Bitcoin Price Reaches 100,000 US Dollars Per Coin, New All-Time High

[AleksandarK]

The price of a single Bitcoin has officially passed 100,000 US Dollar, making it a new record for the first implementation of digital cryptocurrency. The surge above 100,000 US Dollars comes a few hours after Jerome Powell, Chair of the Federal Reserve of the United States, made comments that "people use Bitcoin as a speculative asset. It's like gold, it's just like gold—only it's virtual, it's digital." At the time of writing, the price of Bitcoin is equivalent to 102,725 US Dollars, with market capitalization of 2.04 trillion US Dollars. Interestingly, at an all time high range, Bitcoin managed to hit the $103,587 point, which is a bit higher than the current price.

At TechPowerUp, we made numerous posts about Bitcoin, and we recall celebrating its jump to $20,000 in 2020. Today's pricing makes it hard to believe just how far the cryptocurrency has managed to go, with large institutions launching their own crypto-tracking ETFs.


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[Space Lynx]

We can't burn electricity fast enough, anyways, back to my paper straws and 9 watt LED light bulbs. Cause /s

 

[Onasi]

And then it will crash back, then rise to new highs, then crash back… it’s a cyclical story. Which basically just confirms that crypto is unsuited to be an actual currency, like it was imagined as. Makes for a great speculative investment to make money out of nothing, though. A perfect fit for modern day capitalism, I guess.

 

[R0H1T]

It's like gold, it's just like gold

More like fool's gold just way, way more expensive

it’s a cyclical story.

It's a cyclical money laundering scheme; I'd argue pretty much everything in the capital markets is

 

[Space Lynx]

More like fool's gold just way, way more expensive


It's a cyclical money laundering scheme; I'd argue pretty much everything in the capital markets is

I would argue game consoles are not. I mean even my PlayStation 1 was what $299 on launch day? and the PS5 Slim was only $375 just last week. That's not bad at all, considering how vast the tech has changed, but yes, most things I agree with you on that.

 

[Legacy-ZA]

More like fool's gold just way, way more expensive

Much better than FIAT which they keep printing ad infinitum.

The average person gets poorer while everything else gets more expensive, I believe people like to call this scam "inflation", salaries are rarely adjusted to compensate for it. If you were compensated for it, as you should be, then the question becomes, why it needs to be there to start with? Answer: It's a tool to make some obscenely rich while making the rest nothing more than a slave, a debt slave and in debt you will always be, and you will have to serve to live.

This is the way out.

Though, I like to use HBAR & XRP to move funds around, it's instantaneous, Bitcoin being the digital gold to store ones wealth safely.

 

[Space Lynx]

Much better than FIAT which they keep printing ad infinitum.

The average person gets poorer while everything else gets more expensive, I believe people like to call this scam "inflation", salaries are rarely adjusted to compensate for it. If you were compensated for it, as you should be, then the question becomes, why it needs to be there to start with? Answer: It's a tool to make some obscenely rich while making the rest nothing more than a slave, a debt slave and in debt you will always be, and you will have to serve to live.

This is the way out.

Though, I like to use HBAR & XRP to move funds around, it's instantaneous, Bitcoin being the digital gold to store ones wealth safely.

I mean, if corporations and governments move to Bitcoin, they would do the same thing with it. Bitcoin is also infinite, you just say 0.00004 of one bitcoin is worth x amount of money. I mean you can still print Bitcoin infinitely in this way. So, eh.

What you are speaking of is the human condition, intent, and morality needs to changed. Unfortunately, that will probably never happen, as people are too easily manipulated.

Also, moving money from my bank to takes 3 days, and I prefer it this way for security reasons. I get notifications, etc. Less chance of someone being able to steal my money if it takes time to move it around.

 

[R0H1T]

Much better than FIAT which they keep printing ad infinitum.

And why do you think "mining" coins is better?

I believe people like to call this scam "inflation", salaries are rarely adjusted to compensate for it.

That's a rather simplistic view of this thing called supply/demand economics. Sure, bank rates affect a lot of what we pay, but the suppliers matter arguably much more!

 

[Legacy-ZA]

And why do you think "mining" coins is better?

That's a rather simplistic view of this thing called supply/demand economics. Sure, bank rates affect a lot of what we pay, but the suppliers matter arguably much more!

Simply put, there will always only be 21M Bitcoin (Much less now, as people lost their wallet keys here and there) It's a reward for keeping the network active. Compare this with Gold or Silver, you don't store them at your home.

No, you own some stock, even then, we don't know how much gold and silver is left undiscovered on earth. I could hit a gold vein in my yard today (and die) that would increase the supply, which makes the value go down, or an asteroid impacts the pacific and is made out of pure gold, so we don't really know how much is left.

The price of Bitcoin will only go up and if people need to spend or have an emergency fund, they will actually have something of value, not some idiotic paper money that loses value daily.

 

[Space Lynx]

Simply put, there will always only be 21M Bitcoin (Much less now, as people lost their wallet keys here and there) It's a reward for keeping the network active. Compare this with Gold or Silver, you don't store them at your home.

No, you own some stock, even then, we don't know how much gold and silver is left undiscovered on earth. I could hit a gold vein in my yard today (and die) that would increase the supply, which makes the value go down, or an asteroid impacts the pacific and is made out of pure gold, so we don't really know how much is left.

The price of Bitcoin will only go up and if people need to spend or have an emergency fund, they will actually have something of value, not some idiotic paper money that loses value daily.View attachment 374501

Someone can sell you 0.00004 of a single Bitcoin, so it's not just 21 million coins exist, it's still infinite based on what markets view it as valuable. imo anyway

 

[R0H1T]

It's a reward for keeping the network active.

Reward for what exactly, why does it need to be "kept" active?

Compare this with Gold or Silver, you don't store them at your home.

No, you own some stock, even then, we don't know how much gold and silver is left undiscovered on earth. I could hit a gold vein in my yard today (and die) that would increase the supply, which makes the value go down, or an asteroid impacts the pacific and is made out of pure gold, so we don't really know how much is left.

You started with FIAT, then inflation, and now gold? I don't understand this strange pivot.

 

[Chomiq]

Thanks, now I have even more regrets about not buying it when it was worth pennies.

 

[Space Lynx]

Thanks, now I have even more regrets about not buying it when it was worth pennies.

If everyone did, it would be worthless. The sad part of our existence is that some of us have to be slaves for the rest to thrive. At least, until we turn to a Finnish model style of living. Bitcoin is no different than the million things that came before it. It still just comes down to the human condition at end of day. Until humans embrace reason and logic, and use morality to forge proper intent in crafting eudaimonia, then it will always be this way.

 

[Legacy-ZA]

Reward for what exactly, why does it need to be "kept" active?

You started with FIAT, then inflation, and now gold? I don't understand this strange pivot.

Simply, because it's all connected.

FIAT will always inflate, money printer go brrrrrrrrrrr, day and night, and they do so love to spend the money you save (go see what banks actually do with your savings) and when they screw up, they just switch on the printer (muh inflation), while if you did the same, you would be in jail. This means by the time you retire, what you saved over your lifetime, it will be worthless.

The thing that worries me the most these days, is that these "people" have their fingers in the crypto pie too and they will manipulate markets, as they always have, but here, the little guy can actually make something for himself.

As for gold & silver, they are rare only, they don't have a fixed supply like Bitcoin.

Mining rewards miners with BTC, you won't always get BTC if you mine on your own, you need to very lucky to be rewarded with BTC, lottery luck, this is why most mine in a pool (other BTC miners using their computing power together in the hopes of BTC reward) these miners are scattered across the globe, so that it's decentralized, this helps keep the network safe.

 

[R0H1T]

The thing that worries me the most these days, is that these "people" have their fingers in the crypto pie too and they will manipulate markets, as they always have, but here, the little guy can actually make something for himself.

Right, so you figured out the game.

That's where you're wrong IMO, the so-called whales still control the vast majority of cryptocurrencies!

Mining rewards miners with BTC, you won't always get BTC if you mine on your own, you need to very lucky to be rewarded with BTC, lottery luck, this is why most mine in a pool (other BTC miners using their computing power together in the hopes of BTC reward) these miners are scattered across the globe, so that it's decentralized, this helps keep the network safe.

But what are you mining? With gold, you know it's a physical thing that actually holds value as a noble metal. I do agree that the current monetary systems across the globe are vastly corrupted/inadequate for the needs of most of us, atm BTC isn't a solution!

 

[kapone32]

Nicehash was an example of a pool where you were paid in Bitcoin. There are other miners that will mine and pay Bitcoin directly to your wallet.

 

[Legacy-ZA]

But what are you mining? With gold, you know it's a physical thing that actually holds value as a noble metal. I do agree that the current monetary systems across the globe are vastly corrupted/inadequate for the needs of most of us, atm BTC isn't a solution!

Despite showing... so far, that it's been a great solution, better than what we have to use.

On the plus side, as the value of BTC increases, it's much harder to cause rug-pulls, less slippage, but anyway, to each his own, I am not telling you to buy any, all I can say is, with patience, your money increases in value over time, as mine has, unlike with FIAT currency.

 

[DeathtoGnomes]

Its funny cuz there is movement to get away from the Nicehash platform. Miners closing accounts and moving to greener pastures. What will you do to get your chunk of bitcoin?

 

[kapone32]

Its funny cuz there is movement to get away from the Nicehash platform. Miners closing accounts and moving to greener pastures. What will you do to get your chunk of bitcoin?

Nicehash themselves are moving to Switzerland. There are others. this is what happens when any of them get confirmed.

 

[R0H1T]

your money increases in value over time, as mine has, unlike with FIAT currency.

No one invests in FIAT (directly) to increase their wealth, and you can lose all your savings in a second if, say, the US+China decided to ban BTC overnight. They obviously won't do that now because billionaires, millionaires, banks, & big corporations, among many others, have a major stake in it. So again, what's the point of crypto except making a quick buck?

 

[Legacy-ZA]

No one invests in FIAT (directly) to increase their wealth, and you can lose all your savings in a second if, say, the US+China decided to ban BTC overnight. They obviously won't do that now because billionaires, millionaires, banks, & big corporations, among many others, have a major stake in it. So again, what's the point of crypto except making a quick buck?

Right... so why are you working? To buy assets? Assets that depreciate over time or you have to continuously pay taxes on the stuff you bought, like your home? Funny how if a government declares marshall law or you protest against them or about something they don't like, they can freeze your money, oh no, can't lose your wealth with FIAT. lol

If one business uses Bitcoin, and another, and customer uses it, and agree on a price, they can never remove that way of payment. They only thing they can do is prevent you from moving it INTO FIAT, but their greed got the best of them, as they want to TAX your gains.

Anyways, 14 years, is not "A quick buck" nor is it "lucky" those people saw a little further into the future than the average person, and were rewarded for their trouble. I see Bitcoin going over a million one day.

 

[R0H1T]

Right... so why are you working?

Part of it is because I need to feed myself, although I could do that now just with "investing" wisely!

To buy assets?

Nope, fiat/assets are just a means to an end. For me the end goal is much more idealistic or simplistic, depending on how you look at it.

Assets that depreciate over time or you have to continuously pay taxes on the stuff you bought, like your home?

I'm still struggling to get your line of thinking; do you consider fiat (money/cold hard cash) as an asset or not?

Funny how if a government declares marshall law or you protest against them or about something they don't like, they can freeze your money, oh no, can't lose your wealth with FIAT.

Definitely not the same situation.

Yes, but then they'd be targeting just you, not an entire set of protesters.

If one business uses Bitcoin, and another, and customer uses it, and agree on a price, they can never remove that way of payment. They only thing they can do is prevent you from moving it INTO FIAT, but their greed got the best of them, as they want to TAX your gains.

Ok, so for instance, BTC is worth 100k today. I agree to buy goods worth one BTC, but delivery isn't till next week. Then it goes down to 50k; do I pay the seller one BTC or two, and if just one, would he agree to that? The contract includes the clause for payment only after goods are received; there's no force majeure covering BTC's fluctuating value.

Anyways, 14 years, is not "A quick buck" nor is it "lucky" those people saw a little further into the future than the average person, and were rewarded for their trouble. I see Bitcoin going over a million one day.

So again, what's the point of BTC? You started with this thing called inflation—it has literally nothing to do with that, & BTC/FIAT or not, demand & supply of goods/services determines that. You're mixing a lot of concepts & lots of offshoots into something that makes little sense, i.e., defending crypto!

If you were looking for a fair(er) monetary/financial system crypto would be quite literally 180° from that. But you've also made it clear now that you're not looking for that

 

[JustBenching]

Someone can sell you 0.00004 of a single Bitcoin, so it's not just 21 million coins exist, it's still infinite based on what markets view it as valuable. imo anyway

The principal difference is that the value will not go down because of scarcity. It's by its very nature inflation proof.

Ok, so for instance, BTC is worth 100k today. I agree to buy goods worth one BTC, but delivery isn't till next week. Then it goes down to 50k; do I pay the seller one BTC or two, and if just one, would he agree to that? The contract includes the clause for payment only after goods are received; there's no force majeure covering BTC's fluctuating value.

This is just a confusion on your part. You should remove the fiat value of BTC from the equation and then you'll have your answer.

So again, what's the point of BTC? You started with this thing called inflation—it has literally nothing to do with that, & BTC/FIAT or not, demand & supply of goods/services determines that.

Demand and supply of goods is not what causes inflation. Nowadays the singular reason that causes it is oversupply of money. Printer goes brrrr.

 

[R0H1T]

This is just a confusion on your part. You should remove the fiat value of BTC from the equation and then you'll have your answer.

It's not, because as things stand today, you need to convert them to FIAT to make them work. Now even in an ideal world where there's just one currency, let's assume it's BTC; how would the equation I outlined work? How about expand that to the real world & wages/global trade? Why do you think the US/West outsourced all most of their jobs overseas? And what happens if that price differential vaporizes overnight? If you understand economics even at an undergrad level, you would know how removing/usurping the current global financial system isn't as easy as replacing them with crypto!

Demand and supply of goods is not what causes inflation. Nowadays the singular reason that causes it is oversupply of money. Printer goes brrrr.

That's BS, and you know it! You're telling me a famine in my state/country didn't cause the prices of tomatoes/onions to shoot up, but printing more rupees did, really

It seems a lot of you just watch too much of that clown Jim Cramer or someone else on YT(?)

 

[dir_d]

I can't believe people really thought Bitcoin would go down. Once the mundane "Old Money" types got into this sector everyone knew they were going to find a way to make it rise and create the same 1% for virtual currency as real currency.