Author Topic: Bitcoins - about to hit $5,000 per coin today!  (Read 892355 times)

Mayday

  • Getbig IV
  • ****
  • Posts: 2907
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4150 on: January 07, 2021, 01:01:18 PM »
$ 38,043.61

Tapped over 39k already today.

Conservatively I’d expect the weekly data to show a wick of 44k and close of 41k.

Being more optimistic I’d suggest a 40k close today then on Saturday a wick of 49k and close of 44k.

Intraday shows large volume BTC dumps.


Mayday

  • Getbig IV
  • ****
  • Posts: 2907
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4151 on: January 07, 2021, 01:05:20 PM »
'' less than 2 % of accounts control 95 % of all available Bitcoin supply ''

Exactly the same as every other asset class.

2% / 98% is a well known universal rule.

gib

  • Getbig V
  • *****
  • Posts: 4857
  • Getbig!
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4152 on: January 07, 2021, 04:43:15 PM »
'' less than 2 % of accounts control 95 % of all available Bitcoin supply ''

If this is supposed to be a criticism of BTC, it not only is misguided, but its also incorrect.

Lets use some common sense here and look at the evolution of gold. The very first person ever to find gold had 100% of all available gold. The second person to find (or receive) had either 0-100% of the total available gold, depending on the amount he received, and on it went. When a new and decentralized currency is born, you will always see a concentrated distribution that then is slowly dissipated. Think about how the energy of a rock thrown into a lake radiates waves, or how a drop of dye in a bucket of water slowly dissipates from its originally centralized source.

Second, bear in mind that the global concentration of wealth in fiat currency is highly skewed. I am sure you have heard the phrase of 1% of people owning "99% of the world's total wealth". (One reason for this is that fiat money is "printed" at a centralized source, and those closest to the source (leaders, politicians, bankers, power players etc) get the greatest access to it before it "trickles down" (only to be effectively stolen by those in power by further printing of it).

Third, it is not (for a range of reasons) possible to actually accurately measure BTC's individual ownership concentration. But a more likely correct estimate that around 80% of BTC in the top 20% of holders of BTC. Bear in mind also that such stats can be skewed due to "lost coins" of earlier holders, and of course Satoshi's stash (which one can equate with a ship of gold lost in the ocean, that we know exists, but that we also know that no-one is ever going to find). What we do know is that the masses are increasingly getting some BTC adoption, and that the total number of individual holders is rapidly growing. But this will become increasingly more expensive over time. One can still get 1000 Satoshi's for around USD 39 cents, but we an expect Satoshis to get for more expensive over time if demand for them grows. But the class of global "one-coiners" is becoming increasingly rare.

DooM - It is good to be skeptical of things, and to carefully question investment options, but we should not make (or blindly repeat) false statements, or draw incorrect conclusions. Having said that, good on you for raising this concern here, and allowing me to address it. (This 2% / 98% claim was was not one of the many false "objections" Mr A raised back in the day on his journey to Bitcoin acceptance, so I am glad it could be addressed now by me here...

This article may be of interest to anyone interested in the BTC concentration topic:

https://www.bitcoinsuisse.com/research/decrypt/distribution-of-stores-of-value

FitnessFrenzy

  • Getbig V
  • *****
  • Posts: 29019
  • evolving
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4153 on: January 08, 2021, 04:38:15 AM »
$ 41,754.23

polychronopolous

  • Getbig V
  • *****
  • Posts: 19041
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4154 on: January 08, 2021, 04:49:26 AM »
As Bitcoin (BTC) Hits $40,000, Grayscale Sees Rising Interest From Pension Funds and Endowments



In a massive crypto market rally, Bitcoin (BTC) price surged all the way to $40,000 hitting a new all-time high. The massive rally came on Thursday, January 7 when BTC added $5000 to its price in a single day moving from under $35K to all the way up to $40K.

Also, with the current price rally, BTC extends its weekly as well as year-to-date gains to more than 30%. Another important milestone that Bitcoin (BTC) has achieved over a $700 billion market cap almost the size of Tesla (NASDAQ: TSLA).

While all this excitement continues, one thing that remains constant about Bitcoin is the rising institutional interest! The world’s biggest Bitcoin asset manager Grayscale continues to see major interest coming from big market players. Grayscale Investments LLC’s newly appointed CEO Michael Sonnenshein said that they are seeing a huge interest recently from pension funds and endowments.

    “We’ve started to see participation not just from the hedge fund segment, which we’ve long seen participation from, but now it’s recently from other institutions, pensions and endowments. The sizes of allocations they are making are growing rapidly as well,” he said.

Grayscale has engineered out a smart way of letting investors gain exposure to cryptocurrencies without directly buying them. The digital asset manager packs cryptocurrencies as shares of the trust and sells those shares to investors. The Grayscale Bitcoin Trust (GBTC) is one of the biggest Bitcoin funds currently with more than $23 billion in assets under management. GBTC currently holds nearly 3% of the total Bitcoin (BTC) supply or 607.27K BTCs under management.

Apart from Bitcoin (BTC), Grayscale has several other cryptocurrency products under the belt with net assets under management at $27 billion. But as we can see the GBTC alone contributes 85% of its total crypto holdings.

Sonnenshein has already played an instrumental role in bringing new investors and expand its offerings. In an interview with Fortune, he said that as the CEO, he plans to bring more crypto products to Grayscale and further strengthen the brand. “I want to make Grayscale synonymous with digital investing like Pimco is with fixed income and Vanguard is with index funds,” he said.



https://coingape.com/stratis-brings-blockchain-as-a-service-to-all-businesses-via-its-c-native-platform/

DooM_

  • Getbig III
  • ***
  • Posts: 716
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4155 on: January 08, 2021, 05:04:02 AM »
Roubini: Bitcoin's 'hyperbolic bubble is going to go bust'

Famed economist Nouriel Roubini says that Bitcoin and other cryptocurrencies, which he’s dubbed as “shitcoins,” have no place in retail or institutional investor portfolios.

“First of all, calling it a currency — it’s not a currency. It’s not a unit of account, it’s not a means of payment.…it’s not a stable store of value. Secondly, it’s not even an asset,” Roubini said.

According to Roubini, Bitcoin has no intrinsic value. He pointed out that assets — bonds, stocks, real estate, or precious metals — either provide income, capital gains or some form of utility.

“While in the case of Bitcoin, there is no income,” he said. “There is no use. There is no utility. The only thing is a speculative, self-fulfilling kind of rise, and that rise is driven totally by manipulation.”

Roubini noted that there’s academic research to suggest that “this pseudo stable coin Tether has been created by fiat” and is “used literally to manipulate the price of Bitcoin.”

“The price of Bitcoin is totally manipulated by a bunch of people, by a bunch of whales. It doesn’t have any fundamental value,” he said. “We’re close to the point where the hyperbolic bubble is going to go bust.”


https://finance.yahoo.com/news/nouriel-roubini-says-bitcoin-bubble-will-go-bust-144807645.html

Bindare_Dundat

  • Getbig V
  • *****
  • Posts: 12227
  • KILL CENTRAL BANKS, BUY BITCOIN.
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4156 on: January 08, 2021, 05:57:15 AM »
Roubini: Bitcoin's 'hyperbolic bubble is going to go bust'

Famed economist Nouriel Roubini says that Bitcoin and other cryptocurrencies, which he’s dubbed as “shitcoins,” have no place in retail or institutional investor portfolios.

“First of all, calling it a currency — it’s not a currency. It’s not a unit of account, it’s not a means of payment.…it’s not a stable store of value. Secondly, it’s not even an asset,” Roubini said.

According to Roubini, Bitcoin has no intrinsic value. He pointed out that assets — bonds, stocks, real estate, or precious metals — either provide income, capital gains or some form of utility.

“While in the case of Bitcoin, there is no income,” he said. “There is no use. There is no utility. The only thing is a speculative, self-fulfilling kind of rise, and that rise is driven totally by manipulation.”

Roubini noted that there’s academic research to suggest that “this pseudo stable coin Tether has been created by fiat” and is “used literally to manipulate the price of Bitcoin.”

“The price of Bitcoin is totally manipulated by a bunch of people, by a bunch of whales. It doesn’t have any fundamental value,” he said. “We’re close to the point where the hyperbolic bubble is going to go bust.”


https://finance.yahoo.com/news/nouriel-roubini-says-bitcoin-bubble-will-go-bust-144807645.html

Hes been saying this forever. Don't think ge fuly grasps bitcoin. 

Bindare_Dundat

  • Getbig V
  • *****
  • Posts: 12227
  • KILL CENTRAL BANKS, BUY BITCOIN.
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4157 on: January 08, 2021, 06:00:01 AM »
There has to be a big pullback coming very soon.

Army of One

  • Getbig V
  • *****
  • Posts: 30388
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4158 on: January 08, 2021, 06:15:14 AM »
There has to be a big pullback coming very soon.


why?zoom out and set the chart to logarithmic, we just came out of a 2 year bear market.

gib

  • Getbig V
  • *****
  • Posts: 4857
  • Getbig!
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4159 on: January 08, 2021, 07:25:23 AM »
There has to be a big pullback coming very soon.

On what basis do you predict this to occur? BTC is in super scarce supply. There is huge demand for BTC by institutions and HNWs. And BTC has barely been opened to mass retail investors. So arguably, if anything, there has to be massive upside ahead (albeit with blips of mini-selloffs along the way.

Army of One

  • Getbig V
  • *****
  • Posts: 30388
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4160 on: January 08, 2021, 07:26:01 AM »
On what basis do you predict this to occur? BTC is in super scarce supply. There is huge demand for BTC by institutions and HNWs. And BTC has barely been opened to mass retail investors. So arguably, if anything, there has to be massive upside ahead (albeit with blips of mini-selloffs along the way.

this

DooM_

  • Getbig III
  • ***
  • Posts: 716
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4161 on: January 08, 2021, 07:35:19 AM »



looks legit . . . nothing to be worried about . . . ! !

gib

  • Getbig V
  • *****
  • Posts: 4857
  • Getbig!
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4162 on: January 08, 2021, 07:39:57 AM »



looks legit . . . nothing to be worried about . . . ! !

Two words to help you get perspective.

"Zoom out".

DooM_

  • Getbig III
  • ***
  • Posts: 716
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4163 on: January 08, 2021, 07:50:58 AM »




El Diablo Blanco

  • Getbig V
  • *****
  • Posts: 31841
  • Nom Nom Nom Nom
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4164 on: January 08, 2021, 08:02:05 AM »
Butcoin will crash when the Twins and that other asshole decide to dump.  Right now those guys are multi billionaires on paper and will ride this higher and eventually cash out.  That can be soon or a while. who knows.

Humble Narcissist

  • Getbig V
  • *****
  • Posts: 30248
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4165 on: January 08, 2021, 12:22:10 PM »
There has to be a big pullback coming very soon.
I would definitely be selling the majority of my Bitcoin.  Keep some in for continued growth.  When this thing crashes there are going to be some devastated investors.

Bindare_Dundat

  • Getbig V
  • *****
  • Posts: 12227
  • KILL CENTRAL BANKS, BUY BITCOIN.
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4166 on: January 08, 2021, 12:28:20 PM »
I would definitely be selling the majority of my Bitcoin.  Keep some in for continued growth.  When this thing crashes there are going to be some devastated investors.

Im not worried about devastation at all. I just don't like seeing anything moving up this fast. Its nuts.  Like you said I'll sell some at these highs and wait a bit. Grab some more  on the next drop. There's an long way to go here.

gib

  • Getbig V
  • *****
  • Posts: 4857
  • Getbig!
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4167 on: January 08, 2021, 07:17:24 PM »
Quote from: Mr Anabolic on November 19, 2017, 11:22:58 AM (Bitcoin Price $8033)

"Banksters will be able to naked short bitcoins and drive the price down like they do with precious metals.

Gonna be interesting when it collapses $1000's in a few minutes and you didn't even take profits on one.  You'll disappear... never to post in this thread again."


So... We are all still here Mr Anabolic. And your fears about "naked shorts" did not eventuate. So, who was it that ended up cowardly disappearing "never to post on this thread again". :) lol


SOMEPARTS

  • Getbig V
  • *****
  • Posts: 16467
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4168 on: January 08, 2021, 07:29:57 PM »



Hahahaha. Yep. Wash, rinse and repeat the greater fool theory.

Bindare_Dundat

  • Getbig V
  • *****
  • Posts: 12227
  • KILL CENTRAL BANKS, BUY BITCOIN.
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4169 on: January 08, 2021, 08:03:04 PM »



looks legit . . . nothing to be worried about . . . ! !

Looks like tesla.

gib

  • Getbig V
  • *****
  • Posts: 4857
  • Getbig!
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4170 on: January 08, 2021, 09:46:13 PM »
I would definitely be selling the majority of my Bitcoin.  Keep some in for continued growth.  When this thing crashes there are going to be some devastated investors.

If you take the view that BTC will approach of surpass gold in market cap, then you have a 20x increase from here. And if so, "corrections" along the way are mere blips in a overall one-directional journey. It is far far harder to predict the exact path that will be taken along a journey, than it is to predict the final destination. If you believe you can predict ups and downs of BTC along the way, every "overbought and underbought" signal etc, and if you believe you can truly apply "technical to such an asset" I wish you luck. It's certainly not something I am capable of and I am very skeptical of anyone else's ability to do so, other than highly skilled and resourced quants.

I am quite happy placing a long term bet on Bitcoin, not just because of the possibility huge and asymmetric of long term upside, but also because I want exposure to this asset as protection against a range of future risks.

We have another halvening in less than for years from now, and in the meantime a wall of fiat capital slowly being released and realized as our clunky banks and pensions funds etc who will start slowly buying in. We have huge infrastructure efforts on the verge of being rolled out opening up BTC to the masses in global payment systems.

I do very well understand the sentiment of "taking a quick gain" if something seems to have risen too fast. Its something we have been conditioned to think, almost as though we didn't "deserve" such a quick gain, or that if something gains fast it must inherently be overvalued.

I could sell off one or more of my 50 coins, and standard portfolio management dictates that when one asset class becomes overweight you rebalance. On the other hand, as Charlie Munger once said, "only people who don't know what they are doing run balanced portfolios". :)

The reality many BTC owners have, is "what would I do with the cash"? In my case, I really don't feel too comfortable holding any more fiat cash at the moment given all that is going on and how rapidly cash is being devalued through money printing backed by debt that cannot be repaid. I feel equities, (at least in the US are vastly over-valued). I might possibly buy more in Europe or Asia. More property is simply a hassle, inefficient in terms of acquiring and divesting, and produces a low yield. Bonds? No way. Gold? - I have more than enough and am less comfortable with this than BTC for obvious reasons. Pay off a little debt? Possibly but cost of finance is virtually zero at the moment. And so on it goes.

Given all that is going on in the world, politically, and in finance, and in technology, BTC is in my view possibly the most important assets to be holding if certain scenarios play out. For those who have the ability to become or remain a One-coiner, my advice is to acquire at least that one coin and then simply HODL. If not a whole coin, get some Satoshies and work your way up towards as much of a coin as you can. No doubt though, there will be some volatility in price along the way.


polychronopolous

  • Getbig V
  • *****
  • Posts: 19041
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4171 on: January 09, 2021, 04:46:16 AM »
Bitcoin Is ‘Less Risky the Higher It Goes,’ Says Investor Bill Miller on CNBC


 “One of the things that’s interesting about bitcoin is that it gets less risky the higher it goes,” Miller told CNBC Friday. “That’s the opposite of what happens with most stocks.”

Miller continued to describe bitcoin as “a supply-and-demand story” with roughly 900 bitcoins created each day and a swarm of retail and institutional investors scooping up enormous chunks of available supply.

Some of those large investments have come from firms like MicroStrategy, which has scooped up over 70,000 BTC with plans to buy more, and London-based asset manager Ruffer Investment, which dumped $740 million into bitcoin toward the end of 2020.

Payment companies like Square and PayPal are also funneling retail capital into bitcoin. In Q3 2020, for example, Square reported a record $1 billion in bitcoin revenue via its Cash App mobile wallet. PayPal, after announcing its plan to support bitcoin and other cryptocurrencies in October, promptly removed its waitlist for the service less than a month later, citing overwhelming demand.


“For those people who are waiting for the pullback, they got it in the first quarter. You could have bought bitcoin at $4,000 in the first quarter,” Miller noted, referencing bitcoin’s nearly 50% intraday crash in March 2020.

But amid bitcoin’s more than 300% rally in 2020, extended by an additional 40% gain already in 2021, Miller said the price of these returns is the asset’s volatility.

“You have to expect that it’s going to be very, very volatile,” Miller told CNBC. “If you can’t take the volatility, you probably shouldn’t own it. But its volatility is the price you pay for its performance.”

Still, Miller said earlier this week he thinks markets are underpricing bitcoin’s value proposition as a potential inflation hedge, calling it cash’s “rat poison,” a term Warren Buffett famously applied to bitcoin with an entirely opposite connotation.


 https://www.coindesk.com/bitcoin-bill-miller-cnbc-volatility-risk

Bindare_Dundat

  • Getbig V
  • *****
  • Posts: 12227
  • KILL CENTRAL BANKS, BUY BITCOIN.
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4172 on: January 10, 2021, 09:48:51 AM »
On what basis do you predict this to occur? BTC is in super scarce supply. There is huge demand for BTC by institutions and HNWs. And BTC has barely been opened to mass retail investors. So arguably, if anything, there has to be massive upside ahead (albeit with blips of mini-selloffs along the way.

Think we're seeing it now

Mayday

  • Getbig IV
  • ****
  • Posts: 2907
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4173 on: January 10, 2021, 11:17:28 AM »
Think we're seeing it now

My estimate was a 44k wick with a 41k close and we saw a 42k wick with a 41.5k close. Pretty close.

I jumped ship at 40.5k. I exited ETH last night at 1290. I was holding ETH but after a massive attack on BTC and ETH seeing an 8% drop in about 30s I can’t take the stress and exited. I saw no point in holding anything today, ETH won’t ramp until BtC settles down.

BTC has support at 38200 and 37400 so it might bounce around there for the next few hours. Under that it’s 34k.

Weekly charts refresh in 5hrs which will determine BTCs fate. Not long to figure out if it has any chance of recovery.

I’m waiting out the volatility on BTC so that ETH can ramp. I think once BTC hits 34k and takes a break, ETH will go to 1,800.

Bindare_Dundat

  • Getbig V
  • *****
  • Posts: 12227
  • KILL CENTRAL BANKS, BUY BITCOIN.
Re: Bitcoins - about to hit $5,000 per coin today!
« Reply #4174 on: January 10, 2021, 11:32:05 AM »
I took profit at the time I called for a pull back a few posts back. Still hanging to.my ethereum but I agree with you.