A single Bitcoin is now worth more than... $23,000

[Shawn Knight]

Bottom line: Bitcoin on Wednesday surpassed the $20,000 threshold for the first time. It's a major milestone for the volatile cryptocurrency and one that could be a turning point in its journey to mainstream relevance. Will this be the high point or just a stepping stone?

Update (12/7): Less than a day later, Bitcoin has kept surging and surpassed the $23,000 barrier. According to Coindesk, an investment in Bitcoin has yielded over 200% returns in 2020. You can track the price of Bitcoin here.

The cryptocurrency hit the scene in 2009 and was created by an individual or a group of individuals going by the name Satoshi Nakamoto. The true identity of Bitcoin’s founder remains a mystery despite multiple investigations and false claims.

Bitcoin was a relative unknown for many years but started to pop up on the radar of enthusiasts in the early to mid 2010s. When Bitcoin’s value crossed the $1,000 mark in early 2017, all bets were off. The cryptocurrency skyrocketed in value over the next several months and seemed destined to shatter the $20,000 milestone.

Ultimately, its value topped out just north of $19,000 in mid-December 2017 and that’s when the selloff started. Over the next year, Bitcoin’s value fell to nearly $3,000 and it appeared as though it was little more than a short-lived fad.

Bitcoin’s resurgence started in early 2019 and after a couple of false starts, its value started climbing once again. As of this writing, a single Bitcoin is trading for $20,732.30. Some believe that 2021 could be Bitcoin's breakout year and that it could potentially go as high as $100,000.

Image credit Travis Wolfe, SPF

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https://www.techspot.com/news/88003-bitcoin-surpasses-20000-milestone-first-time.html

 

[terzaerian]

Nocoiners btfo

 

[DZillaXx]

Even at 20k its a bargain compared to what it will be in 30-50years from now.

 

[Bulllee]

Even at 20k its a bargain compared to what it will be in 30-50years from now.

Now there's a thought to conjure with.

 

[PEnnn]

In other words, we'll never see a mid / high end GPU in a store ever again!

At least till the next Bitcoin bubble implosion.

 

[Karlos95]

Funny, when ever there is a bitcoin article saying something negative everyone no coiner comes out of the wood work and says how bad it is (without any knowledge of it or their own financial system for that matter) but no negative comments when it is at all time highs, must be sad they missed out lol

 

[terzaerian]

Funny, when ever there is a bitcoin article saying something negative everyone no coiner comes out of the wood work and says how bad it is (without any knowledge of it or their own financial system for that matter) but no negative comments when it is at all time highs, must be sad they missed out lol

It's a sickness, luckily it isn't terminal. If I can beat it, anyone can

 

[VitalyT]

Even at 20k its a bargain compared to what it will be in 30-50years from now.

I'm betting it will be zero. It is nothing but a sophisticated pyramid scheme.

 

[terzaerian]

I'm betting it will be zero. It is nothing but a sophisticated pyramid scheme.

If Bitcoin is a pyramid scheme all systems of value and exchange are a pyramid scheme.

And considering 20% of all dollars were made in the past year, I don't want to hear a damn thing about "muh dollars". You want a scam that's plummeting to zero, the Federal Government is the biggest there is

 

[VitalyT]

If Bitcoin is a pyramid scheme all systems of value and exchange are a pyramid scheme.

Welcome to the 21st century, where money governs everything, starting with people's conscience. Greed knows no limits. Bitcoin will raise to some absurd levels, and then it will collapse into zero, dragging worlds economy along. The supernova effect is that it always burns out in the end.

Bitcoin ticks every box of what defines a financial pyramid, starting from the most basic one - it was created and promoted by people who were looking for a get-rich quick scheme. They found it, made billions from it, and now this crap is praised by millions of suckers who came after, who believe if they suck it vigorously and loudly enough, this crap will keep going up indefinitely. LOL.

And if god forbids it crosses ATH, they all start $hitting themselves, polluting Internet with their nonsense. Which is exactly what is happening right now. Just the next wave of BS tide.

 

[terzaerian]

Welcome to the 21st century, where money governs everything, starting with people's conscience. Greed knows no limits. Bitcoin will raise to some absurd levels, and then it will collapse into zero, dragging worlds economy along. The supernova effect is that it always burns out in the end.

Everything burns out in the end. We're watching the dollar do it right now. So you'd rather people on the dollar just get dragged down to poverty because it's not "greedy"? That seems a lot more sociopathic to me than encouraging them to move to a forward-looking monetary system that isn't actively in the process of self-destructing.

I was where you are and it was a dumb place to be - emotionally invested in the failure of a new technology I didn't understand. It was petty and stupid but hopefully one day you'll realize that too.

 

[VitalyT]

Everything burns out in the end. We're watching the dollar do it right now. So you'd rather people on the dollar just get dragged down to poverty because it's not "greedy"? That seems a lot more sociopathic to me than encouraging them to move to a forward-looking monetary system that isn't actively in the process of self-destructing.

I was where you are and it was a dumb place to be - emotionally invested in the failure of a new technology I didn't understand. It was petty and stupid but hopefully one day you'll realize that too.

Oh yes, you are smart.... let's buy Bitcoin, because tomorrow it will be worth 1 trillion, and we all will have yachts and private planes. Heard those praises, in psychiatric wards.

It is as crazy as turning my words into somehow supporting the worthless US dollar. I guess you just turn everything into what you want to hear from people are actually saying. I never said anything in favor of the dollar.

 

[terzaerian]

Please settle on a screed!

Bitcoin ticks every box of what defines a financial pyramid, starting from the most basic one - it was created and promoted by people who were looking for a get-rich quick scheme. They found it, made billions from it, and now this crap is praised by millions of suckers who came after, who believe if they suck it vigorously and loudly enough, this crap will keep going up indefinitely. LOL.

No, it wasn't. The creator, Satoshi Nakamoto, mined thousands of BTC that to this day haven't been touched to get the network up and running. During the early days the scene did attract lots of scummy bad actors but at this point they've largely run off to start scams elsewhere in the crypto space. At this point there is a huge stable base of on-the-level, well-regulated exchanges and businesses in crypto.

And if god forbids it crosses ATH, they all start $hitting themselves, polluting Internet with their nonsense. Which is exactly what is happening right now. Just the next wave of BS tide.

Every time there is a 5% drop nocoiners like you start grandstanding and declaring "BITCOIN FINALLY DEAD," tell me how that's at all morally superior?

 

[terzaerian]

It is as crazy as turning my words into somehow supporting the worthless US dollar. I guess you just turn everything into what you want to hear from people are actually saying. I never said anything in favor of the dollar.

Okay, you don't like the dollar, you don't like Bitcoin, so what exactly do you like? Are we supposed to just beat other people up to acquire goods? Or do you just believe that gold and gold alone has been ordained to be a store of value for all of time? I'm confused at how you think the exchange of goods and services should work here.

 

[mbk34]

Who'd of thought, a currency system based on maths, required by drug lords and generated by gaming graphics cards. It sounds like a bad sci-fi book

 

[Satish Mallya]

IDK who needs to hear this, but Bitcoin has been impossible to profitably mine on graphics cards for a good long time now.

Sure, there's other cryptos, but we're not talking about them.

 

[terzaerian]

Who'd of thought, a currency system based on maths, required by drug lords and generated by gaming graphics cards. It sounds like a bad sci-fi book

It's a really poor choice for drug lords seeing as the blockchain is completely public. The savvy ones moved to Monero a long time ago.

 

[Gastec]

What's the deal with the $20,000 "milestone". Why not $19,000 or $21,000?

 

[TheBigFatClown]

Okay, you don't like the dollar, you don't like Bitcoin, so what exactly do you like? Are we supposed to just beat other people up to acquire goods? Or do you just believe that gold and gold alone has been ordained to be a store of value for all of time? I'm confused at how you think the exchange of goods and services should work here.

I don't like the dollar but it is what it is right now. I don't like bitcoin either.

I'd like too see money disappear all together. Bartering, goods for goods, favors for favors. Those should be the currency. Anytime you have a middle man you're gonna get !@#$%^ one way or the other.

 

[sac39507]

I remember when it was at $9K and thought it was crazy high and didn't buy even though I had the means to do so. Rumor has it that it could potentially reach $100K? Will I say the same thing then?

 

[terzaerian]

What's the deal with the $20,000 "milestone". Why not $19,000 or $21,000?

The last ATH a couple years ago was $20k; Bitcoin rapidly pulled back from that and a lot of people (myself included) thought the "bubble finally popped" and Bitcoin was over

lol

 

[terzaerian]

I don't like the dollar but it is what it is right now. I don't like bitcoin either.

I'd like too see money disappear all together. Bartering, goods for goods, favors for favors. Those should be the currency. Anytime you have a middle man you're gonna get !@#$%^ one way or the other.

Bartering requires having equivalent goods in trade. I might be able to grow some tasty jalapenos in the garden, but just how many of them is a GeForce 3080 worth to you?

 

[mgwerner]

I don't like the dollar but it is what it is right now. I don't like bitcoin either.

I'd like too see money disappear all together. Bartering, goods for goods, favors for favors. Those should be the currency. Anytime you have a middle man you're gonna get !@#$%^ one way or the other.

The lack of a common measurement and the unlikeliness of two exchangers having the same want makes barter untenable in a modern society. Basic econ will tell you all about that.

How many chickens/month is your internet service?

 

[Gastec]

If Bitcoin is a pyramid scheme all systems of value and exchange are a pyramid scheme.

And considering 20% of all dollars were made in the past year, I don't want to hear a damn thing about "muh dollars". You want a scam that's plummeting to zero, the Federal Government is the biggest there is

That's just a political comment. The truth is Bitcoin only had value because people speculate with it to make US dollars, euros, UK pounds and all the other national currencies.

 

[terzaerian]

That's just a political comment. The truth is Bitcoin only had value because people speculate with it to make US dollars, euros, UK pounds and all the other national currencies.

The fact 20% of all dollars ever made were made in the past year isn't a "political statement", it's a fact. And if you can't work out why that is going to be a problem in the mid and long term, it's your loss.

Bitcoin and crypto is an escape vehicle from that sinking ship.

EDIT: Whoops ha ha I was wrong, it wasn't 20%. It's 22%.

https://www.reddit.com/r/btc/comments/j46lbt