Bitcoin finally breaks the $20k barrier

[UberIguana]

Bitcoin is currently bouncing around the $21.3k mark, though this is likely to change significantly over the next few days, one way or the other.

The last time this happened was in late 2017 (and crashed at the start of '18), which led to a bunch of people jumping in due to fear of missing out. These people are probably a good part of the reason it's taken a few days to cross the $20k mark, as they finally saw a chance to sell at break-even.

A lot of people are assuming this run will imitate the last one and are spewing figures like $200k-$400k per bitcoin by this time next year, which is almost certainly wildly optimistic, but it'll be interesting to see how the main alternative to state-backed fiat currency does over the next few years.

 

[KilroywasNOTHere]

how did bitcoin even become valuable.

 

[UberIguana]

how did bitcoin even become valuable.

People were willing to pay for it. Considering some of the stupid, do-it-for-the-memes tier rubbish people spend money on, the idea of a government resistant, inflation-proof currency that you can actually spend somewhat conveniently (unlike gold) isn't that unreasonable. It might have started of as a way to launder drug money, but now even major investors are getting into it. Security is arguably better too, though it's all on you to maintain it. As long as you keep your private keys private, no-one can get at your money. If they manage to break the underlying encryption, then you have bigger problems than losing some funds (e-commerce and online security is dead, with all the economic fallout that entails).

 

[KilroywasNOTHere]

People were willing to pay for it. Considering some of the stupid, do-it-for-the-memes tier rubbish people spend money on, the idea of a government resistant, inflation-proof currency that you can actually spend somewhat conveniently (unlike gold) isn't that unreasonable. It might have started of as a way to launder drug money, but now even major investors are getting into it. Security is arguably better too, though it's all on you to maintain it. As long as you keep your private keys private, no-one can get at your money. If they manage to break the underlying encryption, then you have bigger problems than losing some funds (e-commerce and online security is dead, with all the economic fallout that entails).

so don't do it unless you are a white hat or a computer expert.

 

[Rocinante]

so don't do it unless you are a white hat or a computer expert.

I mean, my friend put about $100 into cryptocurrency a few years ago and has just been treating it as a high stakes game. Is always buying or selling this or that. Has turned $100 into a few grand.

He's just your average guy.

It doesn't require any special knowledge that you can't get from a few google searches.

 

[Jormungandr]

sigh I wish I'd have bought a few hundred back in '12. I'd've been able to retire at 24 with a hot Ukrainian or American trophy wife somewhere, lol.

 

[UberIguana]

Well, in the 2 months since this thread was posted BTC has hit double $21.3k twice and is now trading at an all-time high of ~$43.2k. Will this continue for the near to mid future, or is it just the 'return to normal' stage in the latest boom-bust cycle? Who knows.

in the meantime, here are some bull versus bear bitcoin memes to mark the occasion:

Spoiler