Bitcoin vaults to 18-month highs on growing popularity

[snoop1130]

Bitcoin vaults to 18-month highs on growing popularity

 

FILE PHOTO: A Bitcoin logo is seen on a cryptocurrency ATM in Santa Monica, California, U.S., January 4, 2018. REUTERS/Lucy Nicholson/File Photo

 

LONDON (Reuters) - Bitcoin jumped to its highest in eighteen months on Wednesday on safe-haven investment flows and growing expectations that Facebook’s Libra could turn cryptocurrency investments mainstream.

 

“It obviously does appear to be benefiting from some sort of flows that gold is benefiting too,” said Michael Hewson, chief market strategist at CMC Markets.

 

“You’ve got all this stuff about Libra going on which is renewing interest in bitcoin”.

 

Bitcoin traded last at $12,485 after reaching a high of $12,935 earlier in the Asian session. So far this year, the cryptocurrency has nearly tripled in value after being in the doldrums last year.

 

 

-- © Copyright Reuters 2019-06-26

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[MeePeeMai]

The digital gold rush is now officially on.

 

Great news for those of us who have chosen to invest in Bitcoin and have weathered the long cold winter (bear market).

I'm looking forward to new all-time highs real soon.  What a great time to be alive!

 

 

[DrTuner]

Used to be when you heard investment advice from taxi drivers it was a sure sign of a bubble. Time will tell if TVF is the new taxi driver.

[TPI]

Surely it's just a bubble? It's value is based on ? I suppose it's a great way for "gamblers" to lose their money!

[phycokiller]

8 hours ago, TPI said:

Surely it's just a bubble? It's value is based on ? I suppose it's a great way for "gamblers" to lose their money!

its a currency

[zebarne]

How many bubbles do you want,hopefully it is like fairy liquid,which has hundreds of bubbles. Seriously bitcoin is here to stay

[justin case]

I red some weird thai xyz made a fortune on some social website to attract more dumb people to invest in that fake ponzi scam

[Briggsy]

On 6/27/2019 at 8:57 AM, TPI said:

It's value is based on ?

I suppose its value is based on limited supply and increasing demand. How long those two factors will remain 'limited' and 'increasing' respectively is the question.

[daveAustin]

On 6/27/2019 at 2:57 AM, TPI said:

Surely it's just a bubble? It's value is based on ? I suppose it's a great way for "gamblers" to lose their money!

One only loses if they are stupid enough to buy high and sell low.

 

It ebbs n flows; has always done so. Anyway, a not uncommon response from folk not in the know. It is based on real world use - decentralised transfers through blockchain technology and vast computing power: it's not all speculation, though that is there if you want to play. Buy and hold ('hodl'), or day trade for your 10%, up to you. Some very smart people and very big money behind some of these coins. What flummoxes me is that people are still happy with the bent banking system that pays them F ALL! Do your research, bro.

[phycokiller]

On 6/28/2019 at 3:18 PM, Briggsy said:

I suppose its value is based on limited supply and increasing demand. How long those two factors will remain 'limited' and 'increasing' respectively is the question.

limited it will remain. increasing demand, depends on weather or not you hold the view that it will eventually make current currencies obsolete. I am of that opinion. 

[zebarne]

I think btc,ltc are just store values.with limited supply,so will be around for a longtime,however if fiat and other currencies keep printing money,depriciating the value of money,i could see libra coin,or  btc,and ltc taking over in the future. When there is a serious stock market decline,it wii be very interesting to see how btc reponds

[Briggsy]

3 minutes ago, zebarne said:

When there is a serious stock market decline,it wii be very interesting to see how btc reponds

It may well increase as some investors will consider it a 'safe haven'. Then it will increase further as a second group of investors try to jump on the bandwagon when they see it increasing. Then it will correct down but remain higher than it was before the crash.

 

The real challenge to bitcoin will be if its anonymity is challenged somehow by regulatory authorities. For instance, if it becomes obligatory for exchanges or owners of bitcoin to declare ownership and provide records to authorities backed up by heavy punishments.

[steve73]

26 minutes ago, zebarne said:

I think btc,ltc are just store values.with limited supply,so will be around for a longtime,however if fiat and other currencies keep printing money,depriciating the value of money,i could see libra coin,or  btc,and ltc taking over in the future. When there is a serious stock market decline,it wii be very interesting to see how btc reponds

 

Whilst you are correct in that fiat currencies are being continually depreciated (under the guise of QE), and that BTC, LTC, and other "limited" cryptos should provide some protection against this (in much the same way that gold is thought of as a safe haven), FB's Libra will NOT offer such a protection.  It is proposed to be a "stable-coin" with its value linked to a basket of fiat currencies... But I'm sure (and hope) it will bring "real" ctypto's to a wider audience.

 

As regards the stock market, in a world of excessive QE, then there is no reason why the SM should decline.  To a large extent, It should also keep pace with inflation, providing there is no underlying drop in economic activity.  Over the past 10 years or so, the DJ index has risen more than 5x in line with $ QE, whilst the US economy has completely stalled (in everything other than $ terms.)