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Thu Dec 31, 2020, 06:47 PM

Bitcoin keeps hitting new records, nears $30,000 in late 2020 price surge

So how many of you still believe bitcoin is a scam like so many keep on saying over and over again?

It took bitcoin (BTC) 10 years in existence to reach the $20,000 mark, on Dec. 15. Then it took just 15 days to reach $29,000. It took the Dow Jones almost three years to make the same move.

Bitcoin started the year at $7,200. Itís ending the year close to $30,000, up 296%. (For comparison, the Nasdaq is up 43% in 2020, the S&P 500 up 16%, the Dow up 7%.)

The 2020 bitcoin bonanza can be chalked up to a convergence of many positive factors, as well as a convergence of narratives.

In the past, a common criticism of bitcoin from skeptics was that it isnít useful as a real currencyóyou canít spend it in most places. In 2020, investors decided they donít care about that, and donít want to spend their bitcoin anyway. Institutional firms flooded in, viewing cryptocurrencies as a legitimate asset to hold in their portfolio.

At the very least, the consensus now appears to be: Bitcoin isnít going away. It has existed for 10 years and will continue to exist.


https://finance.yahoo.com/news/bitcoin-keeps-hitting-new-records-193106428.html

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Reply Bitcoin keeps hitting new records, nears $30,000 in late 2020 price surge (Original post)
ansible Dec 31 OP
BlueTsunami2018 Dec 31 #1
CabalPowered Dec 31 #2
Cicada Dec 31 #3
joshcryer Dec 31 #4

Response to ansible (Original post)

Thu Dec 31, 2020, 06:49 PM

1. I've been using it to buy......things....

You normally canít buy with traceable debit or credit transactions. Itís pretty cool actually. Wish I hadnít been such a skeptic, I think itís here to stay.

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Response to ansible (Original post)

Thu Dec 31, 2020, 07:03 PM

2. Predictable post-halving behavior

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Response to ansible (Original post)

Thu Dec 31, 2020, 08:12 PM

3. This is stupid. But I bought gbtc, a stock substitute

It looks like tulip bulbs but I bought 30 shares of grayscale Bitcoin trust on a greater fool theory. $750. If I lose all my money Iíll just laugh at how stupid it is. If it goes way up Iíll laugh at how stupid it is.

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Response to ansible (Original post)

Thu Dec 31, 2020, 08:44 PM

4. Erm, it still has no practical application.

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