “meet criteria that makes them recognizable on inventories as intangible,” firms were now free to take the crypto plunge.

The ruling is a major turnaround for the watchdog, which in early 2018 was still warning companies of the dangers of crypto investment, opining that tokens were too “volatile” to qualify as assets.

However, the new document contains a number of warnings about crypto, showing that the Superintendency has not yet altogether abandoned its previous position, writing that crypto “is not money or legal tender,” and cannot be used “as a form of payment.”

The watchdog also warned that no central bank or international monetary organization had recognized crypto as a form of money, and that tokens were in no way to be considered as a substitute for cash.

Meanwhile, as reported, the Colombian government has opened applications for companies wishing to trial crypto transactions in a new regulatory sandbox.

 https://cryptonews.com/news/colombian-watchdog-says-companies-can-convert-capital-to-bit-8778.htm

[obsidian]

Ethereum up 26% as of right now @ $974!

Bitcoin up 5.6% @ $33,520.

Ethereum has some catching up to do. I think eventually Ethereum's market cap will exceed Bitcoin's. In 2017/2018  it came close to Bitcoin's cap.

The price of BTC will probably always be higher because of the smalller supply of BTC.

[obsidian]

I'd like to see a ratio of 1:10 between BTC and ETH. That's when I'll convert some ETH to BTC. But I will be holding ETH for sure long term.

Big disappointments at the moment is MIOTA and XRP (because of SEC case). Not sure if XRP is dead though - we'll see what happens there. Anyone buying into those two currently? Or ADA?

[Mayday]

It won't. Actually, we're just witnessing the last moments when average Joe could potentially still get it.

I just exited my position on BTC.

Chat rooms are exploding with bullish new buyers. Lots of buyers for XRP..... you know, the one being delisted en masse from exchanges mid January.....

The charts were already showing signs of a pullback before these people bought in.

I had a reasonably sized position and I sold in 6 lots briefly eating up open orders and 2 seconds after the price bumped up! Selling is the new bullish?

It got whacked hard early yesterday then rebounded. I saw a notification of USD98M moving from an unknown wallet onto an exchange......

[Mayday]

I'd like to see a ratio of 1:10 between BTC and ETH. That's when I'll convert some ETH to BTC. But I will be holding ETH for sure long term.

Big disappointments at the moment is MIOTA and XRP (because of SEC case). Not sure if XRP is dead though - we'll see what happens there. Anyone buying into those two currently? Or ADA?

I wanted to stay in ETH but BTC makes me nervous right now. I can’t see BTC taking a dump and ETH not going along with it.

I’ll be buying ETH on the rebound however.

*ETH currently 0.99k apparently has wind for 1.2k and onto 1.4K...... gunna be an absolute bloodbath for people very soon.

[Theoak*]

 I think eventually Ethereum's market cap will exceed Bitcoin's.

Absolutely not.

[obsidian]

Absolutely not.

https://cryptopotato.com/renowned-economist-predicts-ethereum-market-cap-may-surpass-btc/#:~:text=Global%20Macro%20Investor%20CEO%20Raoul%20Pal%20has%20listed,Bitcoin%E2%80%99s%20with%20%2462%20billion%20compared%20to%20%24334%20billion.

Legendary investor Raoul Pal has made some bold statements about Ethereum, suggesting that its market capitalization may surpass that of Bitcoin within the next decade.

Global Macro Investor CEO Raoul Pal has listed a number of reasons that Ethereum may well exceed Bitcoin in terms of market capitalization in the future. At the moment Ethereum’s market cap is just 18% of Bitcoin’s with $62 billion compared to $334 billion.

In a flurry of tweets today, the investment strategist and economic historian compared the sizes of cryptocurrencies to traditional financial markets such as bonds and derivatives. The stand-out comments were all very bullish for Ethereum which may have an entire financial economy running on it in the future.

    “My hunch is BTC is a perfect collateral layer but ETH might be bigger in market cap terms in 10 years for the reasons above.”

    A few things to make you think…

    If bitcoin is the digital pristine collateral, the size of global gov bond market is $123trn.

    Pretty amazing opportunity for bitcoin.

    — Raoul Pal (@RaoulGMI) December 11, 2020

Can Ethereum Really Surpass Bitcoin?

Bitcoin, which is currently correcting, has traditionally been considered as a store of value rather than digital money or a financial application layer. Sending and receiving Bitcoin is relatively slow and markets are still way too volatile for it to be considered as ‘money’.

Ethereum prices are also volatile and it too can suffer greatly when the network is under heavy load. The difference is that many other assets from stablecoins to real estate to non-fungible gaming tokens can be tokenized on Ethereum. It is a foundation layer for an entirely new financial landscape.

Pal kicked off the thread stating that if Bitcoin is the digital pristine collateral, the size of global government bond market is $123 trillion, and it could be a “pretty amazing opportunity for Bitcoin”.

He then compared crypto markets to current settlements, derivatives, and forex layers in traditional finance which are in the quadrillions of dollars.

    “Almost no one in crypto understands the size of financial markets. It is never ever going to be winner takes all. It is near impossible as each blockchain has its limitations and trade offs and that suits the complexity of the financial world.”

He added that money and collateral is just the base layer, and everything builds on top. The store of value is collateral, the trust layer and exchange of value is bigger, and this is Ethereum he stated.

The Case of DeFi

Decentralized finance has been the primary case in 2020 as the majority of it is built on Ethereum despite the emergence of a number of faster rival blockchains such as Polkadot, Solana, and Binance Smart Chain.

None of them have managed to ‘kill’ Ethereum and they are unlikely to in the future unless developers in the current DeFi ecosystem want to re-write all of their code and contracts for another platform with fewer users.

As DeFi grows, so will its reliance on Ethereum, which is also evolving itself and is already scalable through Layer 2. Native scaling is around a year or so away, and by then Ethereum would have cemented itself even further as the base layer of this new financial world.

[FitnessFrenzy]

Ethereum $ 967.63

Past 7 days: up 45.42 %

[OneMoreRep]

I'm going to serve as the lonely voice in the desert here, but does anyone else consider that this rise in BitCoin is bound to fall hard based on the fact that it could threaten the United States dollar as the world reserve currency?

Our dollar serving as the reserve is what keeps us in power internationally (by serving as the currency that most foreign trade is pegged to), allows for this country to get loans from other foreign powers and has earned us the respect of most foreign nations since 1945. Not to mention that since the Federal Reserve has been purchasing US debt in the form of bonds to the tune of trillions, it would be foolish of them to not tell all the US government politicians (president + congress) to intercede as to protect their position, even if by way of a FED coin.

Remember, I'm only an investor in the market and DO NOT actively trade, so please don't crucify me. That said, I think it would be a bit strange to place so much trust on a completely non-tangible asset like BitCoin, when the US stands to lose so much by allowing for this bubble to expand out of control. I don't think Biden and the likely Democrat-controlled congress will stand for this.

I could be VERY WRONG on my stance, but I still think this bubble might pop!

"1"

[Humble Narcissist]

I'm going to serve as the lonely voice in the desert here, but does anyone else consider that this rise in BitCoin is bound to fall hard based on the fact that it could threaten the United States dollar as the world reserve currency?

Our dollar serving as the reserve is what keeps us in power internationally (by serving as the currency that most foreign trade is pegged to), allows for this country to get loans from other foreign powers and has earned us the respect of most foreign nations since 1945. Not to mention that since the Federal Reserve has been purchasing US debt in the form of bonds to the tune of trillions, it would be foolish of them to not tell all the US government politicians (president + congress) to intercede as to protect their position, even if by way of a FED coin.

Remember, I'm only an investor in the market and DO NOT actively trade, so please don't crucify me. That said, I think it would be a bit strange to place so much trust on a completely non-tangible asset like BitCoin, when the US stands to lose so much by allowing for this bubble to expand out of control. I don't think Biden and the likely Democrat-controlled congress will stand for this.

I could be VERY WRONG on my stance, but I still think this bubble might pop!

"1"

You are not wrong at all. It's a Ponzi scheme.

[a_pupil]

I'm going to serve as the lonely voice in the desert here, but does anyone else consider that this rise in BitCoin is bound to fall hard based on the fact that it could threaten the United States dollar as the world reserve currency?

Our dollar serving as the reserve is what keeps us in power internationally (by serving as the currency that most foreign trade is pegged to), allows for this country to get loans from other foreign powers and has earned us the respect of most foreign nations since 1945. Not to mention that since the Federal Reserve has been purchasing US debt in the form of bonds to the tune of trillions, it would be foolish of them to not tell all the US government politicians (president + congress) to intercede as to protect their position, even if by way of a FED coin.

Remember, I'm only an investor in the market and DO NOT actively trade, so please don't crucify me. That said, I think it would be a bit strange to place so much trust on a completely non-tangible asset like BitCoin, when the US stands to lose so much by allowing for this bubble to expand out of control. I don't think Biden and the likely Democrat-controlled congress will stand for this.

I could be VERY WRONG on my stance, but I still think this bubble might pop!

"1"

I tried cashing out my crypto probably 2 months ago. After around 4-6 weeks the major crypto exchange said it was rejected by my bank, but the bank said that there's no trace of a payment being attempted 

I'm not even sure I'll be able to cash it out to be honest, as either the exchange is shady or my bank doesn't accept payments from dodgy offshore banks.

Whereas if I wanted to cash out stocks, it'd be done during the same day.

The point being, this is not a real currency and won't replace the money system. Despite 1000 word essays and LARP filled forum posts. No one should be risking anything besides side cash in volatile investments like this.

I will definitely put some money in during the next crash though 

[Griffith]

I tried cashing out my crypto probably 2 months ago. After around 4-6 weeks the major crypto exchange said it was rejected by my bank, but the bank said that there's no trace of a payment being attempted 

I'm not even sure I'll be able to cash it out to be honest, as either the exchange is shady or my bank doesn't accept payments from dodgy offshore banks.

Whereas if I wanted to cash out stocks, it'd be done during the same day.

The point being, this is not a real currency and won't replace the money system. Despite 1000 word essays and LARP filled forum posts. No one should be risking anything besides side cash in volatile investments like this.

I will definitely put some money in during the next crash though 

 

[Humble Narcissist]

I tried cashing out my crypto probably 2 months ago. After around 4-6 weeks the major crypto exchange said it was rejected by my bank, but the bank said that there's no trace of a payment being attempted 

I'm not even sure I'll be able to cash it out to be honest, as either the exchange is shady or my bank doesn't accept payments from dodgy offshore banks.

Whereas if I wanted to cash out stocks, it'd be done during the same day.

The point being, this is not a real currency and won't replace the money system. Despite 1000 word essays and LARP filled forum posts. No one should be risking anything besides side cash in volatile investments like this.

I will definitely put some money in during the next crash though 

This is why I asked who has cashed out a million dollars worth of crypto.  I have never heard of anyone who has cashed out a large amount.  There are going to be a lot of pissed off investors when they realize that real fiat money used to pay bills and buy stuff that was invested just disappeared.

[polychronopolous]

Hedge Fund Buys $1 Billion Bitcoin

A Singapore based hedge fund has bought some $1.3 billion worth of stock traded bitcoin according to a filing with the Securities and Exchanges Commission (SEC).

The crypto focused Three Arrows Capital bought 38,888,888 shares issued by Grayscale Bitcoin Trust.

Each GBTC share currently goes for $34.10 and are redeemable for actual bitcoin at the rate of 0.001 BTC.

Making this the biggest known one off purchase with it currently unclear whether Three Arrows bought them under the directions of a specific client.

That’s especially as the GBTC avenue is preferred by institutional investors due to it being a regulated product and due to investors not needing to deal with custody.

So marking an acceleration in the amount of bitcoins bought through GBTC which saw $1 billion purchases in the last two weeks of December, as much as all of Q3 2020.

Now $1 billion is being bought in one go as big money starts making an entrance with bitcoin’s price rising to $34,000 while eth surpassed $1,000 in what plenty say is the beginning of a bull run.

https://www.trustnodes.com/2021/01/04/hedge-fund-buys-1-billion-bitcoin

[gib]

Hedge Fund Buys $1 Billion Bitcoin

A Singapore based hedge fund has bought some $1.3 billion worth of stock traded bitcoin according to a filing with the Securities and Exchanges Commission (SEC).

The crypto focused Three Arrows Capital bought 38,888,888 shares issued by Grayscale Bitcoin Trust.

Each GBTC share currently goes for $34.10 and are redeemable for actual bitcoin at the rate of 0.001 BTC.

Making this the biggest known one off purchase with it currently unclear whether Three Arrows bought them under the directions of a specific client.

That’s especially as the GBTC avenue is preferred by institutional investors due to it being a regulated product and due to investors not needing to deal with custody.

So marking an acceleration in the amount of bitcoins bought through GBTC which saw $1 billion purchases in the last two weeks of December, as much as all of Q3 2020.

Now $1 billion is being bought in one go as big money starts making an entrance with bitcoin’s price rising to $34,000 while eth surpassed $1,000 in what plenty say is the beginning of a bull run.

https://www.trustnodes.com/2021/01/04/hedge-fund-buys-1-billion-bitcoin

They paid quite a premium too, for access to this amount via the GBTC (as opposed to holding themselves directly). My contacts in Singapore tell me they see a huge surge of hedge funds and HNW's and family offices acquiring BTC this year for long term hold.