Bitcoin hits $60,000 in record high

[rooster59]

Bitcoin hits $60,000 in record high

FILE PHOTO: A representation of virtual currency Bitcoin is seen in front of a stock graph in this illustration taken January 8, 2021. REUTERS/Dado Ruvic/File Photo

(Reuters) - Bitcoin, the world's biggest cryptocurrency, on Saturday crossed a record high of $60,000.

Bitcoin has risen sharply this year, broadly outperforming conventional asset classes, partly due to broader acceptance as a form of payment.

In recent weeks, companies have taken advantage of its strength to raise hundreds of millions of dollars in funding, capitalizing on improved market sentiment.

A $1.5 billion bitcoin bet last month by Tesla Inc saw Elon Musk's electric car company join business software firm MicroStrategy Inc and Twitter boss Jack Dorsey's payments company Square Inc in swapping some traditional cash reserves for the digital coin.

Coinbase, the biggest U.S. cryptocurrency exchange, filed last month for a Nasdaq listing. Regulatory approval would represent a landmark victory for cryptocurrency advocates seeking mainstream endorsement.

Amid rising customer demand to own and invest in bitcoin, Goldman Sachs Group Inc. said this week that it is exploring how to serve those clients while remaining on the right side of regulation. It recently restarted a cryptocurrency trading desk and this month it started dealing bitcoin futures and non-deliverable forwards.

(Reporting by Ann Maria Shibu in Bengaluru; Editing by Angus MacSwan and Daniel Wallis)

-- © Copyright Reuters 2021-03-14

 

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[nausea]

You ever get that feeling you've missed out somehow. Like I've always said, now is probably the worst time to buy - buy low sell high, I say, but I've said that many times before and been proved wrong, so who knows. This whole phenomenon is really weird, I can only say good luck to those risk takers who took the plunge, great risk deserves great rewards.

[mr mr]

70k by april. might be the last run of this market though. i hope i am dead wrong. 

[bdenner]

14 minutes ago, nausea said:

You ever get that feeling you've missed out somehow. <Snip>

Yes I do but by just going out side, in the fresh air, to smell the Tulips brings me back to Earth. Then go and spend 25 Baht with TW's black lottery lady, at least I can afford to loose that and sleep at night.

[donnacha]

27 minutes ago, nausea said:

now is probably the worst time to buy - buy low sell high, I say

This is low.

[nausea]

11 minutes ago, bdenner said:

to smell the Tulips

Yeah, this is what worries me, great fortunes to be made no doubt, it's all about timing. Personally, in my old age, I've become risk adverse, a youngish guy can recover, I just don't have the time, to be honest; I stick with what I have. Not super rich, not super poor. My risk taking days are long over, I will watch with interest though, and as I said before, good luck with it. 

[Heng]

It's especially true of crypto, because you literally missed out from your phone or PC.   You didn't have to go out an build a business from scratch or work in a 9-5 for 30+ years.   All you had to do was risk a few thousand $ and let it sit for a few years.   The "hard" part was just a lot of reading and downloading a few apps.

[donnacha]

53 minutes ago, mr mr said:

70k by april. might be the last run of this market though. i hope i am dead wrong. 

Most analysts seem to have a target of 75k. Obviously, it will then fall right back, but I am pretty confident that the new floor will be somewhere in the early to mid-60's.

As I always say, this is a unique year, and it has only just begun. The $1.9 trillion money-printing they have just passed has not even entered the economy yet. I was pretty sure we were already going to get a boom this summer after the lockdowns end thanks to the vaccines. People have cleared their credit card debt and are eager to spend. Pouring the stimulus in on top of that is pretty crazy, we're going to see all sorts of market distortions.

Already benefiting from corporations trying to hedge against the inevitable dollar debasement, Bitcoin will get a further boost every other time there is turbulence this year.

No asset can keep growing 10x every year, but Bitcoin was almost exactly designed for the unexpected confluence of events we have on our hands right now. We know that inflation follows high levels of money-printing. We know that every country is about to start taxing the bejaysus out of their populations. We know that the major fiat currencies are more extended than they have ever been. This is the ideal environment for Bitcoin to boom. It has boomed before, in far less extreme and more localized situations (such as the collapse of Venezuela) but now the whole world is in a mess and all the governments of the world seem determined to print their way out over the next few years.

Almost exactly a year ago, I urged everyone on this forum to jump into Bitcoin while it was still $5k. It was clear to me that the price was a bigger bargain than, say, Apple shares (which were also a bargain, just not as much). Many people followed my advice, even if only by putting $100 into Bitcoin, and I am glad they now have 12x their investment.

I am confident that, given where the economy is now, and the unprecedented money-printing, they will have have 40x that original investment by the end of this year (at least 200k, or +225% from the current price of $61,450). 

 

[bolt]

37 minutes ago, donnacha said:

This is low.

It depends how long you can hold out with any investment, if its 6 weeks or 6 months or 6 years,

We all know that 6 years will probably give you the best return. So I’d say never a bad time to invest only good times or better times.

Can you hold out that’s the question

[donnacha]

Just now, bolt said:

It depends how long you can hold out with any investment, if its 6 weeks or 6 months or 6 years,

We all know that 6 years will probably give you the best return. So I’d say never a bad time to invest only good times or better times.

Can you hold out that’s the question

I would certainly advise against putting money into Bitcoin is you are going to need it out again tomorrow, or next week. As a highly-volatile asset, you have to accept that it is going to swing up and down like crazy. Over several months, however, the general direction is up, in particular in times like these.

This year compresses many things. Trends such as video conferencing, ecommerce, Work From Home etc have jumped ahead by ten years. Bitcoin is right there too, but for different but related reasons.

The advice I usually give to the curious is to open a free account at a reputable exchange, transfer a hundred bucks into your account, and use it to buy some Bitcoin (or Ethereum if you want to get exotic, but ignore everything else. Bitcoin is Coca-Cola, Ethereum is Pepsi). Then just forget about your $100, don't worry about whether your investment is going up or down. Just wait and, at the end of the year, enjoy a nice surprise.

Myself, I'm just holding no matter what happens. I could probably make more money by playing the highs and lows each day, but I can't be bothered, I'm happy with just the straightforward increase in value each year. I expect the most extreme annual gains to be over the next four years, but I'll keep holding after that anyway, I'm in it for the long-term.

[ThailandRyan]

https://www.cnbc.com/amp/2021/03/13/bitcoin-surpasses-60000-in-record-high-as-rally-accelerates-.html

With institutional buying the reality us that Bitcoin and cryptos have gone mainstream.

[bolt]

I would agree

The previous bull run in 2016-18 was individual buyers, now it’s institutional.

I’ve been exploring the newer ways of making a buck,  for example making a “pair” on Uniswap, or “Staking” on Kraken

The focus seems to be moving away from actually holding the Crypto currency, to earning/loaning whilst holding the crypto.

Its all extremely interesting, but my advice is be prepared to lose what you put in, if you are not prepared for a loss then stay away.

[Al Ladin]

this is backed with thin hot air...

good luck to you all investors

[ThailandRyan]

35 minutes ago, bolt said:

I would agree

The previous bull run in 2016-18 was individual buyers, now it’s institutional.

I’ve been exploring the newer ways of making a buck,  for example making a “pair” on Uniswap, or “Staking” on Kraken

The focus seems to be moving away from actually holding the Crypto currency, to earning/loaning whilst holding the crypto.

Its all extremely interesting, but my advice is be prepared to lose what you put in, if you are not prepared for a loss then stay away.

Never invest more than you can afford to see yourself loose and still be ahead of the game.  The same goes for relationships, never invest more than you can afford to up and walk away from and still have something to fall back on.  When I was a youngster I bought into mutual funds using a monthly purchase through a brokerage company and part of my retirement portfolio, those funds purchased were loaded with gas and electric companies.  If I was a youngster today I would buy into one of the new companies that are going mainstream with a Crypto EFT with a monthly amount as well as still buying into the stock market with companies that are investing likewise.

[blazes]

 

Another point of view:

https://dailyreckoning.com/exposed-the-bitcoin-fraud/

 

and

https://dailyreckoning.com/bitcoin-theres-no-there-there/

[Heng]

Yeah, the Tether question definitely bothers me.    A lot of this reminds me of that Roy Scheider Super Bowl ticket skit on SNL from the 80s.   At what point should I just settle?   I used to think X would be enough for the rest of my life.... then it was X and then some.... 

But surely there would be more noise if there was a problem?  ????

[GrandPapillon]

jesus, no shortage of idiots in this world, BTC could reach 100K this year ????

and since we are overdue for a big crash, it would be interesting to see it go down back to 5K ????

[parallaxtech]

2 hours ago, blazes said:

 

Another point of view:

https://dailyreckoning.com/exposed-the-bitcoin-fraud/

 

and

https://dailyreckoning.com/bitcoin-theres-no-there-there/

Bill Gates, Warren Buffett, Harry Dent, Jim Rickards, Peter Schiff, etc. all believe that bitcoin is a con.  However, they all admit that they wish they had invested early in this bubble, but now it’s too late.  We will see by this time next year if they were correct.

[Heng]

They've also been saying 'we'll see by this time next year' for years now.   Eventually they'll be right, I suppose.  

If you go back far enough on the Bitcointalk forum, there are conversations about people feeling the "pressure" of $100 a bitcoin.  

 

 

 

[herwin1234]

4 hours ago, Heng said:

They've also been saying 'we'll see by this time next year' for years now.   Eventually they'll be right, I suppose.  

If you go back far enough on the Bitcointalk forum, there are conversations about people feeling the "pressure" of $100 a bitcoin.  

 

 

 

not investing in bitcoins but its interesting to watch and its so unpredictable.

just like with Trump, each time you think its over, the Trump bubble burst, but even after the riots he just bounces back stronger than ever. lol.

pretty sure though that if i would invest, the next day the bubble burst...

[watgate]

There is a bitcoin fund named Grayscale Bitcoin Trust that trades at a very high premium and has been around for a long time and is hugely capitalized. Now, Osprey Bitcoin Trust has just been approved for trading and their fund is considerably cheaper in terms of its expenses and premium to invest, unlike Grayscale. For those folks who want to invest and get exposure to bitcoin without having to actually buy bitcoin on an exchange I am wondering which would be the better fund to invest in.

     I am thinking that now that Osprey Bitcoin trust is now open that folks will sell their Grayscale Bitcoin holdings and pour into Osprey Bitcoin Trust with their much less expensive fees and high premium. Maybe Grayscale will realize they have to lower their fees and high premium to avoid a large out pouring of investors from their fund into Osprey Bitcoin Trust.

     I am interested to hear what folks think about these 2 funds and how they would play this trade? Which would be the smarter and better fund to invest in considering the above mentioned dynamics of both of these funds and why ?

[Heng]

9 hours ago, herwin1234 said:

not investing in bitcoins but its interesting to watch and its so unpredictable.

just like with Trump, each time you think its over, the Trump bubble burst, but even after the riots he just bounces back stronger than ever. lol.

pretty sure though that if i would invest, the next day the bubble burst...

Myself I wouldn't invest in BTC now either.   I don't think it's anywhere near the top, but the 100x, 1000x days are over (mostly capped by the size of the world economy).  10-15x from this point would already be a wonderful best case, and I have a tranche sitting their just to see where it goes.... but for those kinds of returns, I prefer equities and property.      

[blazes]

6 hours ago, watgate said:

 

   Maybe Grayscale will realize they have to lower their fees and high premium to avoid a large out pouring of investors from their fund into Osprey Bitcoin Trust.

     I am interested to hear what folks think about these 2 funds and how they would play this trade? Which would be the smarter and better fund to invest in considering the above mentioned dynamics of both of these funds and why ?

Maybe it would be better to invest in Dutch tulips?

[ThailandRyan]

6 minutes ago, blazes said:

Maybe it would be better to invest in Dutch tulips?

Nah, cryptos fine for me.  Money to be made.

[Freddy42OZ]

On 3/14/2021 at 10:24 AM, donnacha said:

This is low.

 

I plan to keep acquiring more Bitcoin for at least the next 10 years, maybe longer.  

 

[watgate]

Hey blazes not a bad idea. With all the money I have made with bitcoin I can buy a tulip farm. Too bad you have lost out due to your narrow mindedness.

[jack71]

I believe it will only be a matter of time before many more institutions and hedge funds start to buy bitcoin. Whats happened this year is only just the start and look at the price hitting $60k. Imagine when hundreds more hedge funds start to buy bitcoin for their balance sheets? The price is heading to above $200,000

[bartender100]

22 hours ago, jack71 said:

I believe it will only be a matter of time before many more institutions and hedge funds start to buy bitcoin. Whats happened this year is only just the start and look at the price hitting $60k. Imagine when hundreds more hedge funds start to buy bitcoin for their balance sheets? The price is heading to above $200,000

Just started, money pouring in

 

"Institutions are Pouring $57.8M into Bitcoin Each Week, New Report Reveals"

[Heng]

About $100 billion in weak hands have pulled out this week.

[ThailandRyan]

2 minutes ago, Heng said:

About $100 billion in weak hands have pulled out this week.

scared of the ups and down.  HODL and all is good.