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Started By
Message
Why is Bitcoin soaring?
Posted on 2/28/24 at 1:16 pm
Posted on 2/28/24 at 1:16 pm
Currently at $61,400 up 165% in one year
Near it’s all time high. Some are projecting a run to 150,000!
I can’t find any real rationale for the increase other than market factors.
I don’t see any change in its acceptance as a currency or other factor that adds value. I see that some ETF’s have come out that could increase buying pressure.
Otherwise, is there some other factor at play here that could rationalize the rise?
Near it’s all time high. Some are projecting a run to 150,000!
I can’t find any real rationale for the increase other than market factors.
I don’t see any change in its acceptance as a currency or other factor that adds value. I see that some ETF’s have come out that could increase buying pressure.
Otherwise, is there some other factor at play here that could rationalize the rise?
24
Posted on 2/28/24 at 1:18 pm to SlidellCajun
Halving
Etfs hoovering up mass quantities of btc
Etfs hoovering up mass quantities of btc
Posted on 2/28/24 at 1:23 pm to SlidellCajun
ETFs are pumping $500 million a day into it
ETA: Oh another Slidell thread where the same question will be asked 47 times over the next 6 pages
ETA: Oh another Slidell thread where the same question will be asked 47 times over the next 6 pages
This post was edited on 2/28/24 at 1:24 pm
Posted on 2/28/24 at 1:25 pm to SlidellCajun
Demand > Supply
900 bitcoin are mined per day, so that's roughly 44,100 bitcoin mined since the ETFs were approved, and the ETFs have been responsible for the purchase of 300,000 bitcoin.
900 bitcoin are mined per day, so that's roughly 44,100 bitcoin mined since the ETFs were approved, and the ETFs have been responsible for the purchase of 300,000 bitcoin.
Posted on 2/28/24 at 1:29 pm to SlidellCajun
quote:
Currently at $61,400 up 165% in one year
Near it’s all time high. Some are projecting a run to 150,000!
I can’t find any real rationale for the increase other than market factors.
I don’t see any change in its acceptance as a currency or other factor that adds value. I see that some ETF’s have come out that could increase buying pressure.
Otherwise, is there some other factor at play here that could rationalize the rise?
Human fear and greed.
Posted on 2/28/24 at 1:32 pm to SlidellCajun
I've been wondering how much of that growth is coming from investors turning to it over precious metals as inflation continues its run.
Posted on 2/28/24 at 1:38 pm to SlidellCajun
As others have said, supply shock and halvening
Posted on 2/28/24 at 1:49 pm to SlidellCajun
There were more individual trades in BTC ETFs yesterday than SPY. Keep in mind this is before options..
Posted on 2/28/24 at 1:53 pm to SlidellCajun
The best advertisement for a security is its own price movement
Posted on 2/28/24 at 2:10 pm to SlidellCajun
Today’s climb is largely due to the G.O.A.T. CEO Jamie Dimon finally giving it an endorsement publicly.
Posted on 2/28/24 at 2:16 pm to OhioLSUfan
I thought that was interesting too.
He says that he regrets calling Bitcoin a Fruad. "The blockchain is real"
He says that he regrets calling Bitcoin a Fruad. "The blockchain is real"
Posted on 2/28/24 at 4:28 pm to SlidellCajun
mass money raising scheme going off again. the bad guys will go in and suck all the value out again when they are ready and all the average joes will be left high and dry again.
Posted on 2/28/24 at 4:31 pm to TigerTatorTots
quote:
ETA: Oh another Slidell thread where the same question will be asked 47 times over the next 6 pages
This
DO. NOT. ENGAGE.
Posted on 2/28/24 at 4:33 pm to SlidellCajun
If only there was someone in money talk who told you this was going to happen as it’s guaranteed. It’s math. It’s programmed.
Posted on 2/28/24 at 4:55 pm to SlidellCajun
quote:
I can’t find any real rationale for the increase other than market factors.
What the frick does this even mean?
What other factors make things go up and down?
Posted on 2/29/24 at 1:40 am to Hateradedrink
If you are just attempting to figure out BTC at this point, you are late to the dance......VERY LATE.
You had better do some video watching and open your mind to a different way of thinking about money.
The good news is it is never too late.
The real news is BTC has finally received world wide approval. Countries own BTC, Blackrock and the likes own BTC, many individuals own BTC.
It all lies in the fact that there is finally an asset that has LIMITED supply. Every other asset, FIAT currency (any countries), Gold, you name it has ALWAYS been leveraged and printed into uselessness.
BTC has a finite amount (21M) of which ~5M have been lost forever (think of that thumb drive you had in 2007 that happen to have stupid files on it that was thrown away, or people with large amounts simply lost the passwords to where they were stored it, or someone died and nobody else had access). GONE.
From today until the year 2140, about 1.4M are left to be mined. There are about 2M currently in circulation with people actually willing to sell and the 13.5M that haven't moved in a long time.
So, with about 2M up for grabs, and 900 being mined daily, there are about 9000 / day being bought up and that is increasing daily. That means there is only about 225 days (7 Mos) at this rate, and oh by the way the rate of production gets cut in 1/2 (halving) in mid April.
People in the know are actually shocked that there are any up for sale at this time.
10/10 people have heard about BTC
8/10 want nothing to do with it.
2/10 dabble in it
1/1000 actually are buying it.
With only 2M up for grabs effectively, there are 90% of the millionaires in the world can't own a single BTC.
Think of this as the 1923's when the FED created the Fed Res, but instead of big money holding the power, retailers hold the power and big banks and countries are just trying to get in now.
You had better do some video watching and open your mind to a different way of thinking about money.
The good news is it is never too late.
The real news is BTC has finally received world wide approval. Countries own BTC, Blackrock and the likes own BTC, many individuals own BTC.
It all lies in the fact that there is finally an asset that has LIMITED supply. Every other asset, FIAT currency (any countries), Gold, you name it has ALWAYS been leveraged and printed into uselessness.
BTC has a finite amount (21M) of which ~5M have been lost forever (think of that thumb drive you had in 2007 that happen to have stupid files on it that was thrown away, or people with large amounts simply lost the passwords to where they were stored it, or someone died and nobody else had access). GONE.
From today until the year 2140, about 1.4M are left to be mined. There are about 2M currently in circulation with people actually willing to sell and the 13.5M that haven't moved in a long time.
So, with about 2M up for grabs, and 900 being mined daily, there are about 9000 / day being bought up and that is increasing daily. That means there is only about 225 days (7 Mos) at this rate, and oh by the way the rate of production gets cut in 1/2 (halving) in mid April.
People in the know are actually shocked that there are any up for sale at this time.
10/10 people have heard about BTC
8/10 want nothing to do with it.
2/10 dabble in it
1/1000 actually are buying it.
With only 2M up for grabs effectively, there are 90% of the millionaires in the world can't own a single BTC.
Think of this as the 1923's when the FED created the Fed Res, but instead of big money holding the power, retailers hold the power and big banks and countries are just trying to get in now.
Posted on 2/29/24 at 6:21 am to SlidellCajun
At this point all I can say is I wish I would have bought more. Apparently many others are thinking the same thing!
Posted on 2/29/24 at 6:29 am to Bard
quote:
I've been wondering how much of that growth is coming from investors turning to it over precious metals as inflation continues its run.
GLD and other paper gold proxies has been bleeding AUM since the BTC ETFs launched setting up an interesting dynamic. Hardcore goldbugs are not selling physical but those holding paper are. As physical migrates east and paper AUM shrinks it is more difficult for NY/London to "manage" the gold price.
LINK
Posted on 2/29/24 at 7:16 am to Hateradedrink
quote:
What the frick does this even mean? What other factors make things go up and down?
The above response is exactly what I’ve found so puzzling about those that “invest” in bitcoin or other alternative currency.
Currencies can have value relative to other currencies based on their usage and fundamental, as well as perceived value.
For instance, the US currency is the only sanctioned currency to be used for certain products worldwide. In some instances, the USD is the only currency that can be used to buy and sell oil.
It’s also sanctioned by every government on the planet. It’s also backed by a country with the largest GDP.
My query was relative to what news had come out about bitcoin to make it soar in price. For instance, perhaps the US government sanctioned it as a method of payment for taxes.
Instead, all I’m seeing is news about the allowance of ETF’s and something called halving. These appear to apply market value but no change in bitcoin’s actual usage.
This post was edited on 2/29/24 at 10:18 am
Posted on 2/29/24 at 7:17 am to OhioLSUfan
quote:
Jamie Dimon finally giving it an endorsement publicl
I hadn’t seen this but if so, it’d be big.
Can you post his actual comments?
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