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

[polychronopolous]

Grayscale Buys $240m in Bitcoin In Largest Capital Raise Week Ever

Grayscale, which runs the Grayscale Bitcoin Trust (GBTC), bought this week another 15,114 Bitcoin ($241 million). GBTC holds 481,711 Bitcoin, representing 62% of all Bitcoins in the ownership of publicly-traded companies.

Grayscale, a digital assets management company, this week bought another 15,114 Bitcoin ($241 million), bringing the total number of Bitcoin the company owns to 506,000, or $8.1 billion. The company now manages a total of $10 billion worth of cryptocurrency.

Grayscale is among the biggest purchasers of Bitcoin. Its total investments comprise 2.29% of Bitcoin’s entire market cap.

Michael Sonnehnshein, Managing Director of Grayscale, declared this week the largest capital raise week “EVER,” after the firm raised $262 million. He said that on Thursday the company “raked in over $115 million in Bitcoin alone.”

The company runs various trusts, pools of private investors’ money that Grayscale uses to buy up cryptocurrencies. Shares in the trust trade publicly; their prices roughly track the price of the cryptocurrencies. Its Bitcoin trust is the largest.

https://decrypt.co/48277/grayscale-buys-240m-in-bitcoin-in-largest-capital-raise-week-ever?amp=1

[gib]

Fedcoin would replace the dollar.  If it actually is rolled out it would end the dollar and probably all other digital currencies.  This is the way the United States will end it's debt.  Other countries will do it as well.

You are mixing up numerous concepts here. Let me explain.

In the future, almost all currencies of countries will be digital. Indeed most largely are already.

Soon we will see some countries go entirely digital with their currencies (ie paperless). The USD going 100% digital will not result in other countries not still have their own digital currencies, just as the US having a paper currency didn't stop other countries have their own paper currencies in the days before computers.

Second, you can't just "end debt" by making a currency digital. The US's debt will remain, regardless of whether its currency is digital or not.

You may be confusing the concept of a digital currency, with a block chain currency (which is what BTC is). A US blockchain currency (aka a smart-coin) is possible in the future (indeed its likely), but what it will not have is the freedom and anonymity that BTC provides (indeed quite the opposite, it will have trackability associated with a person's unique ID details and limitations on usage dependent on the user's ID details (eg age, criminal record, substance abuse, welfare beneficiary, bad debtor, outstanding fines or taxes, etc), nor the global usage that BTC has, nor the mathematical limit on supply. So, as I explained, a so called Fed-Coin, will be hugely positive for BTC. It is the creation of such coins (and the associated loss of freedom that "paper money" and "dumb digital money" provides), that many BTC investors are hoping for as a future huge driver of surge in value as wealth moved into Bitcoin as a hedge and protection.

[Mayday]

Fedcoin would replace the dollar.  If it actually is rolled out it would end the dollar and probably all other digital currencies.  This is the way the United States will end it's debt.  Other countries will do it as well.

Ok, i'll put an end to this one here as a few have said this now and it's completely and totally wrong.

The countries will create a 'digital' coin however this is still an expansionary system. That isn't going to change because you require expansion and inflation to avoid collapse.

The reason they are going digital is because this is the system they will use to deposit money directly into the population's bank accounts as a means of welfare/basal income.

Digitial coin = infinite
BTC = finite
It is 2 different things and this is why BTC is a hedge.

[Mr Anabolic]

Ok, i'll put an end to this one here as a few have said this now and it's completely and totally wrong.

The countries will create a 'digital' coin however this is still an expansionary system. That isn't going to change because you require expansion and inflation to avoid collapse.

The reason they are going digital is because this is the system they will use to deposit money directly into the population's bank accounts as a means of welfare/basal income.

lol - very naïve

The main reason is to track and tax everyone.  That's been the goal since the beginning.  I posted this here 100 pages ago. 

[Griffith]

lol - very naïve

The main reason is to track and tax everyone. That's been the goal since the beginning.  I posted this here 100 pages ago.

Exactly.

[epic is back]

Both gold and BTC require energy to be mined. That energy and effort that went into the mining are reflected in their values.

Lol that BTC needs an "LCD monitor" for you to see it. The reality is that both exist, regardless of any monitor, and both can (and do) exist regardless of whether any monitor is there or not. However, to the extent that most money and stocks are electronic records these days, to a rather simpleminded person - yes you need a monitor to "see" these too.

The fact that gold is heavy and physical is arguably a flaw that BTC does not have. Try storing 1m in gold. Try taking a few gold bars through customs to another country and see how that works out for you. Try removing a fraction of a gold bar in order to pay someone something. Try walking around the city with 30K cash in gold coins, vs BTC on your iphone. BTC has the advantage here hands down.

Thank you for telling us that many real things are made out of gold. If I ever need a filling for a cavity I might get a gold tooth.

I am just pointing out the obvious

Don’t know you or want to argue or have fun arguing with you

A 200 dollar cell phone jammer inables your ability to “ trade “ or “ carry” your “ coins” anywhere at all

It’s not complicated is it ?

[Army of One]

I am just pointing out the obvious

Don’t know you or want to argue or have fun arguing with you

A 200 dollar cell phone jammer inables your ability to “ trade “ or “ carry” your “ coins” anywhere at all

It’s not complicated is it ?

just need access to a physical internet connection, the whole earth pretty much has that at this point.

I didn't expect the mass interest from institutions or Bitcoin to hold up so strongly. I've changed my mind and believe BTC will truly be the digital gold, its perfect for the new tech age and is being bought up by the hundreds of millions of dollars at the moment. If it can weather the late 2017 hysteria, it can weather anything. Only 800k addresses own 1btc or more so I wouldn't hang around if you have any interest at all in owning at least 1 btc, its getting scarce. For reference there are 45 million millionaires or so worldwide currently, and only around 18 million bitcoin in circulation.

[Mayday]

lol - very naïve

The main reason is to track and tax everyone.  That's been the goal since the beginning.  I posted this here 100 pages ago.

It's one reason sure, but not the main reason.   For someone who believes this is one giant mass conspiracy you are playing in the sandpit dude. Your answer is like saying the car doesn't start because something is broken.....

If you followed the currency and money supply like i do, you'd have noticed one of the metrics just went backwards.

That sudden shift mskes me believe the US will go into lockdown.

I see your gold is still hitting it's head against the ceiling just as i said it would...... Aug, Sept, Oct, Nov and it can't crack a new high. You still want to claim you are drowning in inflation when the ultimate hedge against inflation isn't going up lol.

[Teutonic Knight 1]

 
                                                     Let me explain.

 

[polychronopolous]

I am just pointing out the obvious

Don’t know you or want to argue or have fun arguing with you

A 200 dollar cell phone jammer inables your ability to “ trade “ or “ carry” your “ coins” anywhere at all

It’s not complicated is it ?

You carry your Bitcoin in your mind if you have your passphrase memorized.

It becomes metaphysical at that point.

[Mr Anabolic]

You carry your Bitcoin in your mind if you have your passphrase memorized.

It becomes metaphysical at that point.

Like a cult.

[polychronopolous]

Like a cult.

Pride is a helluva trait.

Pride goeth before destruction - Proverbs 16:18

Isn't that what the nice little old lady taught you in Sunday school class?

Well then, you just sit there set in your ways and I will continue to post article after article after article of Bitcoin's continuing adoption and you kick back and watch as Bitcoin eats gold's lunch.

[Mayday]

Like a cult.

You should have listened to me back in March......  i track the central bank data and i have helped people on here with so much insight into the mechanics of it all. I hope i can continue to help more people on here so they can put themselves and their families in a better position by 2022.

Dow March low 19,200
Dow today 29,950
Change 56%

Gold March low 1,400
Gold today 1,880
Change 25%

BTC March low 5,400
BTC today 16,750
Change 210%

[Teutonic Knight 1]

Huh? What makes you think that?

You do realize that 99%+ of all US currency is already electronic, right?

Vince, you do realize that the U.S. have gold reserves + 8000 tonnes 

OBW, who stores bitcoins gold reserves ..........& how many micrograms of gold 

[gib]

Me thinks $5000 was THE top.  Let's see if I'm right.

LOL!

[Mayday]

Vince, you do realize that the U.S. have gold reserves + 8000 tonnes 

OBW, who stores bitcoins gold reserves ..........& how many micrograms of gold 

This year China increased it's gold holding by 5% from Jan to Jul and have since started decreasing it.... 

Seems that even during a pandemic and a global financial reset China aren't to bothered with gold......

The environment right now is the ultimate wet dream for gold bugs aaaaaand it's managed a whopping 25%..... 


FWIW you can't really point at an asset class that outperformed your hot pick 8 fold and make fun of it....... The Fed gave trillions to the banks and they dumped it into the stockmarket rather than gold..... 

[gib]

An update on Mr Anabolic's psychological state. Quote from GetBig history but worth reposting. At the time, my diagnosis of his mental state was as follows:

Psychologists explain this behavior as a natural consequence of those who are upset or feel grief/envy worrying about having lost the opportunity to participate. The so called Kubler-Ross model which we are seeing classic examples of from some of the posters here.

The 5 stages of grief and loss are:

1. Denial and isolation (this bitcoin thing is BS, bitcoin people are freaks, bitcoins are just blips - how can they be worth anything, it’s all a conspiracy / Ponzi scheme).

 2. Anger (GIB you suck, GIB you are delusional, you are a psychopath, etc etc).

3. Bargaining (The easy money has been made. The peak has been reached. Well maybe bitcoins are a legit asset but I believe something better will come along, gold is still better than bitcoin, etc).

 4. Depression (oh man I (secretly) wished that I had invested

5. Acceptance. (Ok, I get it now).

People who are grieving do not necessarily go through the stages in the same order or experience all of them to the same degree.

People like Mr A are somewhere in between stages 2 and 3. Most will eventually get to 5. On a much broader level we can see all of society collectively moving through these phases also when it comes to understanding and acceptance of bitcoins (and this is in turn also reflected as a whole in bitcoin price movements). Prices will stabilise when we get collectively to level 5 but until then will be volatile but overall upwards.

He has now progressed, and is swinging between phases 3-4. We will see this play out (and people an even regress in stages), but he will likely eventually get to 5.

[gib]

We can now see here very clearly the benefit on a non-fiat, decentralized, immutable store of wealth.

BTC has now achieved all-time high prices relative to numerous other world currencies.

In an Oct. 22 tweet, Alistair Milne mentioned seven countries in which Bitcoin had already reached its all-time high relative to those countries' native fiat currencies. In the same tweet, he said Colombia and Russia would soon join the list.

Bitcoin recently surpassed its all-time high against the Russian ruble earlier this month. The asset also broke its record high against the Colombian peso a few weeks ago, completing the list — except for his closing comment, which forecasts “all other fiat currencies” to follow.

https://cointelegraph.com/news/bitcoin-has-hit-all-time-highs-against-numerous-world-currencies

[gib]

Ricardo Salinas Pliego, the second-wealthiest man in Mexico, has revealed that 10% of his “liquid portfolio” is invested in Bitcoin (BTC).

https://cointelegraph.com/news/mexico-s-second-richest-man-invests-10-of-his-liquid-portfolio-in-bitcoin

[gib]

Back in 2013 when BTC was $381 per coin...

No wonder Mr A is 

[Mayday]

BTC is probably a week away from either doing a massive run or a massive pullback.

If it's a run up, we are going to see it at 23k-25k.

If it's a pullback look to 16k.

What people should know is there are large.whale holders of.BTC who need to sell their horde in order to creqte greater.market.depth. Pullbacks are inevitable as these massive holders sell off after each run up.

[Humble Narcissist]

BTC is probably a week away from either doing a massive run or a massive pullback.

If it's a run up, we are going to see it at 23k-25k.

If it's a pullback look to 16k.

What people should know is there are large.whale holders of.BTC who need to sell their horde in order to creqte greater.market.depth. Pullbacks are inevitable as these massive holders sell off after each run up.

The pullback will occur after the next stimulus check release where idiots across the country will invest their $1500 thinking they are going to get rich.

[FitnessFrenzy]

[Teutonic Knight 1]

Back in 2013 when BTC was $381 per coin...

No wonder Mr A is 

  why uncle Tedros of WHO fame don't accept donations (like $ 500 000 000  from China) in bitcoins 

[Mr Anabolic]

Back in 2013 when BTC was $381 per coin...

No wonder Mr A is 

lol - I'm not crying, believe me. 

Blips are speculation du jour.  FOMO has taking over, the chart is going parabolic and that's never a good thing.  Here is the chart:  https://www.finviz.com/crypto_charts.ashx?t=BTCUSD&tf=mo  Can it go even higher?... of course it can.

I hope the hodlers keep hodling.  This next dump will be epic, then they'll disappear like they did when it dumped from $19K to $3K.   

There are plenty of ways to make money.  I trade futures and options every week.  I do very, very well.  Not going to post any $ numbers because I'm a very modest man.

Once the FED comes out with a sovereign crypto, blips will be declared illegal.  The bag holders will be multitudinous.  Then you'll see some real       

Anyone here better think twice before you run out and put all your shekels in the cloud.

BTW, have you seen the prices of ammo lately?  Now going for 5-6x what I paid for it when I started amassing it 15 years ago.  Pretty damn good investment.