Bitcoin reaches new all-time high of nearly $67,000

Shawn Knight

Posts: 13,601   +139
Staff member
Bottom line: Bitcoin is taking flight once again. The highly volatile cryptocurrency reached a new all-time high of $66,943.50 on Wednesday – nearly $1,400 above the previous all-time high of $64,888.99 set back in April of 2021. What are the short-term and long-term ceilings of Bitcoin? It's anyone's guess at this point.

Bitcoin’s latest run is largely credited to the successful debut of the first US Bitcoin futures exchange-traded fund earlier this week. According to CoinDesk, Bitcoin has generated returns north of 122 percent year-to-date.

As the publication highlights, the aforementioned exchange-traded fund garnered a trading volume of more than $1 billion on its first day, making it one of the most successful launches ever. Additional futures-based ETFs could debut in the US in the coming weeks, which could push Bitcoin’s value even higher.

Other cryptocurrencies are also cashing in on Bitcoin’s success, as they often do. Ethereum, for example, is trading at $4,048.89 as of this writing, which is roughly $300 shy of its all-time high. Dogecoin, the meme-inspired crypto that started out as a joke, is changing hands around the $0.25 mark – still well shy of its all-time high of $0.74 achieved in May 2021.

Proponents of the decentralized cryptocurrency have speculated that it could hit $100,000, perhaps by the end of the year. Critics, meanwhile, have been calling for Bitcoin’s demise for years. Each dip is said to be the straw that broke the camel’s back, yet remarkably, the resilient virtual currency somehow comes back stronger than ever.

Either way, it's going to be a wild ride. Get your popcorn ready.

Image credit Alesia Kozik

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elementalSG

Posts: 218   +359
The hilarious thing about people saying that crypto is “worth nothing”, is that they never stopped to realize that the US Dollar/Euro/etc are also nothing more than pieces of paper with some ink printed on it.

Why is anything worth something? Because people will give you something for it. Right now people will give $66,000+ for 1 Bitcoin. Hence it is worth something and not worth nothing
 

Dimitriid

Posts: 1,300   +2,545
The hilarious thing about people saying that crypto is “worth nothing”, is that they never stopped to realize that the US Dollar/Euro/etc are also nothing more than pieces of paper with some ink printed on it.

Why is anything worth something? Because people will give you something for it. Right now people will give $66,000+ for 1 Bitcoin. Hence it is worth something and not worth nothing

They're wrong assuming is 'worth nothing' but it's not as simple: Yes almost all currencies at least on the western world operate under fiat currency that allows fractional reserve lending. But not being backed by actual assets like rare metal reserves for example doesn't means there are NO guarantees: the dollar is a fiat currency but you know it's worth because it's the legal tender used to interact with the US Government.

So sure there might not be gold bars to back the dollar and some people might think "Oh this means is the same as bitcoin!" but while bitcoin has some financial institution backing by now, well just look at how many military bases the US has on basically every corner of the world: That's your guarantee that the dollar is probably not going anywhere and is much stable than bitcoin because well, the coutries with the most guns and the biggest economies and infrastructure support kinda go a long way in inspiring market confidence than saying "Well Pornhub takes cryto currency, Paypal as well and you can buy a Tesla with bitcoin well...Not anymore wait...you *might* be able to buy Teslas again with bitcoin!"

If you don't want high risk and high reward you'd probably want to keep your money in dollars unless you can actually afford to lose it and henceforth risk it on the whims of Elon's pump & dump schemes.
 

elementalSG

Posts: 218   +359
They're wrong assuming is 'worth nothing' but it's not as simple: Yes almost all currencies at least on the western world operate under fiat currency that allows fractional reserve lending. But not being backed by actual assets like rare metal reserves for example doesn't means there are NO guarantees: the dollar is a fiat currency but you know it's worth because it's the legal tender used to interact with the US Government.

So sure there might not be gold bars to back the dollar and some people might think "Oh this means is the same as bitcoin!" but while bitcoin has some financial institution backing by now, well just look at how many military bases the US has on basically every corner of the world: That's your guarantee that the dollar is probably not going anywhere and is much stable than bitcoin because well, the coutries with the most guns and the biggest economies and infrastructure support kinda go a long way in inspiring market confidence than saying "Well Pornhub takes cryto currency, Paypal as well and you can buy a Tesla with bitcoin well...Not anymore wait...you *might* be able to buy Teslas again with bitcoin!"

If you don't want high risk and high reward you'd probably want to keep your money in dollars unless you can actually afford to lose it and henceforth risk it on the whims of Elon's pump & dump schemes.
It's actually pretty simple. Being "backed by something" is yet more proof of "if someone will give you something for it, it is worth something". Gold, tell me why is it "worth" something? Same reason the USD/Euro/Bitcoin is worth something: because someone will give you something for gold. Why is a rock you find on the ground not worth something? Because it is unlikely anyone will give you something for that rock. Everyone tries to make it more complicated than it is.

It is this simple: pieces of paper with ink printed on it intrinsically has no value. Being backed by gold also doesn't change its intrinsic value because gold intrinsically has no value. Bitcoin, nothing more than 0s and 1s in cyberspace, also intrinsically has no value. But someone will give you something for the piece of paper that says "US Dollar", something for a piece of gold and also something for Bitcoin, so all of these things have value.
 

Geralt

Posts: 790   +1,188
It's actually pretty simple. Being "backed by something" is yet more proof of "if someone will give you something for it, it is worth something". Gold, tell me why is it "worth" something? Same reason the USD/Euro/Bitcoin is worth something: because someone will give you something for gold. Why is a rock you find on the ground not worth something? Because it is unlikely anyone will give you something for that rock. Everyone tries to make it more complicated than it is.

It is this simple: pieces of paper with ink printed on it intrinsically has no value. Being backed by gold also doesn't change its intrinsic value because gold intrinsically has no value. Bitcoin, nothing more than 0s and 1s in cyberspace, also intrinsically has no value. But someone will give you something for the piece of paper that says "US Dollar", something for a piece of gold and also something for Bitcoin, so all of these things have value.
Sounds good but I prefer dollars backed up by a great nation like USA. Sorry anyway!
 

Squid Surprise

Posts: 4,424   +3,744
It's actually pretty simple. Being "backed by something" is yet more proof of "if someone will give you something for it, it is worth something". Gold, tell me why is it "worth" something? Same reason the USD/Euro/Bitcoin is worth something: because someone will give you something for gold. Why is a rock you find on the ground not worth something? Because it is unlikely anyone will give you something for that rock. Everyone tries to make it more complicated than it is.

It is this simple: pieces of paper with ink printed on it intrinsically has no value. Being backed by gold also doesn't change its intrinsic value because gold intrinsically has no value. Bitcoin, nothing more than 0s and 1s in cyberspace, also intrinsically has no value. But someone will give you something for the piece of paper that says "US Dollar", something for a piece of gold and also something for Bitcoin, so all of these things have value.
It comes down to belief - or "faith"...

There is a belief that the US isn't going anywhere... even though history tells us that EVERY nation/empire will eventually fall, we still believe that the US dollar is worth something... so... it is.

Crypto started out with only a few people believing it was worth something - kind of like a new religion, it took some time to gain "followers"... Now though, enough people believe that crypto is worth something... and therefore... it is.

Descartes said "I think, therefore I am"... with currencies, it's simply "We believe, therefore it is."
 

Dimitriid

Posts: 1,300   +2,545
It's actually pretty simple. Being "backed by something" is yet more proof of "if someone will give you something for it, it is worth something". Gold, tell me why is it "worth" something? Same reason the USD/Euro/Bitcoin is worth something: because someone will give you something for gold. Why is a rock you find on the ground not worth something? Because it is unlikely anyone will give you something for that rock. Everyone tries to make it more complicated than it is.

It is this simple: pieces of paper with ink printed on it intrinsically has no value. Being backed by gold also doesn't change its intrinsic value because gold intrinsically has no value. Bitcoin, nothing more than 0s and 1s in cyberspace, also intrinsically has no value. But someone will give you something for the piece of paper that says "US Dollar", something for a piece of gold and also something for Bitcoin, so all of these things have value.
Please don't be reductive: There's more to things that people "agreeing is worth something" because of simple stuff like I alluded to: can't pay taxes with bitcoin it *has* to be US dollars for US citizens and corporations (In the remote case they actually pay taxes)

Economies are much more than facilitating barter between people who agree simply because people want assurances than the currency they trade with/trade for and/or hold on to will continue to have a reasonable value.

The world is not a Libertarian fantasy in which you can just get anything you want with a direct trade on the currency you want for good reason: you have billions more willing to trade in USD than bitcoin that will means it will always have inherently more value and less volatility.
 

Squid Surprise

Posts: 4,424   +3,744
The world is not a Libertarian fantasy in which you can just get anything you want with a direct trade on the currency you want for good reason: you have billions more willing to trade in USD than bitcoin that will means it will always have inherently more value and less volatility.
No... that means it has inherently more value and less volatility NOW - not ALWAYS...

As Crypto becomes more mainstream, you might very well be able to pay your taxes with it in the future.
 

Geralt

Posts: 790   +1,188
It comes down to belief - or "faith"...

There is a belief that the US isn't going anywhere... even though history tells us that EVERY nation/empire will eventually fall, we still believe that the US dollar is worth something... so... it is.

Crypto started out with only a few people believing it was worth something - kind of like a new religion, it took some time to gain "followers"... Now though, enough people believe that crypto is worth something... and therefore... it is.

Descartes said "I think, therefore I am"... with currencies, it's simply "We believe, therefore it is."
I don't believe in Crypto :(
 

wiyosaya

Posts: 6,711   +5,146
No... that means it has inherently more value and less volatility NOW - not ALWAYS...

As Crypto becomes more mainstream, you might very well be able to pay your taxes with it in the future.
Maybe, but I doubt it. That would mean that the US congress would be basing the yearly budget on the whims of the market, to fulfill the budget would require exchanging crapto for US dollars and what government is able to run without knowing exactly how much money it has? (I get this whole "the US is running on a deficit" crap, but I don't think that is an equivalent to running on a hightly speculative investment like crapto where the value changes daily depending on what Elon had for breakfast.) I am willing to bet that companies that contract with the US government to perform a contract that was written into the budget would want something more stable than crapto. Not to mention, US govt employees would have no guarantee of income since they could wake up tomorrow and their "payment" may well be worthless.

IMO, I think it interesting the arguments that crapto supporters will go to to feel secure in the fact that they have invested in crapto.
 

Squid Surprise

Posts: 4,424   +3,744
I don't believe in Crypto :(
You don't have to :) If enough people do, it works anyways... with or without your belief.
Maybe, but I doubt it. That would mean that the US congress would be basing the yearly budget on the whims of the market, to fulfill the budget would require exchanging crapto for US dollars and what government is able to run without knowing exactly how much money it has? (I get this whole "the US is running on a deficit" crap, but I don't think that is an equivalent to running on a hightly speculative investment like crapto where the value changes daily depending on what Elon had for breakfast.) I am willing to bet that companies that contract with the US government to perform a contract that was written into the budget would want something more stable than crapto. Not to mention, US govt employees would have no guarantee of income since they could wake up tomorrow and their "payment" may well be worthless.

IMO, I think it interesting the arguments that crapto supporters will go to to feel secure in the fact that they have invested in crapto.
That's definitely true... NOW... but unless you have an oracle somewhere, you don't know what the future will bring.

100 years from now, historians might be laughing about how we trusted national currencies over crypto... or the other way around...
 

wiyosaya

Posts: 6,711   +5,146
It comes down to belief - or "faith"...

There is a belief that the US isn't going anywhere... even though history tells us that EVERY nation/empire will eventually fall, we still believe that the US dollar is worth something... so... it is.
So, if the US Government falls, I think we have far more to concern ourselves with. Think about it for a minute. Right NOW, you can exchange your crapto for a currency which is more widely accepted. And regardless of how it might be in the future, the US dollar is a virtual defacto standard that all other currencies are measured against. (I suppose its possible to argue that the Euro or the British Pound are equally deserving of a "standard measure" status, but I am not going there ATM.) Back to the US Government falling. Just what you do you think will happen to the US dollar? I get the feeling that you think it will fall. So if it does, what will happen to every other currency, crapto or not? Since most currencies are measured against the US dollar, whether you like that assessment or not, I think it a valid assumption that the value of all other currencies, including crapto, will also fall.
Crypto started out with only a few people believing it was worth something - kind of like a new religion, it took some time to gain "followers"... Now though, enough people believe that crypto is worth something... and therefore... it is.
So do most cults.
Descartes said "I think, therefore I am"... with currencies, it's simply "We believe, therefore it is."
That's a stretch IMO.
 

wiyosaya

Posts: 6,711   +5,146
You don't have to :) If enough people do, it works anyways... with or without your belief.
That depends on the believers. If something happens to change their faith, then it is possible the whole thing falls apart. Faith is not a guarantee.
That's definitely true... NOW... but unless you have an oracle somewhere, you don't know what the future will bring.

100 years from now, historians might be laughing about how we trusted national currencies over crypto... or the other way around...
I'll agree with that.
 

Rayneofpayne

Posts: 479   +408
So, if the US Government falls, I think we have far more to concern ourselves with. Think about it for a minute. Right NOW, you can exchange your crapto for a currency which is more widely accepted. And regardless of how it might be in the future, the US dollar is a virtual defacto standard that all other currencies are measured against. (I suppose its possible to argue that the Euro or the British Pound are equally deserving of a "standard measure" status, but I am not going there ATM.) Back to the US Government falling. Just what you do you think will happen to the US dollar? I get the feeling that you think it will fall. So if it does, what will happen to every other currency, crapto or not? Since most currencies are measured against the US dollar, whether you like that assessment or not, I think it a valid assumption that the value of all other currencies, including crapto, will also fall.

So do most cults.

That's a stretch IMO.
I think this guy/girl doesn't understand the Ramifications of major national currencies tanking one falls the world has issues and if the US goes down all trade partners crash as well , it's a domino effect, that is why they are really worried about China's economy and all it's "Shadow Debts". The US hands out billions per year to other nations and such, the currency tanks they will have nothing, and sure some countries might be able to survive major crashes but the impact would be devastation, Crypto also would lose it's value severely as a key market would be taken off the table Crypto requires Energy, and Energy requires blood.
 

Squid Surprise

Posts: 4,424   +3,744
I think this guy/girl doesn't understand the Ramifications of major national currencies tanking one falls the world has issues and if the US goes down all trade partners crash as well , it's a domino effect, that is why they are really worried about China's economy and all it's "Shadow Debts". The US hands out billions per year to other nations and such, the currency tanks they will have nothing, and sure some countries might be able to survive major crashes but the impact would be devastation, Crypto also would lose it's value severely as a key market would be taken off the table Crypto requires Energy, and Energy requires blood.
I didn't say that it wouldn't be a problem if a major currency fell... just that it's inevitable... hopefully long after I'm dead... Ask the people living in Germany around 1919-1930 how they felt about the collapse of the deutschemark... it wasn't fun... led to a world war...

Imagine a global currency, tied down to no single nation, that could be processed digitally without any fear of counterfeiting/duplication... wait... could that be crypto?