Back when Bitcoin was about $432 I started using it to pay for some Tor servers I was running overseas. As I learned about it, running a Bitcoin node on a Pi 2 and even buying a mining machine to learn about mining, I was incredibly impressed with it as a protocol of exchange that is distributed around the world and capable of being mined and having nodes run by anyone. And no one government can shut it down. And because tokens are limited unless you can get a majority of nodes and miners to change the consensus of software that is run, devaluing their holdings, it’s deflationary which is a wonderful point to be made. As the OCGFC, Owners and Controllers of Global Financialized Capital, run the world and mismanage fiat currencies to make sure they’re inflationary, decreasing your wealth and spending power. So for Bitcoin to hit $100,000 before we’ve had the full impact of the next great depression when the OCGFC lose control of the system with a multitude of bubbles popping, it’s rather remarkable. And for those that say where does Bitcoin get it’s value, you have think along the lines of VISA and MasterCard which are worth hundreds of billions of dollars. Of course the OCGFC are running ETFs with Bitcoin, and a lot of traders are leveraged, so there can be massive sell offs of Bitcoin to cover other trading losses once things unravel. But if the next collapse approaches a great depression level event which is pointed to, there will end up being a lot of capital looking for a safe place and it won’t only be gold and precious metals, but also Bitcoin. So no telling where the top will be, especially as fiat currencies tank around the world and people figure out there is something they can hold and transact with that won’t crash in value like their worthless governement fiat currency. And you can’t easily transact with gold like you can with Bitcoin.
https://decrypt.co/292828/bitcoin-hits-100000-15-years-satoshi
Bitcoin has hit $100,000, after a phenomenal rally spurred by crypto-friendly Donald Trump’s win and institutional adoption of the asset.
Bitcoin breached the highly anticipated $100,000 price level on Wednesday, reaching the vaunted milestone more than 15 years after its mysterious creator, Satoshi Nakamoto, launched the original crypto.
Bitcoin hit the long-anticipated target above $101,000 just after 9:45 pm ET, according to Coinbase data. At the start of the year, the coin was trading for a little over $44,000. It has since risen over 120%, repeatedly breaking its high price record throughout November but falling just short of the $100,000 mark until now.
The largest crypto by market cap has come a long way since its creator, or creators mined the genesis block in January 2009.
Bitcoin has its roots in cypherpunk philosophy, designed as a decentralized currency that can be freely transacted and traded without a centralized authority and on an immutable ledger that cannot easily be altered or taken offline.
Over the years, the coin has gone from a near-worthless curio and something primarily used to purchase drugs online to one of the most valuable assets in the world—and an attractive investment for prestigious asset managers looking to hedge against inflation. Now, with Bitcoin exchange-traded funds (ETFs) flourishing this year, even Wall Street is on board.
In the past decade alone, Bitcoin has appreciated by more than 14,250%.
A bullish year
The recent surge in the asset comes amid a flurry of favorable tailwinds for the crypto industry this year.
Investor interest and inflows surged this year following the January approval of U.S.-listed spot Bitcoin exchange-traded funds (ETFs).
The Securities and Exchange Commission, Wall Street’s primary regulator, gave the green light to those funds in January following years of rejections.
Those previously prohibited from engaging with the industry over custody and security concerns can now invest as easily in it as gold, foreign currencies, or the S&P 500.
Traditional financial titans such as Goldman Sachs and Paul Tudor Jones’ Tudor Investment Corporation have bought exposure to the asset via the ETFs.
President-elect Donald Trump’s shock win on November 5 helped spur a rally aptly dubbed the “Trump Trade” by market participants.
The former Republican president—who served a four-year term between 2017 and 2021—has been a vocal industry advocate during his campaign, promising to promote and retain U.S.-based crypto mining efforts while establishing a Bitcoin reserve.
Now, with Trump’s return to the White House imminent, investors are feeling bullish that the space will be allowed to grow under his watch.
“Mad Money” host Jim Cramer startled Bitcoin investors Friday, panicking swaths of investors on Crypto Twitter after the former crypto skeptic issued a bullish call. Fielding a question from a Florida-based investor during the show’s Lightning Round Thursday, Cramer said that the Bitcoin-buying firm MicroStrategy is a less attractive investment than Bitcoin itself, from his occasionally dubious perspective. “I’ve got to tell you it’s a Bitcoin play—I prefer to actually own Bitcoin,” Cramer said…
Gary Gensler, the SEC’s current Chair, who President Joe Biden nominated, has cracked down on the digital asset space, hitting exchanges and other crypto firms with lawsuits.
With his announced upcoming departure, industry observers are hopeful for a return to a less hostile era under a new agency head. Earlier Wednesday, Trump nominated former SEC commissioner Paul Atkins for the top job, pending Senate confirmation.
Industry observers think a Republican boss of the financial watchdog will be far more friendly to the space and are now anticipating a “golden” era for digital assets.