Bitcoin Sets Another Record as Bullish Bets Continue (nytimes.com)
- Reference: 0175450445
- News link: https://slashdot.org/story/24/11/11/1545205/bitcoin-sets-another-record-as-bullish-bets-continue
- Source link: https://www.nytimes.com/2024/11/11/business/dealbook/bitcoin-price-record-high.html
> The cryptocurrency has surged [2]since Election Day , on investor hopes that President-elect Donald J. Trump and his appointees would be friendlier to the industry after the Biden administration's aggressive enforcement of securities law that targeted several crypto companies.
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> Cryptocurrencies have become a major component of the so-called Trump trade. Bitcoin exchange-traded funds, which got the regulatory green light to trade this year, have been booming over the past week. Crypto-related companies have also jumped in value: Riot Platforms, a Bitcoin miner, is up 68 percent since Election Day and Coinbase, a crypto exchange, is up 69 percent over the same period.
[1] https://www.nytimes.com/2024/11/11/business/dealbook/bitcoin-price-record-high.html
[2] https://politics.slashdot.org/story/24/11/06/0652209/trump-wins-us-presidency-for-second-time
Bullish bets (Score:3)
Funny, I read "bullshit" at first glance.
Re: (Score:2)
Just like fiat currency!
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Value can only be established in relative terms.
- Which makes your take not only ignorant, but clownish.
You can compare it to average house prices if you wish:
2016 avg house was 664 BTC
2020 avg house was 45 BTC
2024 avg house is 6BTC
Everything goes to 0 in BTC terms.
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I always thought that FIAT was a small Italian car. Haven't seen any in this country though.
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Funny, cause "bullshit" is a good word to describe the incessant whiners saying Bitcoin is a bad investment. Been hearing that for around 10 years, while it just keeps going up and up. Sour grapes?
Gambling is an addictive drug (Score:2)
...and the addicts are on the high part of the curve before the inevitable crash
more "Pump" before the dump (Score:2)
> ...and the addicts are on the high part of the curve before the inevitable crash
Yep, once again at the "Pump" part of the pump-and-dump cycle.
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It's closer to speculating than gambling. They are willing to invest much larger chunks of money thinking they are making sound investments when really they didn't do any research / don't have a true understanding of the product.
At some point people need to cash out before it crashes. The system is only as good as the validators. Once bitcoin becomes way too crazy to mine people aren't going to keep the validation systems up forever. You'll be left with a really expensive line of code.
speculation (Score:2)
I think what we see with Crypto and what we've seen with meme stocks has a lot to do with income. More people are feeling like their best bet is to gamble, because the prospect of working hard and never getting anywhere is awful. It may seem like wages have increased but GDP has been growing faster than wages since the 70s.
[1]https://www.statista.com/chart... [statista.com]
[1] https://www.statista.com/chart/32428/inflation-and-wage-growth-in-the-united-states/
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Well, sometimes it's very easy to gamble.
I bought a German S&P500 ETF, leveraged, on 4th of November. It was pretty easy to guess that after US election - no matter who won - those would go up. USD would go up too, so since I'm investing in EUR I'd be bringing home even more. So far I'm up 15% over one week. I'm basically just having a sliding stop-loss order on that investment so that when it finally starts to drop, I'll just cash out.
Bitcoin would have been another candidate, but if Trump won, it woul
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He was wrong, obviously, thats because he had not studied the Bitcoin cycle.
Bitcoin has a 4 year cycle. Directionaly up over 4 years every time.
3 years green, 1 year red.
In 2021 It was in the last green year of the cycle, close to its ATH.
2022 was the red year where it pulled back 75% (approx) down to 16k.
2023, 2024, 2025 are the green years again, and 2026 will be the next pull back, if history repeats itself again.
Making price predictions, IMO, is silly. But with BTC you can easily make directional predic
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> . 3 years green, 1 year red.
Funny how that just happens to coincide with Republican vs Democrat governments - as someone in the news said, seems Bitcoin is inextricably tied to toxicity.
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Has nothing to do with Republican vs Democrat governements.
Its been doing that for the last 4 cycles.
Look at a BTC chart after the 2020 Election it shot up as well to new ATH.
Its about being the scarcest asset, the halving of issuance and less coins being available during the cycle at some point.
But mainly, it has to do with monetary inflation, M2 money supply and the money printer.
Some do believe the 4 year cycle in the code was deliberatly made to follow the US election cycle as that is when most of the m
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That only comes after mutltiple attemps to get someone to understand they need to study more and them refusing.
And never comes when arguments are sound and further discussion.
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Obvious mistake is obvious.
Your ignorance though... is more pronounced.
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It's related to the halving and central bank liquidity cycles. Not political parties.
You can research all of that if you're interested.