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

[TheGrinch]

Agenda 2030

[Humble Narcissist]

I'm surprised there hasn't been more of an uprising worldwide over this shit.

[polychronopolous]

Wells Fargo: Bitcoin and Other Cryptocurrencies Are No Fad

The traditional banking firm suggests that crypto naysayers are wrong to call it a fad, but stops short of recommending investment… for now.

After a year that has seen the price of Bitcoin
bounce from a pandemic panic-dinged low near $5,000 and a recent all-time-high just shy of $20,000, one of the traditional banking giants says that maybe cryptocurrencyis worth paying attention to after all—and that it’s not a fad.

In a new investment strategy report posted yesterday, Wells Fargo—the world’s fourth-largest bank by market cap—offered perspective on Bitcoin and the wider cryptocurrency market. And while it’s hardly a recommendation, the report at least strikes an optimistic tone about what it sees as a potential future for wider investments in cryptocurrency.

“Over the past 12 years, they have risen from literally nothing to $560 billion in market capitalization,” the report reads. “Fads don’t typically last 12 years.”

The crypto faithful might roll their eyes at such a discussion, but Wells Fargo’s audience here is mainstream investors, and most of them probably aren’t holding onto a stash BTC or ETH. The report leads with Bitcoin’s immense 2020 gains, noting a 170% year-over-year price increase over last year, but then tempers enthusiasm by pointing out the price volatility seen over the last few years.

“If you feel left out of the gains, don’t. The chart highlights that bitcoin has indeed outperformed gold and the S&P 500 Index over the last three years, but look at the volatile journey bitcoin investors had to endure to get there,” it reads.

“Up until only two months ago, three-year total returns were pretty much the same among the three assets, but volatility differed. Cryptocurrency investing today is a bit like living in the early days of the 1850’s gold rush, which involved more speculating than investing.”

A provided indexed value chart shows Bitcoin, gold, and the S&P 500 Index all starting at the same point and all landing in a similar place after nearly three years. However, the Bitcoin line suddenly jumps up much higher right at the end, signifying the immense price boost seen over the last month and a half.

Ultimately, Wells Fargo seems optimistic about crypto’s future, adding, “Cryptocurrencies could become investment-worthy one day, though.” Furthermore, the firm suggests that it will pay more attention to the crypto space in 2021 and provide more perspective for potential investors.

https://decrypt.co/50783/wells-fargo-bitcoin-cryptocurrencies-no-fad

[gib]

I'm surprised there hasn't been more of an uprising worldwide over this shit.

Dude the uprising is happening as we speak. It's called Bitcoin. Bitcoin is your protection against what is coming. If you don't understand then educate yourself.

I'll make this simple.

1. Get a Bitcoin (or whatever you can afford now).

2. Ideally buy it peer-to-peer (as opposed to off an exchange as an exchange may require KYC details and then have information on who you are).

3. Store the BTC off-exchange, in cold storage.

4. HODL.

You will thank me in 2030, even if you don't understand this now.

[Zillotch]

Dude the uprising is happening as we speak. It's called Bitcoin. Bitcoin is your protection against what is coming.

one of the saddest elements in all of this, imo... is that this very attitude is fueling the end of bitcoin, and all economic life as we know it.

participation in crypto now, accelerates the infrastructure of diem... they got the plebs to do the grunt work.

your end, will b brought to u by the sweat off ur own brow... lol

busy worker bees.

when the smoke clears, and these few offer the gibster an opportunity to exchange his bits for them diem dollars.. he's gonna do it.

he's gonna have to.

there will be nowhere to go... no crypto.. metals, real estate commodities stocks.. bye bye

its a new game.

play ball - maintain some semblance of a life.

that hook, tho.. don't worry, them transaction fees will b reasonable... prices will b fair... biotech will b painless.

the illusion of convenience, at the cost of your soul.

sinister.

gib will re appear, somewhere... maybe this thread.. pushing diem at some point, watch.

[gib]

Bitcoin is decentralized, limited in supply, can be exchanged anonymously, does not track on what its spent on, and is controlled by no-one.

Diem is the exact opposite.

Diem will drive huge demand for BTC just as a FedCoin will (for obvious reasons).

[gib]

Wells Fargo: Bitcoin and Other Cryptocurrencies Are No Fad

The traditional banking firm suggests that crypto naysayers are wrong to call it a fad, but stops short of recommending investment… for now.

After a year that has seen the price of Bitcoin
bounce from a pandemic panic-dinged low near $5,000 and a recent all-time-high just shy of $20,000, one of the traditional banking giants says that maybe cryptocurrencyis worth paying attention to after all—and that it’s not a fad.

In a new investment strategy report posted yesterday, Wells Fargo—the world’s fourth-largest bank by market cap—offered perspective on Bitcoin and the wider cryptocurrency market. And while it’s hardly a recommendation, the report at least strikes an optimistic tone about what it sees as a potential future for wider investments in cryptocurrency.

“Over the past 12 years, they have risen from literally nothing to $560 billion in market capitalization,” the report reads. “Fads don’t typically last 12 years.”

The crypto faithful might roll their eyes at such a discussion, but Wells Fargo’s audience here is mainstream investors, and most of them probably aren’t holding onto a stash BTC or ETH. The report leads with Bitcoin’s immense 2020 gains, noting a 170% year-over-year price increase over last year, but then tempers enthusiasm by pointing out the price volatility seen over the last few years.

“If you feel left out of the gains, don’t. The chart highlights that bitcoin has indeed outperformed gold and the S&P 500 Index over the last three years, but look at the volatile journey bitcoin investors had to endure to get there,” it reads.

“Up until only two months ago, three-year total returns were pretty much the same among the three assets, but volatility differed. Cryptocurrency investing today is a bit like living in the early days of the 1850’s gold rush, which involved more speculating than investing.”

A provided indexed value chart shows Bitcoin, gold, and the S&P 500 Index all starting at the same point and all landing in a similar place after nearly three years. However, the Bitcoin line suddenly jumps up much higher right at the end, signifying the immense price boost seen over the last month and a half.

Ultimately, Wells Fargo seems optimistic about crypto’s future, adding, “Cryptocurrencies could become investment-worthy one day, though.” Furthermore, the firm suggests that it will pay more attention to the crypto space in 2021 and provide more perspective for potential investors.

https://decrypt.co/50783/wells-fargo-bitcoin-cryptocurrencies-no-fad

Poor old Mr Anabolic. Its almost as though parts of this article are deliberately having a dig at him... lol!

[Zillotch]

Bitcoin is decentralized, limited in supply, can be exchanged anonymously, does not track on what its spent on, and is controlled by no-one.

Diem is the exact opposite.

Diem will drive huge demand for BTC just as a FedCoin will (for obvious reasons).

i'm bowing out of this thread.

good luck.

[Humble Narcissist]

Dude the uprising is happening as we speak. It's called Bitcoin. Bitcoin is your protection against what is coming. If you don't understand then educate yourself.

I'll make this simple.

1. Get a Bitcoin (or whatever you can afford now).

2. Ideally buy it peer-to-peer (as opposed to off an exchange as an exchange may require KYC details and then have information on who you are).

3. Store the BTC off-exchange, in cold storage.

4. HODL.

You will thank me in 2030, even if you don't understand this now.

I've got a little Bitcoin just for online casinos.  It's easier and quicker to cash out that way.  Bitcoin is not going to save you.

[Mayday]

I pray to God that u r right, tho... and we have a decade left... cuz they could flip the switch right now.

No. they can’t flip the switch right now. Not even remotely close...... Bloody hell, baby Jesus weeps each time you post.

I know enough about currency and monetary systems to be pretty accurate about expected outcomes. We face a reduction of work hours which will be subsidised by basal income. That is what is coming in 2021 and 2022.

[Mr Anabolic]

Poor old Mr Anabolic. Its almost as though parts of this article are deliberately having a dig at him... lol!

Old?  'Nanny nanny boo boo' to you too.  lol is right.  They said the exact same things about the dot.coms in the late 90's and housing prices can never go down... many other silly exclamations.  Beanie babies to the moon!

I'm really gonna have a blast with you when it all comes crashing down... for whatever the reason.   

[a_pupil]

Old?  'Nanny nanny boo boo' to you too.  lol is right.  They said the exact same things about the dot.coms in the late 90's and housing prices can never go down... many other silly exclamations.  Beanie babies to the moon!

I'm really gonna have a blast with you when it all comes crashing down... for whatever the reason.

I posted a few weeks ago that I sold my blips. I'm still waiting for the bank transfer to clear from one of the top exchanges lmao.

But they're the latest technology they say, going to take over gold/cash/the world but you just got to hodl.

[affeman]

Old?  'Nanny nanny boo boo' to you too.  lol is right.  They said the exact same things about the dot.coms in the late 90's and housing prices can never go down... many other silly exclamations.  Beanie babies to the moon!

I'm really gonna have a blast with you when it all comes crashing down... for whatever the reason.

[polychronopolous]

MicroStrategy to Raise $400 Million to Buy Even More Bitcoin

MicroStrategy Inc. is doubling down on its Bitcoin bet, saying Monday that it plans to offer $400 million of convertible bonds in order to buy more of the cryptocurrency.

The proceeds from the offering will be invested in Bitcoin “pending the identification of working capital needs,” the Virginia-based company said in statement.

MicroStrategy bills itself as a business-intelligence firm but has been doubling down on its capital-allocation strategy disclosed in July, which included investing up to $250 million in assets including Bitcoin.

MicroStrategy bought more of the cryptocurrency on Dec. 4, saying in a filing that it now has about 40,824 Bitcoins in total.

“We see the recent stock rally as overextended and see incremental risks to the story following an announced $400 million convertible note to fund even more Bitcoin purchases,” said Citigroup analyst Tyler Radke, downgrading his recommendation to a sell.

The stock has doubled since the beginning of November as the price of Bitcoin has also surged. Shares fell 4.8% premarket Tuesday.

  https://www.bloomberg.com/news/articles/2020-12-07/microstrategy-to-raise-400-million-to-buy-even-more-bitcoin

[Mr Anabolic]

MicroStrategy to Raise $400 Million to Buy Even More Bitcoin

MicroStrategy Inc. is doubling down on its Bitcoin bet, saying Monday that it plans to offer $400 million of convertible bonds in order to buy more of the cryptocurrency.

The proceeds from the offering will be invested in Bitcoin “pending the identification of working capital needs,” the Virginia-based company said in statement.

MicroStrategy bills itself as a business-intelligence firm but has been doubling down on its capital-allocation strategy disclosed in July, which included investing up to $250 million in assets including Bitcoin.

MicroStrategy bought more of the cryptocurrency on Dec. 4, saying in a filing that it now has about 40,824 Bitcoins in total.

“We see the recent stock rally as overextended and see incremental risks to the story following an announced $400 million convertible note to fund even more Bitcoin purchases,” said Citigroup analyst Tyler Radke, downgrading his recommendation to a sell.

The stock has doubled since the beginning of November as the price of Bitcoin has also surged. Shares fell 4.8% premarket Tuesday.

  https://www.bloomberg.com/news/articles/2020-12-07/microstrategy-to-raise-400-million-to-buy-even-more-bitcoin

More and more contrary indicators popping up all over the place now.  Whenever the market cracks, blips will go with it.

[Mr Anabolic]

I posted a few weeks ago that I sold my blips. I'm still waiting for the bank transfer to clear from one of the top exchanges lmao.

But they're the latest technology they say, going to take over gold/cash/the world but you just got to hodl.

You're one of the smarter blipsters in this thread.   

[Griffith]

I posted a few weeks ago that I sold my blips. I'm still waiting for the bank transfer to clear from one of the top exchanges lmao.

But they're the latest technology they say, going to take over gold/cash/the world but you just got to hodl.

 

Remember the 'technical difficulties' many of the exchanges were having when people wanted to sell in the previous crash? People were unable to sell even though they wanted to and the price was falling.

Some were even limiting the amount people could withdraw. Many still do limit daily withdrawal amounts.

[Mayday]

Remember the 'technical difficulties' many of the exchanges were having when people wanted to sell in the previous crash? People were unable to sell even though they wanted to and the price was falling.

Some were even limiting the amount people could withdraw. Many still do limit daily withdrawal amounts.

The exchange I do limits it unless you input more identification which I have done because I am tracked by the tax authority anyway.

The larger holders don’t keep their BTC on exchanges, but they are long term moves.

It’s a benefit for the long play because these limits, ups and downs don’t impact me if I’m in it for another 9yrs.

if it does take off I’d assume many exchanges today will get shut down as the banks take control. That adds stability.

[polychronopolous]

Bridgewater’s Ray Dalio Softens Stance on Bitcoin, Says It Has Place in Investors’ Portfolios

Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has offered a more positive stance on bitcoin than in comments that made headlines last month.

In a Reddit Ask Me Anything (AMA) on Tuesday, Dalio said he thought bitcoin (BTC, +1.55%) and other cryptocurrencies had “established themselves” over the last 10 years and were interesting “gold-like asset alternatives.”

The billionaire hedge-fund manager also noted that cryptocurrencies share similarities and differences to gold and various “limited-supply, mobile (unlike real estate) storeholds of wealth.”

Bitcoin “could serve as a diversifier to gold and other such storehold of wealth assets,” said Dalio. “The main thing is to have some of these type of assets … including stocks, in one’s portfolio and to diversify among them."

Dalio comments are a deviation from a month ago when he said there are three main problems with bitcoin and other cryptocurrencies: a lack of venues accepting digital assets as payment, price volatility and the potential for governments to “outlaw” them.

During the AMA, Dalio also said, when comparing bitcoin to gold, he had a “strong preference” for assets central banks will want to hold and use to exchange value.

https://www.coindesk.com/bridgewaters-ray-dalio-softens-stance-on-bitcoin-says-it-has-place-in-investors-portfolios

[gib]

Bridgewater’s Ray Dalio Softens Stance on Bitcoin, Says It Has Place in Investors’ Portfolios

Ray Dalio, the founder of the world’s largest hedge fund, Bridgewater Associates, has offered a more positive stance on bitcoin than in comments that made headlines last month.

In a Reddit Ask Me Anything (AMA) on Tuesday, Dalio said he thought bitcoin (BTC, +1.55%) and other cryptocurrencies had “established themselves” over the last 10 years and were interesting “gold-like asset alternatives.”

The billionaire hedge-fund manager also noted that cryptocurrencies share similarities and differences to gold and various “limited-supply, mobile (unlike real estate) storeholds of wealth.”

Bitcoin “could serve as a diversifier to gold and other such storehold of wealth assets,” said Dalio. “The main thing is to have some of these type of assets … including stocks, in one’s portfolio and to diversify among them."

Dalio comments are a deviation from a month ago when he said there are three main problems with bitcoin and other cryptocurrencies: a lack of venues accepting digital assets as payment, price volatility and the potential for governments to “outlaw” them.

During the AMA, Dalio also said, when comparing bitcoin to gold, he had a “strong preference” for assets central banks will want to hold and use to exchange value.

https://www.coindesk.com/bridgewaters-ray-dalio-softens-stance-on-bitcoin-says-it-has-place-in-investors-portfolios

Quite significant if Dalio finally acknowledges the legitimacy of BTC. He is a huge advocate for gold, so getting him "on-board" has always been seen as the holy-grail for Bitcoin economists who believe BTC is superior to gold in terms of a hedge against fiat currency devaluation. If his fund ever makes an allocation to BTC this will be huge news and have huge ripple effects.

[polychronopolous]

JPMorgan Says Gold Will Suffer for Years Because of Bitcoin

Bank says investor adoption of Bitcoin has only just started
 
Gold ETFs are bleeding cash while Bitcoin funds absorb flows


The rise of cryptocurrencies in mainstream finance is coming at the expense of gold, says JPMorgan Chase & Co.

Money has poured into Bitcoin funds and out of gold since October, a trend that’s only going to continue in the long run as more institutional investors take a position in cryptocurrencies, according to the bank’s quantitative strategists including Nikolaos Panigirtzoglou.

JPMorgan is one of the few Wall Street banks that’s predicting a major shift in gold and crypto markets as digital currencies become increasingly popular as an asset class. The trend poses a problem for bulls in precious metals markets over the coming years if investors move, even a small slice, of their allocations away from gold and into crypto.

“The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced,” wrote the JPMorgan strategists.

The Grayscale Bitcoin Trust, a listed security popular with institutions, has seen inflows of almost $2 billion since October, compared with outflows of $7 billion for exchange-traded funds backed by gold, according to JPMorgan.

JPMorgan’s calculations suggest Bitcoin only accounts for 0.18% of family office assets, compared with 3.3% for gold ETFs. Tilting the needle from gold to bitcoin would represent the transfer of billions in cash.

One way to play the theme is buying one unit of Grayscale and selling three units of the SPDR Gold Trust, the bank said.

“If this medium to longer term thesis proves right, the price of gold would suffer from a structural flow headwind over the coming years,” wrote JPMorgan’s strategists.

In the short term though, there’s a good chance that Bitcoin prices have overshot and gold is due for a recovery, the bank said. For Bitcoin, momentum signals have deteriorated, which will likely cause selling by investors that trade on price trends.

Bitcoin has fallen 6% since closing at an all-time high of $19,462.14 last week.

https://www.bloomberg.com/news/articles/2020-12-09/jpmorgan-says-gold-will-suffer-for-years-because-of-bitcoin

[gib]

JPMorgan Says Gold Will Suffer for Years Because of Bitcoin

Bank says investor adoption of Bitcoin has only just started
 
Gold ETFs are bleeding cash while Bitcoin funds absorb flows


The rise of cryptocurrencies in mainstream finance is coming at the expense of gold, says JPMorgan Chase & Co.

Money has poured into Bitcoin funds and out of gold since October, a trend that’s only going to continue in the long run as more institutional investors take a position in cryptocurrencies, according to the bank’s quantitative strategists including Nikolaos Panigirtzoglou.

JPMorgan is one of the few Wall Street banks that’s predicting a major shift in gold and crypto markets as digital currencies become increasingly popular as an asset class. The trend poses a problem for bulls in precious metals markets over the coming years if investors move, even a small slice, of their allocations away from gold and into crypto.

“The adoption of bitcoin by institutional investors has only begun, while for gold its adoption by institutional investors is very advanced,” wrote the JPMorgan strategists.

The Grayscale Bitcoin Trust, a listed security popular with institutions, has seen inflows of almost $2 billion since October, compared with outflows of $7 billion for exchange-traded funds backed by gold, according to JPMorgan.

JPMorgan’s calculations suggest Bitcoin only accounts for 0.18% of family office assets, compared with 3.3% for gold ETFs. Tilting the needle from gold to bitcoin would represent the transfer of billions in cash.

One way to play the theme is buying one unit of Grayscale and selling three units of the SPDR Gold Trust, the bank said.

“If this medium to longer term thesis proves right, the price of gold would suffer from a structural flow headwind over the coming years,” wrote JPMorgan’s strategists.

In the short term though, there’s a good chance that Bitcoin prices have overshot and gold is due for a recovery, the bank said. For Bitcoin, momentum signals have deteriorated, which will likely cause selling by investors that trade on price trends.

Bitcoin has fallen 6% since closing at an all-time high of $19,462.14 last week.

https://www.bloomberg.com/news/articles/2020-12-09/jpmorgan-says-gold-will-suffer-for-years-because-of-bitcoin

Poor old Mr Anabolic with his gold and its relative value to BTC fading away.

BTC's marketcap is around 1/40th of gold at present, meaning that even a 1% move from gold to BTC as a store of value pushes up BTC's value far more in % terms due to its size. When BTC equates to gold's current market cap, that translates into a 40x gain in value putting BTC at around $720,000 per coin.

BTC has so many advantages over gold in terms of limited supply, transferability, divisibility, security, etc let alone the fact that the entire new generation of the world is living in a digital world. Let's see. (At least a gold brick could be used for a door stopped, or as a weight to lift. They are damn heavy to move around. Even for a man of my strength.

[polychronopolous]

169-Year-Old MassMutual Invests $100 Million in Bitcoin


Massachusetts Mutual Life Insurance Co. has purchased $100 million in Bitcoin for its general investment fund, the latest mainstream firm to dabble in digit assets.

The mutual insurer also acquired a $5 million minority equity stake in NYDIG, a subsidiary of Stone Ridge that provides cryptocurrency services to institutions, according to a statement. NYDIG, which already keeps more than $2.3 billion in crypto assets for clients, will provide custody services for MassMutual’s Bitcoins.

MassMutual, which has been around since 1851, is the latest company to invest in the largest cryptocurrency. MicroStrategy Inc. has expanded its investments into the coin, and Square Inc. has poured money into the world’s most popular cryptocurrency as well amid talk of growing institutional adoption and demand.

The investment in Bitcoin will represent 0.04% of the general investment account of nearly $235 billion as of Sept. 30, MassMutual said. “We see this initial investment as a first step, and like any investment, may explore future opportunities,” spokeswoman Chelsea Haraty said in a email.

Bitcoin has more than doubled in price this year, and hit an all-time high earlier this month. Advocates say that Bitcoin is a kind of digital gold, likely to retain its value during times of turmoil and as a hedge against inflation despite the historical volatility of the cryptocurrency.

https://www.bloomberg.com/news/articles/2020-12-10/169-year-old-insurer-massmutual-invests-100-million-in-bitcoin

[gib]

One of Asia's largest retail banks announcement today:

https://www.bloomberg.com/news/articles/2020-12-10/dbs-to-start-members-only-digital-exchange-for-cryptocurrencies#

As I have predicted, we will move through an adoption cycle, where over time larger players will embrace (primarily because they have not real option not to). This is going to open up the market to a wide range of hedge funds, pension funds, and HNW's / family offices in Asia, many of whom use Singapore as their Asia base. Expect to see the same in Hong Kong also, which is actually Asia's largest financial hub.

[Griffith]

How is Ripple?

I also see that Ethereum performed better than Bitcoin this year in terms of growth.