Bitcoin valuation tops $2,000 for the first time ever

Shawn Knight

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Staff member

The world’s most popular cryptocurrency has achieved a new milestone as the value of Bitcoin recently topped $2,000 per coin for the first time ever.

As of writing, Bitcoins are trading at $2,023.95 according to the CoinDesk Bitcoin Price Index (BPI). That puts the total market cap (the value of all Bitcoins currently on the market) at $33.08 billion. The total supply of Bitcoins currently sits at 16,343,288.

Bitcoin first broke the $1,000 barrier in November 2013 but slid significantly shortly after. It wasn’t until early this year that its value returned to the $1,000 range.

Bitcoin isn’t the only cryptocurrency that has enjoyed success as of late. As Neowin highlights, several other virtual currencies have also seen their value rise sharply in recent months. Of the nearly $70 billion market cap for all cryptocurrencies, Bitcoin only accounts for 47 percent versus around 80 percent just a few months ago.

Early adopters that have managed to hang on to their stashes must be jumping for joy while those that sold for pennies on the dollar have to be kicking themselves.

The most well-known example of this is Florida programmer Laszlo Hanyecz. In 2010, Hanyecz managed to convince someone to accept 10,000 Bitcoins in exchange for two pizzas from Papa John’s. At the time, the coins were worth roughly 0.003 cents each but just seven years later at today’s value, those pizzas cost the programmer more than $20.2 million.

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Speculation and Assumption are the two mothers of all f....-ups.

Bitcoins follow the same pattern as tulips, a value sucked out of thin air.

Looking forward to the day when it all blows.
 
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Sold a few PS3 titles a while back for ~8 dollars in total. Decided to transact it in BC instead of USD. Liquidating the position tomorrow for about $38.

Speculation and Assumption are the two mothers of all f....-ups.

Looking forward to the day when it all blows.

"I hope people lose big for engaging in something I don't like."
 
Speculation and Assumption are the two mothers of all f....-ups.

Bitcoins follow the same pattern as tulips, a value sucked out of thin air.

Looking forward to the day when it all blows.
The difference between tulips and bitcoins is that there are countries around the world where the government supports bitcoin transactions. Its actually a better fiat currency than most considering you can't print trillions of them. Most bitcoins that can be mined already have been so its not like there are going to be tons of them flooding the market anytime soon.
 
Of course, the real mark of "acceptance" of the bitcoin is when they get to the point that a person can receive their wages in them, use them at any establishment, and feel safe that their value will be more stable. Also, being able to trade shares in the stock exchanges in value of bitcoins, although I seriously doubt that will ever be accepted in the US since it would make it far more difficult for the IRS to collect taxes, penalties, etc..

All in all I like the idea just because it breaks the monopoly that standard currencies have and let's face it, there's nothing more fun that being able to PO your government and get away with it! LOL
 
It's unfortunate that the worst cryptocurrency is the one that has the most mindshare and highest value. (Both things come from it being first, so it's natural, but it's still a real pity.)

That's changing pretty quickly though. Check the Market Cap: Ethereum, Ripple, and DASH are truly challenging Bitcoin. In fact Bitcoin is only 46% of the market at this point.
 
Of course, the real mark of "acceptance" of the bitcoin is when they get to the point that a person can receive their wages in them, use them at any establishment, and feel safe that their value will be more stable. Also, being able to trade shares in the stock exchanges in value of bitcoins, although I seriously doubt that will ever be accepted in the US since it would make it far more difficult for the IRS to collect taxes, penalties, etc..

All in all I like the idea just because it breaks the monopoly that standard currencies have and let's face it, there's nothing more fun that being able to PO your government and get away with it! LOL


I somewhat doubt Bitcoin will ever get to the level of total currency replacement, at least not for a decade. If it did a single Bitcoin would easily be worth $100,000+...


My estimation is that if all turns out well, cryptocurrency will essentially replace Paypal, Venmo, online tipping, and credit cards. But I think government currency will always be around.
 
Speculation and Assumption are the two mothers of all f....-ups.

Bitcoins follow the same pattern as tulips, a value sucked out of thin air.

Looking forward to the day when it all blows.

One could say the same of the dollar, and its even worse because its controlled by a private entity, the Federal Reserve. Bitcoin is trustless. Bitcoin solved the problem of having to trust crooked human beings with our store of value. I suggest you get a bit more info on the subject, since you are here, you're clearly interested in technology, why not give bitcoin a chance?

Cheers.
 
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