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Bitcoin reaches new all-time high at 51,300 US dollars: „historic“ parabolic rise

Bitcoin is climbing into new territory. The bulls are trying to establish US$50,000 as support and want to make this level the „new normal“ in the BTC/USD pair.

Bitcoin (BTC) reached a new all-time high of over US$51,200 on 17 February. Trader Peter Brandt confirmed that this was a „parabolic rise“.

Bitcoin climbs into never-before-reached US$50,000 range

Data from Cointelegraph Markets and TradingView showed that the BTC/USD pair once again surpassed resistance at US$50,000 on Wednesday, this The News Spy time pushing deeper into uncharted territory.

On Tuesday, Bitcoin had reached US$50,000 for the first time ever. However, it could not hold this level for more than a few minutes.

According to analysts, the fact that it is now climbing so high again shows that the largest cryptocurrency is in a „parabolic rise“. This is the fourth in its 12-year history.

„$BTC Bitcoin is going through its third parabolic rise in the last decade,“ Brandt tweeted, complete with annotated price chart.

„A parabolic rise on an arithmetic scale is extremely rare. Three on a logarithmic scale is historic.“

Dan Held, the head of growth at Kraken, noted that if you count the initial period before 2012, there have actually been four parabolic rises.

Brandt added that should this rise fail, a correction of 80 per cent would be the „most common“ bearish consequence. Such behaviour was seen in 2018 after Bitcoin peaked at just under US$20,000. A year later, the market bottomed at US$3,100.

A „new normal“?

As Cointelegraph reported, several indicators nevertheless suggest that Bitcoin is far from failing with its uptrend and is at the beginning rather than the end of its bull run.

„US$50,000 is the new normal for #Bitcoin,“ Blockstream CSO Samson Mow said on Wednesday.

Discussing the new highs, other people also said macro factors could come together to trigger a chain reaction in terms of acceptance. That would drive Bitcoin even further into price discovery.

„If you think US$50,000 per bitcoin is expensive, wait until you see that the government is about to pull US$1,900,000,000,000 out of thin air just like that,“ the popular Twitter account Documenting Bitcoin added.

Meanwhile, the data showed that Bitcoin’s surge in recent days has taken the momentum away from altcoins. All the top 10 cryptocurrencies, except Polkadot (DOT), are currently stagnant.

Bitcoin is a medium of exchange because it is a peer-to-peer electronic system, but it is very inefficient.

Bitcoin is a better fiat currency or an alternative to cash, but it’s not cash yet.

JP Morgan said: „Gold is real money, the rest is decree money.“

In short, Bitcoin Billionaire is the new “fiat currency” or the new “liquid” of millennials. The only asset that can be called “silver” in the long term is gold.

What is money?

In Chapter IV of his major work “The Wealth of Nations” (1776), Adam Smith, considered the father of modern political economy, describes precisely the technical definition of money. Money is basically defined as a unit of account, a means of payment and a store of value.

Adam Smith explains how gold quickly became the standard currency. In addition to being a scarce resource, the chemical element gold (Au) is immutable over time. Subsequently, its physical appearance and malleability popularized it as a universally recognized form of money.

Bitcoin: is it money?

My simple and categorical answer is: no. In its current form, Bitcoin fails to be money on almost every level:

Account unit

Bitcoin is not a unit of accounting because the benchmark value of 1 BTC in 2009 is absolutely different from that of 1 Bitcoin today. Bitcoin cannot be used as an accounting measure, as the “meaning” of 1 BTC a few years ago is drastically different from that of 1 BTC today.

Payments with Bitcoin

Very few goods and services are priced in Bitcoin because to reflect their value, they would have to constantly change in price or incur significant accounting risk. Generally, goods and services that “accept” bitcoin, do not accept BTC as a unit of account, but display a price in local currency and “can be paid for with their bitcoin equivalence”.

Store of value

Bitcoin is not a store of value because its fluctuation is very independent of inflation indicators. On the contrary, it tends to fluctuate on the basis of speculation with large variations in purchasing power from day to day. Bitcoin suffers from extreme volatility:

For example, in 2009 you could mine a Bitcoin for pennies on the dollar of electricity cost, say $ 0.05. As of December 2017, the price of Bitcoin was $ 19,166.

Do not confuse: “price appreciation and speculation” with “store of value”.

In January 2018, a month after the peak in December 2017, however, Bitcoin was priced at $ 9,192. As of December 2018, it stood at $ 3,194.

In the long run, Bitcoin has not been proven to be a store of value. It even showed the opposite, being an asset with price instability and high volatility.

I would not recommend anyone to put all of their savings, rent, or money in Bitcoin as it is not possible to know if the value of BTC will remain stable in one way or another.
Bitcoin is above all a speculative asset.

Bitcoin as a payment method

Bitcoin is a medium of exchange because it is a peer-to-peer electronic system, but it turns out to be very poorly performing.

Visa and Mastercard Bitcoin

Bitcoin can execute an average of 4 transactions per second. By comparison, Mastercard or Visa systems are capable of executing 24,000 transactions per second. In terms of medium of exchange, it is therefore much inferior to current payment systems, although it is a new technology.

Is BTC collectible?

Bitcoin’s new price discovery process suffers from a lack of transparency in the stock market order books (many of which are unregulated) and a lack of liquidity. This is because Bitcoin is concentrated in the hands of only a few ( 2% of wallets control 95% of all bitcoin).

Bitcoin is therefore prone to sudden drops due to the lack of simultaneous buy and sell orders.

Idąc w ślady MicroStrategy i Square, firma wydobywcza Bitcoin Marathon Patent Group inwestuje teraz dużą część swojej rezerwy skarbowej w BTC.

Marathon kupił BTC o wartości 150 milionów dolarów za nieco ponad 31000 dolarów za bitcoina, zgodnie z komunikatem prasowym firmy.

Mówi Merrick Okamoto, prezes i dyrektor generalny Marathon

„Kupując bitcoiny o wartości 150 milionów dolarów, przyspieszyliśmy proces przekształcania Marathon w coś, co uważamy za faktyczny wybór inwestycyjny dla osób fizycznych i instytucji, które poszukują ekspozycji na tę nową klasę aktywów.

Uważamy również, że trzymanie części naszych rezerw skarbowych w Bitcoinie będzie lepszą długoterminową strategią niż trzymanie dolarów amerykańskich, podobnie jak w przypadku innych myślących przyszłościowo firm, takich jak MicroStrategy ”.

Według CoinMarketCap, MicroStrategy posiada obecnie około 70784 BTC o wartości ponad 2,25 miliarda dolarów w momencie pisania. Square kupił 4709 BTC o wartości około 148 milionów dolarów.

Okamoto zauważa, że Marathon zakontraktował zakup 103 060 koparek, które mają zostać w pełni wdrożone w pierwszym kwartale roku podatkowego 2022.

Mówi dyrektor naczelny:

„Gdyby wszyscy górnicy działali dzisiaj, na podstawie obecnego wskaźnika trudności sieci Bitcoin, wyprodukowalibyśmy około 55-60 bitcoinów dziennie. Jednak dzięki wykorzystaniu naszej gotówki w kasie do inwestowania w Bitcoin teraz, przekształciliśmy nasz potencjał, aby stać się inwestycją czystą w rzeczywistość. ”

Martti Malmi would have been a billionaire if he had kept his 55,000 BTC, but perhaps his journey – and Bitcoin’s – would also have been different if he had chosen to follow in the crypto community.

The Finnish Martti Malmi is one of the most important Bitcoin (BTC) developers in the world. He made the headlines at the end of last year by telling how he practically „threw away“ about 55,000 Bitcoins and could be one of the biggest billionaire whales in the world today.

12 years ago, Hal Finney announced the first Bitcoin knot

On December 18, Malmi wrote:

I would be a *billionaire* now if I hadn’t sold too soon the 55,000 Bitcoins that I mined from my laptop in 2009-2010 (mainly before 2012). This is regrettable, but again, with the first bitcoiners, we set in motion something greater than personal gain.
– Martti Malmi (@marttimalmi) December 18, 2020

At the time, Malmi disposed of 55,000 BTC for an average of $5. Today, the currencies would be worth no less than $2.2 billion
E-mail for Satoshi and Bitcoin development

In April 2009, Martti Malmi learned about a small Internet project dedicated to developing the first blockchain and the first cryptomeda: it was Bitcoin. He sent an e-mail to Satoshi Nakamoto, the anonymous creator of the project:

I would like to help with Bitcoin if there is something I can do.

As one of the developers of the project, Malmi helped Satoshi Nakamoto to introduce version 0.2 of Bitcoin, with the most important changes since the beginning of its development.

He also helped to improve the first better versions of Bitcoin software, making him one of the first Bitcoin miners to be publicly recognized. It was during this period, between 2009 and 2011, that he extracted more than 50 thousand Bitcoins using his laptop.

In his first transaction, on October 12, 2009, he sold 5,050 BTC for a total of US$ 5.02. It was the first transaction in history between Bitcoin and a fiduciary currency, opening doors for the development of thousands of Bitcoin exchanges, the first of them with Malmi’s contribution, being bitcoinexchange.com.

Obviously, the time distance is almost irrelevant in this case, since Bitcoin would not become what it is today if it were not for Malmi, but in current values this transaction would be worth: US$ 183,890,065.

12 years ago Satoshi Nakamoto gave life to Bitcoin when mining the Genesis Block

In 2011, when Bitcoin reached $30, Malmi sold 10,000 BTC and managed to buy a studio apartment near Helsinki, Poland:

In 2011, when the exchange rate peaked at $15-$30, I sold over 10,000 BTC to buy a reasonably comfortable apartment near Helsinki. Great achievement for a 22-year-old who never had much money. Probably the most expensive studio in the world now, but at least I bought more than 2 pizzas. pic.twitter.com/AQupV94ev0
– Martti Malmi (@marttimalmi) December 18, 2020

Despite the excitement of the early years, Malmi distanced himself from the community – as did Satoshi – until he left Bitcoin for good in 2012. He explains:

„I thought the atmosphere was getting less inspiring and exciting than in the early days, when the potential of Bitcoin had not yet been developed. On the other hand, by that time, Bitcoin already had many trained programmers who would keep it running“.

Malmi was getting rid of his coins, but he did not abandon the principles that led him to the Bitcoin project. In 2013, he launched a project called Identifi, a decentralized system for digital identities. Later, he contributed to the creation of Iris, a decentralized communication system, with end-to-end cryptography and multi-platform capacity, among other works involving cryptography, disruptive technologies and – especially – decentralization.

One of the first Bitcoin developers lost US$1.3 billion for selling too early

Lessons from an ex-Bitcoiner

Although he left the crypto community, he never lost sight of Bitcoin, considering cryptomoeda „the most convenient way to pay online“.

In 2012, Malmi needed money and had to settle all his Bitcoins at only $5 per coin. In one of the tweets, he says he „was happy with the small winnings he made“ and shared some lessons from his journey, highlighted by Entrepeneur’s Handbook portal.

The first is that values are always changing. Dollars and Bitcoins are currencies that represent a certain value. Malmi’s „bad luck“ may be revealing to us that the values of the digital world (BTC) are beginning to surpass the values of the material world (USD).

The second is that money is always important, that more is always less, and that having money gives you political power – less dependence on others, more influence on others.

Bitcoin durchbrach am 7. Januar die Marke von $40.000 und erreichte damit ein neues Rekordhoch von $40.180, machte aber nach einer intensiven Preisabfuhr schnell eine Korrektur nach unten. Dies führte dazu, dass der große Bulle bei einem Preis von $36.491 schloss. Bitcoin gewann einen Tag später wieder an Schwung und testete erneut sein vorheriges Allzeithoch, was dazu führte, dass die Kryptowährung einen weiteren ATH-Preis von $41.946 erreichte.

Wieder sah sich Bitcoin mit Ablehnung konfrontiert und machte eine Abwärtsbewegung bis zum Niveau von $36.838, obwohl es Bitcoin immer noch gelang, bei $40.000 zu schließen. Offensichtlich verstärkt sich der bärische Druck bei den $40.000 Levels und wenn die Bullen der Hitze nicht standhalten können, könnte Bitcoin weiter nach unten rutschen. Es gibt einige Schlüsselfaktoren, auf die man genau achten sollte, wenn Bitcoin den vorherigen Widerstand wieder erreicht.

Zu Redaktionsschluss handelt Bitcoin bei einem Preis von $40.894. Der 1-Stunden-Chart zeigt, dass die Bullen hartnäckig sind, da Bitcoin es geschafft hat, am oberen Ende der $30.000-Marke zu bleiben, auch wenn Analysten anmerken, dass die Preise abstürzen und zur $36.000-Unterstützung zurückkehren könnten.

In der Zwischenzeit ist Crypto-Twitter wie üblich mit seinen Hot Takes auf. Travis Kling, der Leiter einer Krypto-Asset-Management-Firma beobachtet, dass eine massive Preiskorrektur, was er als „schwarzen Freitag“ könnte sehr schnell sehen, die großen Bullen Handel bei $20,000. Sicherlich wird dies zu massiven Rückgängen für die bullischen Investoren und Händler im Markt führen, die Verkäufer könnten aber auch weiterhin nonstop verkaufen, was dazu führt, dass Bitcoin noch tiefer gehandelt wird.

Eine ähnliche Meinung vertrat der Analyst Joseph Young, der ironischerweise vorausgesagt hatte, dass Bitcoin niemals unter $20.000 handeln wird. Der Analyst warnte, dass der laufende Wochenend-BTC-Verkauf von asiatischen Investoren einen signifikanten Preisdump gebären könnte.

Vor diesem Tweet, es schien, dass Wale ihre Crypto nach dem $36,500 Preisrückgang verkaufen, in Erwartung der niedrigeren Tiefs.

Young fügte hinzu, dass ;

„Es ist die gleiche alte Geschichte.

Käufer in den USA, vor allem Coinbase (aufgrund des massiven Volumens, Prämie, Abflüsse), tragen Bitcoin zu neuen Höchstständen. Wale, die Gewinne mitnehmen, sobald BTC ein neues Hoch erreicht.

Daher ist es umso wichtiger, die Abflüsse und das Volumen von Coinbase zu beobachten.“

Bitcoin-Analysten prognostizieren auch eine bullische Zukunft für Bitcoin, wenn die Demokraten die Macht übernehmen. Es heißt: „Jetzt, wo Trump konzediert hat, können wir erwarten, dass die Covid Lockdowns in den USA noch viel schlimmer werden, so wie sie es in den letzten Tagen in Europa waren. Die Biden-Administration wird sehr ernsthafte Versuche unternehmen, Orte wie Texas und Florida in den Full Lockdown zu bringen. Bullish für Bitcoin, Bearish für USD.“

„Il est logique qu’un réseau d’argent soit plus précieux qu’un réseau social“, a déclaré Cameron Winklevoss dans ce qui doit être un moment remarquable pour les jumeaux.

Après avoir gagné 65 millions de dollars en poursuivant Facebook, ils ont acheté pour 11 millions de dollars de bitcoins en 2013

On se moquait d’eux à l’époque, mais l’estimation de 100000 bitcoins vaut maintenant plus de 4 milliards de dollars, car les jumeaux sont finalement confirmés avec un bitcoin dépassant la capitalisation boursière de Facebook.

Capitalisation boursière de Bitcoin, janvier 2021

La capitalisation boursière de Facebook est actuellement de 765 milliards de dollars, tandis que le bitcoin est passé à 768 milliards de dollars, le réseau monétaire dépassant pour la première fois le réseau social.

Mark Zuckerberg, pour sa part, tente de s’impliquer dans la crypto depuis 2018 , exposant en 2020 une vision d’une boutique dans chaque instagram pouvant être transigée par crypto.

Son projet Libra a cependant suscité un examen politique intense, on ne sait pas s’il sera autorisé à se lancer.

Les jumeaux, quant à eux, ont rejoint la foule des bitcoins au lieu d’essayer de créer les leurs, et maintenant sept ans plus tard, ils ont gagné plus qu’un simple procès.

Overzealous at JP Morgan? – More or less fanciful price predictions have always marked the tumultuous history of Bitcoin (BTC). Today, however, it is the very serious JP Morgan Chase & Co., one of the largest banks in the world, which sees the BTC largely exceed 100,000 dollars.

When Bitcoin competes with gold as a safe haven

Investment strategists mega-bank JP Morgan shared their analysis on the current craze for Bitcoin with the newspaper Bloomberg .

The opinion of the experts led by Nikolaos Panigirtzoglou is final. The king of cryptos has the potential to compete directly with gold as an asset class.

Bitcoin could thus become a recognized store of value , just like the precious metal. Even if the stabilization of the price of bitcoin would be necessary first, in a „process of several years“ , according to the experts, this would have the consequence of exploding the price of BTC:

“(…) The theoretical target of $ 146,000 for the price of bitcoin should be viewed as a long-term target, and therefore an untenable price target for this year. “

The term „not tenable“ (unsustainable) is noteworthy because it implies that JPMorgan teams do not exclude that the BTC can do this year 2021, an upward wick at these price levels, also unpublished that sky-high. This would still require an increase of more than 350% from the current price.

A price of BTC oscillating between 50,000 and 100,000 dollars in 2021?

Beware, however, of excessive optimism ! JP Morgan analysts warn that the very sharp rise in prices in recent weeks could lead to a „breathing“ (including a „correction“ ):

“The [current] valuation and the context of [too many long] positions make this start of the new year perilous for Bitcoin. “

So while speculation could push BTC to a “price consensus between $ 50,000 and $ 100,000” , this latter price point could also prove too ambitious to hold for now.