Bitcoin touches record above $29,000, extending 2020 rally

[webfact]

Bitcoin touches record above $29,000, extending 2020 rally

By John McCrank

 

FILE PHOTO: A representation of virtual currency Bitcoin is seen in this illustration taken November 19, 2020. REUTERS/Dado Ruvic/Illustration

 

NEW YORK (Reuters) - The price of Bitcoin topped $29,000 on Thursday for the first time, with the digital currency almost quadrupling in value this year amid heightened interest from investors big and small alike.

 

The world's most popular cryptocurrency touched $29,300 before pulling back, most recently down 0.67% at $28,774.36. It has surged by nearly half since breaking $20,000 for the first time on Dec. 16.

 

Bitcoin's potential for quick gains, as well as expectations it could become a mainstream payment method, has attracted demand from larger U.S. investors, as well as from traders who normally stick to equities.

 

"You can buy a stock like Amazon, you can buy a stock like Apple, and you know what you got," said Dennis Dick, a proprietary trader at Bright Trading LLC. "Bitcoin you really just have digits on a screen and you're really hoping that the guy behind you sees it as being worth more than what you just paid for it, so it's a purely speculative view," he said.

 

Still, intrigued by the story behind bitcoin and the traction it was getting with institutional investors, he put 1% of his net worth into a bitcoin fund around five weeks ago, which has doubled in value since then, and he sold half on Thursday.

 

"When you double your money within five weeks, if you sell half of it, I figure now you’re playing with the house's money," he said.

 

Recent gains have taken bitcoin's market capitalization past $536 billion, according to industry website CoinMarketCap https://coinmarketcap.com.

 

(Reporting by John McCrank; editing by Jonathan Oatis)

 

-- © Copyright Reuters 2021-01-01

 

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[nausea]

Now is the time not to buy.

[ukrules]

I have a feeling $30k is on its way, either within the next 2 hours or perhaps tomorrow.

Trading day ends at 7 UTC which is 1h20m from now.

 

50/50 on either of the above outcomes.

[mr mr]

shout out to the buy high sell low crew....putting in work. 

[Don Chance]

Imagine in 2008, all you needed to do was buy $100 of bitcoins @ $1

Would be a cool $3 million today!

It just goes to show it never hurts to try things and nibble at a new investment.

[DeusExMachinaBKK]

1 minute ago, Don Chance said:

Imagine in 2008, all you needed to do was buy $100 of bitcoins @ $1

Would be a cool $3 million today!

It just goes to show it never hurts to try things and nibble at a new investment.

Some guy used 10,000 bitcoins to buy 2 pizzas back in the day. Imagine how he must feel today.

[Heng]

Was that a great year or what?   Don't forget to treat yourself.   ????

[bkk6060]

4 hours ago, nausea said:

Now is the time not to buy.

Maybe if you are a trader.

 

 

By the end of 2021, BTC will trade at $318,000 according to the prediction from Citibank analyst Tom Fitzpatrick. Fitzpatrick said BTC will likely see ”unthinkable rallies followed by painful corrections.” Furthermore, the Citibank executive said that bitcoin was the new gold with fewer restrictions. “

 

I have read several predictions of up to one million dollars by 2030.

 

 

[Heng]

Predictions though are just that.  McAffee said $1,, by Dec. 31 2020....  a lot of people gave him credit for his reputation but in the end, nowhere close and just a guess like everyone else's.   I think we'll add a zero this year but again, that's just a guess too. 

[jaideedave]

A couple years ago I had 1 BTC and sold it to pay medical bills...I am now the proud owner of 0.02 BTC..1/50TH 555

Buy the dips??

[Heng]

Well, you bought the most valuable thing there is then.   A lot of people argue about how long any particular 'thing' will last, but the key is what you do with the in between.   I don't think Mark Cuban loses any sleep thinking that most of his present day capital is from a failed/in the end useless Broadcast.com.  

[spacex]

With USD tanking, BTC seems like a good choice.

[Ventenio]

people told me I was a FOOL and they screamed at me to NOT buy at 400, 1000, 4000, 10000....oh, how much money i will lose and i'm sooo dumb...while they never did anything except say "Don't do this... don't do that.....don't take risks..."

 

now they are emailing me.... "hey, wondering if you could help me buy a house and I can pay you back."
 

my response... "I wouldn't buy a house now.. .don't do it!!!! no, no, never buy a house now... too expensive.  wait until the house price goes to 100 baht."

 

lol

Edited January 1, 2021 by Ventenio

[Bender Rodriguez]

the banks invested, now they hype it like the 2008 credit fraud, they will sell before the crash

[mr mr]

a lot of real money and financial institutions are pouring into btc and crypto now. people are starting to see it is the future. not btc necessarily but crypto in general. 

 

ps.....#1 asset on planet earth for the last 10 years. giving about 9 million percent return on your investment. how you like them tulips ?

Edited January 1, 2021 by mr mr

[mr mr]

1 hour ago, Bender Rodriguez said:

the banks invested, now they hype it like the 2008 credit fraud, they will sell before the crash

 

ok so lets say btc crashes 60 or 70 percent. ill still be up over 200 percent. as with a lot of people who bought and own btc they generally just hold onto it. 

[Barnabe]

I hope it goes to 40k and crashes to 10 or so. I’m not gonna sell any and I’ll buy some more then.

[Bender Rodriguez]

same as when a company goes public

 

early investors get their money back + a lot of profit

 

for the rest, if it goes up or down, who cares

[Heng]

Exactly.  Not a religious person at all, but it feels like such a gift and just so grateful for these past 5-6 years.    

[worgeordie]

Investors or speculators......

regards Worgeordie

[Heng]

Come on, just another $36 and we're at $30k.   Cause you know what happens then.....   we start looking at $40k.   ????

 

....okay, 9 minutes later and we're at $30,366.   

 

Will the powers that be push back like they did to XRP?   Or will public companies continue to accrue btc and drive up the price?   Was pretty annoyed at Covid but this really is getting to the point where missing a couple of ski trips is not a big deal.

Edited January 2, 2021 by Heng

[NCC1701A]

just hit 30K

[Barnabe]

3 hours ago, Heng said:

Come on, just another $36 and we're at $30k.   Cause you know what happens then.....   we start looking at $40k.   ????

 

....okay, 9 minutes later and we're at $30,366.   

 

Will the powers that be push back like they did to XRP?   Or will public companies continue to accrue btc and drive up the price?   Was pretty annoyed at Covid but this really is getting to the point where missing a couple of ski trips is not a big deal.

They can’t push back as hard as with XRP as Bitcoin is not centralised.

 

But they can certainly make it nearly impossible to change it into fiat, which would make the price crater... temporarily.

[WorriedNoodle]

Now we've crossed 1 million THB to the BTC, where are the naysayers?

[fdsa]

Swapped to USDT at 28k, placed a buy order on 17k :)

[Barnabe]

1 hour ago, fdsa said:

Swapped to USDT at 28k, placed a buy order on 17k ????

That’s a nice fat profit but I am hodling and topping it up once it goes down.

[fdsa]

Ok, it seems to be the peak now as Bitcoin stopped its growth and <deleted>coins started to grow instead. It's time to buy some Dash :)

 

 

 

[mr mr]

On 1/2/2021 at 10:20 PM, Barnabe said:

They can’t push back as hard as with XRP as Bitcoin is not centralised.

 

 

you holding xrp. what the f is going on with it. greyscale just bought 20 million xrp the other day. the same company that bought like 25k bitcoin in a week or something. what do they know that i don't...other than everything. why would greyscale buy 20m xrp if it was doomed. they haven't traded or sold back by the looks of it so what's up.  

8 minutes ago, fdsa said:

Ok, it seems to be the peak now as Bitcoin stopped its growth and <deleted>coins started to grow instead. It's time to buy some Dash ????

 

blow off top coming ? or was that it. 

[Susco]

On 1/2/2021 at 7:18 PM, Heng said:

Come on, just another $36 and we're at $30k.   Cause you know what happens then.....   we start looking at $40k.   ????

 

....okay, 9 minutes later and we're at $30,366.   

 

Will the powers that be push back like they did to XRP?   Or will public companies continue to accrue btc and drive up the price?   Was pretty annoyed at Covid but this really is getting to the point where missing a couple of ski trips is not a big deal.

 

Do you remember Tyco - Worldcom and the latest General Electric, to only name a few?

 

All rising to unstoppable record highs.......................based on air and gullible investors

[Heng]

7 hours ago, Susco said:

 

Do you remember Tyco - Worldcom and the latest General Electric, to only name a few?

 

All rising to unstoppable record highs.......................based on air and gullible investors

 

Of course.  And I lived through and profited from the dotcom bubble as well.  Some of the most profitable plays people were making were with companies that no longer exist (usually swallowed up by other companies).   But the capital from my Netscape play (purchased for no reason other than the fact that everyone in school thought it was such a better browser than Mosaic, the bundle that came with our IT packs for class) for example still lines my pockets in other forms (mostly property).