Bitcoin hits fresh high

[webfact]

Bitcoin hits fresh high

 

FILE PHOTO: Representation of the virtual currency Bitcoin is seen on a motherboard in this picture illustration taken April 24, 2020. REUTERS/Dado Ruvic/Illustration

 

(Reuters) - Bitcoin continued gaining on Sunday, rising to a fresh high and extending a two-month rally that took its market capitalization above $1 trillion on Friday.

 

The world's most popular cryptocurrency rose to a record $58,354, taking its weekly gain to around 20%. It has surged around 100% this year.

 

Bitcoin's gains have been fueled by evidence it is gaining acceptance among mainstream investors and companies, such as Tesla Inc, Mastercard Inc and BNY Mellon.

 

(Reporting by Megan Davies in New York; Editing by Daniel Wallis)

 

-- © Copyright Reuters 2021-02-22

 

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[donnacha]

Honestly, I don't see the point of posting every time Bitcoin hits a new high. All this does is aggravate the older members on limited pensions.

We have already hashed over all that can be said about Bitcoin in the other threads and no one is changing anyone's mind. At this stage, twelve years into Bitcoin, you either understand why it is so important or you don't. 

Hold off on these news stories for a month or two until it breaks a landmark price point such as USD 100k, or even just THB 2m at some point next week.

 

Edited February 21, 2021 by donnacha

[mr mr]

got my new custom made moon boots on.......

[condobrit001]

3 hours ago, donnacha said:

Honestly, I don't see the point of posting every time Bitcoin hits a new high. All this does is aggravate the older members on limited pensions.

We have already hashed over all that can be said about Bitcoin in the other threads and no one is changing anyone's mind. At this stage, twelve years into Bitcoin, you either understand why it is so important or you don't. 

Hold off on these news stories for a month or two until it breaks a landmark price point such as USD 100k, or even just THB 2m at some point next week.

 

Sounds like sour grapes from an older member on a limited pension. 

[Peter Denis]

3 hours ago, donnacha said:

Honestly, I don't see the point of posting every time Bitcoin hits a new high.

...

Thai Visa Forum gets its revenue from clicks and traffic on the site.

So any subject that can arouse interest is embraced to trigger that needed traffic.

[1FinickyOne]

3 hours ago, donnacha said:

no one is changing anyone's mind.

I changed my mind... bought in a couple of weeks ago and keep buying more... I qualify as older, but I can recognize that things are changing... I may not be the first one in, but I can ride the wave...

 

"Catch a wave and your sitting on top of the world" - Beach Boys

[donnacha]

34 minutes ago, condobrit001 said:

Sounds like sour grapes from an older member on a limited pension. 

No idea how you got that impression.

I am a big advocate for Bitcoin. I have a few hundred myself, along with some Ethereum, and think everyone should be using it as a hedge against dollar devaluation to protect at least part of their savings.

I think this is particularly important for the guys on fixed pensions - all the money printing last year and this year is going make it harder for them to stay in Thailand - but, at the same time, I don't see the point in creating new threads every time the value of Bitcoin goes up another thousand. That just enrages the guys who have not yet figured it out.

Better to bring it up less frequently and have fewer but more productive discussions. As @Peter Denis points out above, however, ThaiVisa is all about the clicks.

 

Edited February 22, 2021 by donnacha

[donnacha]

10 minutes ago, 1FinickyOne said:

I changed my mind... bought in a couple of weeks ago and keep buying more... I qualify as older, but I can recognize that things are changing... I may not be the first one in, but I can ride the wave...

 

"Catch a wave and your sitting on top of the world" - Beach Boys

Very glad to hear that and I hope it goes well for you. I do think this will be an exceptionally good year for Bitcoin.

Some of the more rational advocates for Bitcoin on this forum have done a good job of explaining the various factors, I learn a lot about it here myself, despite already being immersed in it for years. My hope is that more members can be encouraged to diversify a small portion of their money into Bitcoin, and to treat it as a longer-term investment. It is highly volatile but I have no doubt that it will be significantly higher by the end of this unique year.

Sadly, the unprecedented levels of money printing mean that the regular currencies are going to take a beating, pushing assets such as Bitcoin, metals, shares, and property higher. I believe Bitcoin will be by far the biggest beneficiary.

 

Edited February 22, 2021 by donnacha

[nausea]

7 hours ago, donnacha said:

Honestly, I don't see the point of posting every time Bitcoin hits a new high. All this does is aggravate the older members on limited pensions.

We have already hashed over all that can be said about Bitcoin in the other threads and no one is changing anyone's mind. At this stage, twelve years into Bitcoin, you either understand why it is so important or you don't. 

Hold off on these news stories for a month or two until it breaks a landmark price point such as USD 100k, or even just THB 2m at some point next week.

 

Agree, if only? Mind you, if it crashes? Personally, I don't go into anything I don't really understand. Working on it, by the time I get my mind wrapped around the concept it will all be over, no doubt.

[donnacha]

46 minutes ago, nausea said:

Agree, if only? Mind you, if it crashes? Personally, I don't go into anything I don't really understand. Working on it, by the time I get my mind wrapped around the concept it will all be over, no doubt.

My advice is to stick $100 on it, or some other amount you can afford to lose. That is the best way to understand it while also having a bit of fun.

Let it ride until the end of the year and, by then, you will have a better idea of whether it is something you feel you can get more into.

It could jump down by 20% tomorrow, but my understanding is that individuals selling at the highs are having their coins snapped up by companies and funds eager to build big positions. This is a new trend. It has meant that we aren't getting the sudden drops we experienced in past years when new highs were achieved.

Now the highs seem, instead, to be building, one after the other. If this trend continues, it is likely to carry Bitcoin quite far over the coming years - an awful lot of capital is tied up in companies and funds. Bitcoin becoming a more accepted as a way to hedge against dollar debasement gives it an awful lot of room to grow.

I really don't see how an actual crash, back down to 20k or whatever, could happen at this stage but, of course, you never know. I see a sovereign debt crisis as far more likely, and that would massively boost Bitcoin.

 

Edited February 22, 2021 by donnacha

[nausea]

2 hours ago, donnacha said:

My advice is to stick $100 on it,

Yeah, that's my thinking, a bit of a flutter as they say; I'm guessing I've already missed out on the big gains -  should've, would've, could've; what really creases me is I was into IT early on, ZX81, and all that, gave it up as a bad job, what a mistake that was.

[Worldplus]

I bought 140,000 bht 4 days ago..in 24 hrs I made 11,000 bht profit..

 

I love bitcoin...I make 17,500 a week from a trading company I have been in for 10 months..

 

It's really helped my limited income..

[bkk6060]

Never invest what you cannot afford to lose.  If losing affects your life and potentially your financial future, do not do it.

 

I bought previously and recently.  Changed my mind about 1/2 the second time and bought a whole coin. So, own 2 now.  

Institutional buyers are getting in so we will see.

I seriously see $500,000 by 2030 but thinking much much higher now.

 

 

 

Todd Gordon, founder of TradingAnalysis.com and a bitcoin bull, sees the run continuing.

“We’re getting corporate and institutional players entering the market. I think the sky is the limit. I don’t want to be overly bullish, but just simple technical analysis, you don’t see resistance till about [$170,000],” Gordon told CNBC’s “Trading Nati

[donnacha]

9 hours ago, nausea said:

I was into IT early on, ZX81

Me too. Great days.

 

9 hours ago, nausea said:

I'm guessing I've already missed out on the big gains -  should've, would've, could've;

People have been saying that for over a decade.

The reality is that, if you had got in at 9 cents, you would have felt immense pressure to sell at $1, $10, $100 etc. Then, having got out, today you would be watching in horror as the price heads towards $100K. One of the members here sold some of his Bitcoins at some stage to buy a Porsche. I'm sure it was a lot of fun but it must be hard not to look at that aging metal and think about how many millions those coins would be worth today.

As it is positioned today, I think of Bitcoin as being more like getting into Google early on. Our hunch is that it has great potential, we hope that much of that potential may be achieved by the end of this year because of the unprecedented levels of money-printing.

We also note that a very small number of companies and financial institutions are investing large amounts, mainly to hedge against dollar debasement. If this trend spreads wider, we can expect their buying to soften the fallbacks and for the general trajectory to ascend more steeply. In a sense, just as the foresight of the early investors in Google was rewarded when their shares became popular with pension funds, we too will be rewarded by being a heartbeat ahead of the financial institutions.

The main risk is that, unlike early movers such as Tesla, the volatility may put off other financial institutions. As I write, the price is $53.5k, down almost $5k from the 24hr high. Despite also being $5k up on the week, and $21k up on the month, swings of that magnitude may be unnerving for conservative financial folks, leaving the market to mainly rely on individual enthusiasts. That would still mean price growth as the pool of people interested in Bitcoin continues to enlarge, just not as explosive.