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

[polychronopolous]

I’m just not a believer in Musk not already being involved in some way.

The guy creates what has been the most disruptive payment platform to the financial system, then dismisses cryptos except for his mate’s dog coin because he liked the code lol.

He has the vision to put someone on Mars....... but cryptos are useless.....oh but now He is interested....in BtC of all things which he said was useless..... 

I don’t believe he isn’t already involved. No way.

Plus take into account that Michael Saylor is such a great spokesman for Bitcoin and has already committed twice to buying hundreds of millions of dollars of it.

Saylor and Musk have likely already talked behind the scene and Saylor can explain to Elon exactly how to go about accumulating large amounts of Bitcoin without disrupting the market too much.

And Saylor is already on the record saying that he plans to hold onto Bitcoin for decades. Imagine if these giant companies begin to pile in with the same intentions? The supply really begins to be squeezed at that point.

[DooM_]

" bitcoin is almost as bullshit as fiat money " 

elon musk

[polychronopolous]

$51 Billion Global Investment Firm Jefferies Selling Gold for Bitcoin


 

A top executive at Jefferies says the billion-dollar investment firm is cutting some gold from its portfolio in favor of Bitcoin.

As Bitcoin continues to consolidate above the $20,000 range, the global head of equity strategy at Jefferies, Christopher Wood, says the company is purchasing the top cryptocurrency at the expense of the precious metal.

The firm, with $51 billion in assets under management as of Q3 2020, is converting some of its gold holdings in its long-only global portfolio for US dollar-denominated pension funds, which was created in 2002, according to Business Standard. Wood says he plans to increase exposure to cryptocurrency in this portfolio if the market sees a correction after its recent pump.

“The 50 percent weight in physical gold bullion in the portfolio will be reduced for the first time in several years by five percentage points with the money invested in Bitcoin. If there is a big drawdown in bitcoin from the current level, after the historic breakout above the $20,000 level, the intention will be to add to this position.”

The allocation in this particular fund is 45% in physical gold bullion, 30% in Asia ex-Japan equities, weighted according to the long-only thematic portfolio, 20% in unhedged gold mining stocks and 5% in Bitcoin.

Wood notes that he is still bullish on gold, as he believes central banks will continue to adopt loose monetary policies.

Meanwhile, Weiss Rating analysts Juan Villaverde and Bruce Ng suggest that Bitcoin could have a much larger upside if other companies like Jefferies begin to favor these asset classes equally over bonds as a hedge against inflation and economic turbulence.

“…Roughly $30 trillion is sitting in government bonds. Suppose 10% of that amount finds its way into gold and Bitcoin. That works out to an exodus of $3 trillion. And if that is split evenly, we’d end up with…

$1.5 trillion going into gold – which is 15% of gold’s market cap (now about $10 trillion). And…$1.5 trillion going into Bitcoin – which is 4.4 times its market cap (now about $338 billion).

Due to Bitcoin’s much lower market cap and trading volume, it has the potential to rise far faster than gold… as new money from disillusioned bond investors pours in.”

 https://dailyhodl.com/2020/12/19/51-billion-finance-giant-jefferies-selling-gold-for-bitcoin/

[Mayday]

" bitcoin is almost as bullshit as fiat money " 

elon musk

Says Musk who is worth 153B and happily spends his fiat on high end property all over the globe.....

I’ll break it down super easy as to why we need expansionary (deflationary) monetary systems.

As a natural course, all resources flow to the top 2%. The reason you expand the money supply is to provide more funds to the other 98% to allow them to live life.

The game of Monopoly provides 2 lessons.
1) The richest always win
2) A money supply based on a constantly reduced expansion ends in failure

Taking 2 players, monopoly has a starting money supply of 3k. Each pass of GO by both players adds 0.4 to the money supply.

The first pass the currency expansion is 13% life is easy in the early stages. We snap up property without a second though and are able to build.

By turn 60 the expansion in the money supply is down to around 1.7%. By this stage one player is pretty fucked, the other is rich, the game ends.

This is how it works. Without expansion the game ends because the player who is transferring their wealth to the 2% doesn’t have enough coming in via GO to keep themselves afloat.

Now, if you kept the inflation at 13% every GO pass the game would go on and on......  simple.

[gib]

Says Musk who is worth 153B and happily spends his fiat on high end property all over the globe.....

I’ll break it down super easy as to why we need expansionary (deflationary) monetary systems.

As a natural course, all resources flow to the top 2%. The reason you expand the money supply is to provide more funds to the other 98% to allow them to live life.

The game of Monopoly provides 2 lessons.
1) The richest always win
2) A money supply based on a constantly reduced expansion ends in failure

Taking 2 players, monopoly has a starting money supply of 3k. Each pass of GO by both players adds 0.4 to the money supply.

The first pass the currency expansion is 13% life is easy in the early stages. We snap up property without a second though and are able to build.

By turn 60 the expansion in the money supply is down to around 1.7%. By this stage one player is pretty fucked, the other is rich, the game ends.

This is how it works. Without expansion the game ends because the player who is transferring their wealth to the 2% doesn’t have enough coming in via GO to keep themselves afloat.

Now, if you kept the inflation at 13% every GO pass the game would go on and on......  simple.

In monopoly it is crucial to acquire assets early in the game. And ideally with the right degree of leverage. If not, and if you "save your money", or buy unproductive assets, over time you eventually become the rich man's bitch. And the rich man will gleefully keep raping the poor, day after day until their ultimate death. Every little bit of money given to the masses when they pass go, or when they get the occasional small windfall, is quickly taken away. The poor man gets trapped on an endless treadmill in a fight for survival.

In the real world, its much the same. Cash put into productive assets provide us with protection and growth. The rest are simply treading water. Bitcoin provides the solution of protection against the dilutive effect of money printing over time. And much like monopoly, those with foresight will be the owners of an asset limited in supply that keep going up in value, whereas those who missed out will simply be using "paper monopoly money" that becomes increasingly worthless over time...

All of know this. Only some of use will act accordingly.

[Humble Narcissist]

Yes, I know I know. But there is still a need to protect these assets, let along the desire to earn a yield from them, in an environment of ever declining returns. But yes, its a good feeling for sure. I am for sure "retired" in the sense that I never need to "work" again, but on the other hand, not "retired" in the sense that I will sit in a rocking-chair watching TV all day.

Laying in bed or on the couch watching tv is much better than watching it from a rocking chair.

[Mayday]

whereas those who missed out will simply be using "paper monopoly money" that becomes increasingly worthless over time...

But the point is without currency devaluation and increasing the money supply, only 1 person can play. That is the lesson to be learned by the mechanics of monopoly and why there is always 1 winner.

If you remove the ability of the money supply to inflate, you remove growth and also remove the ability for people to play. In a fixed system 98% of us are proper fucked and will never have anything at all because the 2% will own literally everything. It would be a highly socialist run place which is ironic because those who claim a fixed money supply claims it will give them freedom. In reality it will be the opposite.

In regards to growth, if you like growth, you like currency devaluation and inflation. I would pick 18% interest rates all day everyday over what we have in place today.

[DooM_]

'' i was a scammer . i had it down to science , and it’s exactly what’s happening with bitcoin, biggest scam ever ''

jordan belfort  ' wolf of wall street '

[polychronopolous]

Billion-Dollar Wealth Manager Skybridge Capital Plans to Launch a Bitcoin Fund

In mid-November, a filing registered with the U.S. Securities and Exchange Commission (SEC) had shown that the investment firm Skybridge Capital may invest in crypto assets like bitcoin. Over a month later, Skybridge Capital filed another registration form with the U.S. SEC (Form D) as it plans to launch a bitcoin fund.

The wealth management firm run by Anthony Scaramucci, Skybridge Capital, is launching a bitcoin fund called the Skybridge Bitcoin Fund L.P. The news of the Skybridge’s fund stems from a Form D Securities and Exchange Commission filing. The New York-based company manages over $9.2 billion assets under management (AUM) and the filing shows it wants to manage a bitcoin (BTC) fund for accredited investors.

According to the filing submitted on December 21, 2020, it will be for accredited investors who can purchase $50k or more. It’s a pooled investment and hedge fund, and as for the issuance-size Skybridge has declined to disclose. Further, the Skybridge Bitcoin Fund will follow Rule 506(c) that allows the solicitation and general advertisement of the offering to accredited investors.

Skybridge Capital was founded in 2005 by Anthony Scaramucci, Brett S. Messing, Raymond Nolte, and Troy Gaveski. The news of the Skybridge Bitcoin Fund filing on Monday follows the company explaining that the firm’s G II Fund “may hold long and short positions in digital assets.” Of course, after the Form D filing was revealed for the Skybridge Bitcoin Fund, bitcoin proponents discussed the entry on social media and forums.

“Boom! Skybridge Capital is doubling down on Bitcoin,” tweeted Kevin Rooke. “They just registered the Skybridge Bitcoin Fund with the SEC, one month after allowing two of their other funds to invest in bitcoin.”

The founder of Skybridge Anthony Scaramucci was also a former White House director of communications. Scaramucci has said in an interview that “a fan” of cryptocurrencies and believes that “digital assets have a future.”

https://guy-skybridge-capital-plans-to-launch-a-bitcoin-fund/

[FitnessFrenzy]

[Mayday]

'' i was a scammer . i had it down to science , and it’s exactly what’s happening with bitcoin, biggest scam ever ''

jordan belfort  ' wolf of wall street '

Yeah but scammers don’t need to know anything other than how a scam works. He wouldn’t have the faintest idea why BTC is suddenly being looked at.

See the thing is the metrics the system uses are blowing up. Profitability doesn’t work, dividends don’t work, revenue doesn’t work, growth doesn’t work. The metric they are down to now is QE meaning when the central banks inject QE, which financial assets will it flow into and then they front run it.

The problem is each party starts to look at each other thinking ummmm are we really down to buying in because of QE? They are getting nervous because QE is it because the govts and banks have still not addressed the lack of consumer inflation, wage inflation or employment.

Hence BtC has suddenly raised eyebrows because it’s something that isn’t yet fucked with.

[gib]

'' i was a scammer . i had it down to science , and it’s exactly what’s happening with bitcoin, biggest scam ever ''

jordan belfort  ' wolf of wall street '

Not exactly the most credible of people to be quoting. lol

The reality is that fiat currency (basically paper monopoly money issued by central banks), and mandated as "legal tender" to be used by the masses is the actual scam, benefitting those closest to the creation and distribution of money immensely. Politicians, tycoons, family dynasties, kingdoms, illuminati - the .00001% ers that basically control the world. Fiat currency has been a great scam. Just like casinos will continue to be a great "scam". Because the reality is that the masses are stupid. They don't get it. They in fact don't even think about it, let alone understand the concept of what they should be getting.

Sure we have seen certain countries collapse throughout history under fiat systems, but even then, those collapse's only really hurt the poor - those living week to week on fiat currency, or with their "savings" in fiat currency. The elite were always able to convert their fake money into real assets of value. They stored their value in property. businesses, art, and even gold (which they let the masses have a little of, with the majority held by central banks.

Now things are changing. Bitcoin as emerged as the ultimate fiat money scam buster. One could say Bitcoin was adopted by the "future elite" of the masses.

The .00001% ers tried initially to ignore, hinder, prohibit Bitcoin. Now they know its unstoppable, and quietly and stealthily are changing sides. The masses, or at least a smalll % of them, have a real chance to increase their global standing in the world in terms of wealth, power, and most importantly in free choice and freedom, by acquiring whatever BTC they can. Because make now doubt about the inverse fiat vortex is gaining strength. And over time, a huge amount of value will be converted and re-distributed in the process.

[FitnessFrenzy]

[polychronopolous]

Bitcoin Surges to Hit New All-Time High on Christmas Day

 Bitcoin's price has set a new record, with the cryptocurrency hitting $24,644.30 on Christmas Day.

It's a very merry Christmas for Bitcoin holders, as the cryptocurrency surged to a new all-time high on Christmas Day.

The price of Bitcoin shot up by 5.8% in the past 24 hours, peaking at $24,644.30 according to CoinGecko.

Bitcoin's price has pulled back slightly; it's currently trading at around $24,358, at time of writing.

It follows a week in which Bitcoin has plowed through previous records, reaching $24,085 on December 19.

Growing demand for Bitcoin is resulting in a supply crisis, as institutional investors are buying up huge quantities of the cryptocurrency; in the last week, business intelligence firm MicroStrategy added to its Bitcoin holdings with a $650 million buy, bringing its total to over 70,000 Bitcoin.

At the same time, the supply of Bitcoin held on exchanges has dropped by 20% since January as it's moved into long term storage by hodlers, meaning that there's less available to trade.

“The supply crisis as I call it, will have an impact on price, but it doesn’t necessarily prevent retail investors or smaller investors from getting into the space,” Glassnode CTO Rafael Schultze-Kraft told Decrypt.

 https://decrypt.co/52653/bitcoin-surges-to-hit-new-all-time-high-on-christmas-day

[FitnessFrenzy]

$ 24.156,33

[gib]

Bitcoin is a gigantic bubble.  At some point it will pop.  When it pops it'll create lots of pain for everyone who is buying at current levels.     

Back in the day when "current levels" were $6120 a coin... lol

Anyone who had the foresight to buy at that time, would now be up over 400%...

[Humble Narcissist]

Bitcoin is a Ponzi scheme but Pozi schemes can make you money if you get out in time.

[Griffith]

https://markets.businessinsider.com/currencies/news/bitcoin-price-kevin-oleary-regulations-institutional-investors-weep-cryptocurrency-2020-12-1029919028

Kevin O'Leary told CNBC on Thursday that bitcoin is irrelevant to financial markets and too at risk of regulations to be taken seriously by institutional investors.

"I'm waiting for the day that one of these regulators comes down hard on bitcoin. Grown men are going to weep when that happens. You'll never see a loss of capital like that ever in your life. It will be brutal," he said.

[Griffith]

https://www.pymnts.com/cryptocurrency/2020/us-treasury-proposes-new-disclosure-rules-on-bitcoin-other-cryptos/

US Treasury Proposes Sweeping New Disclosure Rules On Bitcoin, Other Cryptos

The U.S. Treasury Department proposed sweeping new rules late Friday (Dec. 18) that the government says would make convertible digital currencies like bitcoin less attractive to criminals engaging in crimes such as ransomware attacks.

The new regulations, if adopted after a comment period, would require banks and some other institutions to obtain and report the identities of parties engaging in certain digital transactions, including payments involving what are called "unhosted wallets" – effectively secret bank accounts that hold cryptocurrency.

The rules effectively require financial institutions to report such digital transactions in much the same way they have been required to report cash transactions since 1970.

The proposed limits for reporting digital transactions are $10,000 for non-wire transactions and $3,000 for wire transactions – the same as with cash.

The rationale for the new regulations, as the government laid out in the Federal Register, is that "U.S. authorities have found that malign actors are increasingly using CVC to facilitate international terrorist financing, weapons proliferation, sanctions evasion and transnational money laundering, as well as to buy and sell controlled substances, stolen and fraudulent identification documents and access devices, counterfeit goods, malware and other computer hacking tools, firearms, and toxic chemicals. In addition, ransomware attacks and associated demands for payment, which are almost exclusively denominated in CVC, are increasing in severity."

[FitnessFrenzy]

$ 25,827.96

[Methyl m1ke]

Bitcoin is a Ponzi scheme but Pozi schemes can make you money if you get out in time.

Ponzi and I wish I had a good amount to throw at btc 100k or something. The rich get richer...

[Mayday]

Bitcoin Surges to Hit New All-Time High on Christmas Day

 Bitcoin's price has set a new record, with the cryptocurrency hitting $24,644.30 on Christmas Day.

It's a very merry Christmas for Bitcoin holders, as the cryptocurrency surged to a new all-time high on Christmas Day.

The price of Bitcoin shot up by 5.8% in the past 24 hours, peaking at $24,644.30 according to CoinGecko.

Bitcoin's price has pulled back slightly; it's currently trading at around $24,358, at time of writing.

It follows a week in which Bitcoin has plowed through previous records, reaching $24,085 on December 19.

Growing demand for Bitcoin is resulting in a supply crisis, as institutional investors are buying up huge quantities of the cryptocurrency; in the last week, business intelligence firm MicroStrategy added to its Bitcoin holdings with a $650 million buy, bringing its total to over 70,000 Bitcoin.

At the same time, the supply of Bitcoin held on exchanges has dropped by 20% since January as it's moved into long term storage by hodlers, meaning that there's less available to trade.

“The supply crisis as I call it, will have an impact on price, but it doesn’t necessarily prevent retail investors or smaller investors from getting into the space,” Glassnode CTO Rafael Schultze-Kraft told Decrypt.

 https://decrypt.co/52653/bitcoin-surges-to-hit-new-all-time-high-on-christmas-day

Not really all that great news IMO. What you want to read is a new player has entered with a 650M buy, not an existing holder buying more.

The pullback once this run is done is going to be 30%-40% as these latest ramps are caused by microstrategy and grayscale. I have more funds parked which I will buy in again after the next pullback. I have enough buffer on my existing holding now where I am no longer worried about pullbacks.

What would be interesting is if some of these very large cash rich businesses decide to park some of their money in BTC. Then you’d have corporate players entering not just financials institutions.

[ChristopherA]

$26,722.78

[Humble Narcissist]

Ponzi and I wish I had a good amount to throw at btc 100k or something. The rich get richer...

I wouldn't invest anywhere near that much as you could lose it all overnight.

[Mayday]

I wouldn't invest anywhere near that much as you could lose it all overnight.

Nah, even when the Asian countries were cracking down on it there was plenty of time to exit.

BTC isn’t bought with leverage so you don’t get those nightmare unwinding scenarios where it triggers a string of margin calls and sell offs that trigger more margin calls and sell offs.

This thread has people saying BTC wouldn’t hit 5k and today it is 5x that value. In 2021 BTC is going to tap 60k.

At what price point would you change your opinion?