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. It’s 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 isn’t useful as a real currency—you can’t spend it in most places. In 2020, investors decided they don’t care about that, and don’t 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 isn’t 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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4 replies	Author	Time	Post
Bitcoin keeps hitting new records, nears $30,000 in late 2020 price surge (Original post)	ansible	Dec 31	OP
I've been using it to buy......things....	BlueTsunami2018	Dec 31	#1
Predictable post-halving behavior	CabalPowered	Dec 31	#2
This is stupid. But I bought gbtc, a stock substitute	Cicada	Dec 31	#3
Erm, it still has no practical application.	joshcryer	Dec 31	#4

Response to ansible (Original post)

Thu Dec 31, 2020, 06:49 PM

BlueTsunami2018 (1,520 posts)

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

You normally can’t buy with traceable debit or credit transactions. It’s pretty cool actually. Wish I hadn’t been such a skeptic, I think it’s here to stay.

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Response to ansible (Original post)

Thu Dec 31, 2020, 07:03 PM

CabalPowered (12,607 posts)

2. Predictable post-halving behavior

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Response to ansible (Original post)

Thu Dec 31, 2020, 08:12 PM

Cicada (4,238 posts)

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 I’ll just laugh at how stupid it is. If it goes way up I’ll laugh at how stupid it is.

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Response to ansible (Original post)

Thu Dec 31, 2020, 08:44 PM

joshcryer (61,626 posts)

4. Erm, it still has no practical application.

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