Bitcoin shatters $60K milestone for the first time

Shawn Knight

Posts: 13,073   +130
Staff member
In brief: Bitcoin has reached a new all-time high, eclipsing the $60,000 mark for the first time in its 12-year history. The digital currency crested right at $58,000 on February 21 before sliding to a recent low of $43,500 a week later. Since then, it’s been mostly onward and upward, with only a few setbacks along the way.

According to CoinDesk, the milestone took place around 6:30 am Central on March 13 when the value of a single Bitcoin peaked at $60,322.60. Prices have dipped slightly since that time, and currently sit around $59,975 per as of this writing.

The world’s top cryptocurrency by market cap has been red hot since late last year and it’s anyone’s guess as to where things are heading next.

Institutional interest has picked up substantially in 2021 with companies like Mastercard pledging to support crypto this year. Big banks are also getting in on the crypto craze, as are tech companies like PayPal, Tesla and Twitter. Business intelligence firms such as MicroStrategy are investing heavily as well, and we can’t ignore the fact that NFT mania is now in full swing.

Something else worth considering is that a third round of stimulus checks will begin hitting the bank accounts of Americans starting this weekend. Could some of that money end up being pumped into crypto?

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emmzo

Posts: 281   +248
Here`s my two cents: Bitcoin will go up to 100k and beyond despite all "imminent crash" predictions. That in terms means all crypto will get a big boost in the long term, so bye bye MSRP video cards for years to come. Funny enough, the consequences will be a crash on the gaming industry since fewer people will afford to play the latest games. I`ll check this post back in a couple of years to see if I`m Nostradamus.
 
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m4a4

Posts: 2,285   +2,490
TechSpot Elite
Here`s my two cents: Bitcoin will go up to 100k and beyond despite all "imminent crash" predictions. That in terms means all crypto will get a big boost in the long term, so bye bye MSRP video cards for years to come. Funny enough, the consequences will be a crash on the gaming industry since fewer people will afford to play the latest games. I`ll check this post back in a couple of years to see if I`m Nostradamus.
Agreed with the first part. Doubt the gaming part (gamers are stubborn and will go with cheaper hardware to play).

Also, queue QuantumPhysics repeating "all bubbles eventually find a pin"...
 

Dimitriid

Posts: 384   +657
Here`s my two cents: Bitcoin will go up to 100k and beyond despite all "imminent crash" predictions. That in terms means all crypto will get a big boost in the long term, so bye bye MSRP video cards for years to come. Funny enough, the consequences will be a crash on the gaming industry since fewer people will afford to play the latest games. I`ll check this post back in a couple of years to see if I`m Nostradamus.

Just the PC AAA gaming industry to be exact, the consoles will survive due to their walled gardens and indies on the PC will be unaffected since they'll run fine on APUs and/or outdated GPUs.

And actually, since something needs to occupy the space of AAA PC games we might even see a big resurgence of indie games on the PC as the technical limitations become the norm and big, expensive development is just not even feasible, and personally I would be all for that situation.

That being said, I really think Nvidia will bite the bullet and attempt to partner with Microsoft to basically release GPUs that only work with Microsoft Store titles or some form of very protected, closed environment for gaming and just making it an extension, premium version of the console Xbox platform. And that would be far beyond terrible but hey, Nvidia already tried to limit compute for miners so I think it's on their long term plans.
 

0dium

Posts: 196   +233
Here`s my two cents: Bitcoin will go up to 100k and beyond despite all "imminent crash" predictions. That in terms means all crypto will get a big boost in the long term, so bye bye MSRP video cards for years to come. Funny enough, the consequences will be a crash on the gaming industry since fewer people will afford to play the latest games. I`ll check this post back in a couple of years to see if I`m Nostradamus.
I was thinking the same, there is a big possibility that bitcoin won't crash. I hope I'm wrong
 

Farkinell

Posts: 137   +206
The issue with Bitcoin (and this can be said with most crypto) is that it's a self-fulfilling 'prophecy', in that those with the most to lose have to propagate the tale that it's only going to increase in value. The more that gets bought, the higher the value creeps. It's in the holder's of Bitcoins interest to push the narrative that it'll go higher.

Unlike regular stocks though the performance isn't linked to market performance, quarterly results or simply a good product. It's just the hype, and once that stops the music stops and a lot of people lose money. So play that tune and keep investing, it can only go up, right?
 

yRaz

Posts: 3,605   +3,525
Shawn, cut this crap out. $322 isn't shattering anything. I don't come to techspot for click bait. If I wanted click bait I'd read buzz feed.
 

emmzo

Posts: 281   +248
The issue with Bitcoin (and this can be said with most crypto) is that it's a self-fulfilling 'prophecy', in that those with the most to lose have to propagate the tale that it's only going to increase in value. The more that gets bought, the higher the value creeps. It's in the holder's of Bitcoins interest to push the narrative that it'll go higher.

Unlike regular stocks though the performance isn't linked to market performance, quarterly results or simply a good product. It's just the hype, and once that stops the music stops and a lot of people lose money. So play that tune and keep investing, it can only go up, right?
Let me remind you something: Gamestop. Stocks are traded as assets and not based on a company`s income. It`s all about trust and Bitcoin is no different. BTW as I`m writing this Bitcoin is 61k and growing...
 

Farkinell

Posts: 137   +206
Let me remind you something: Gamestop. Stocks are traded as assets and not based on a company`s income. It`s all about trust and Bitcoin is no different. BTW as I`m writing this Bitcoin is 61k and growing...

I'm not sure what your point is here. Gamestop's stock has been artificially inflated despite the fact their underlying business is failing. This is my point.
 

kiwigraeme

Posts: 293   +242
I'm not sure what your point is here. Gamestop's stock has been artificially inflated despite the fact their underlying business is failing. This is my point.

You make too much sense for some - I hate BC - but I've stated it's a good punt to ride it's rollercoasters = which I believe are somewhat controlled by the big stakeholders pump, dump a small amount , rebuy repeat .
The mathematics are great and can serve many purposes - BC reasons to exist - are not worth the energy costs by far - eg Utility/Costs - is a tiny percentage and may be negative as it promotes crime - It's anonymous for small crimes - not for big - allows black markets to flourish. But pretty useless as a day to day currency for most transactions - due to time to process a transaction.

I think now it's failure - outside a slow death it's a massive security hack , or multiple hacks - The price is so high - what insurance would cover it
 

ZedRM

Posts: 420   +242
Also, queue QuantumPhysics repeating "all bubbles eventually find a pin"...
Now that you've said it, they don't have to.

I'm not going to predict it crashing, just hoping for it. Then we can get back to a world were gaming GPUs are actually bought by the gaming public, at reasonable prices, instead of by greedy profiteers..
 
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emmzo

Posts: 281   +248
I'm not sure what your point is here. Gamestop's stock has been artificially inflated despite the fact their underlying business is failing. This is my point.
Well, I simply disagreed with your statement that regular stocks are fundamentally different and hype only works with BC, case in point: Gamestop. I wholeheartedly hope it will eventually have the same fate.
 

QuantumPhysics

Posts: 4,726   +5,136
The only thing fueling this "growth" is America's poorly targeted welfare checks - which should have been handed out as debit cards that only allowed people to buy food, water, milk and children's supplies.

Once the welfare stops flowing it'll crash again.

Every Bubble eventually Finds a Pin.
 

ET3D

Posts: 1,754   +400
Here`s my two cents: Bitcoin will go up to 100k and beyond despite all "imminent crash" predictions. That in terms means all crypto will get a big boost in the long term, so bye bye MSRP video cards for years to come. Funny enough, the consequences will be a crash on the gaming industry since fewer people will afford to play the latest games. I`ll check this post back in a couple of years to see if I`m Nostradamus.

Once Ethereum fully switches to proof of stake, video card demand for crypto will likely start falling. I assume that in the long run most notable crypto coins will abandon proof of work, because it's a pretty bad system.

As for gaming, the majority of players are on consoles, a market which isn't directly affected by crypto, so while there may be some impact on the gaming industry if GPU shortages continue, it will mostly affect PC ports, not the creation of new games.
 

ZedRM

Posts: 420   +242
The only thing fueling this "growth" is America's poorly targeted welfare checks - which should have been handed out as debit cards that only allowed people to buy food, water, milk and children's supplies.

Once the welfare stops flowing it'll crash again.
That's not true for a start. The stimulus payments haven't even gone out, not for 3 days yet.

Every Bubble eventually Finds a Pin.
Also not true. Much of the time the surface walls of bubbles evaporate enough that the surface tension is broken and break open very naturally. No outside assistance is needed at all..
 
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mattferg

Posts: 149   +153
Here`s my two cents: Bitcoin will go up to 100k and beyond despite all "imminent crash" predictions. That in terms means all crypto will get a big boost in the long term, so bye bye MSRP video cards for years to come. Funny enough, the consequences will be a crash on the gaming industry since fewer people will afford to play the latest games. I`ll check this post back in a couple of years to see if I`m Nostradamus.

A) BTC isn’t mined on GPUs
B) Etherium is going proof of stake + EIP1559, making this non profitable
C) the more GPUs mining, the less profitable, making ASICS the only option
D) C will be exacerbated by GPU manufacturers driving up quantity. Eventually it’ll all be ASICS.

So expect a flood of high end used GPUs in July when ASICS take over and GPU mining profits take a big hit. Things will be back to normal soon enough.
 

mattferg

Posts: 149   +153
You make too much sense for some - I hate BC - but I've stated it's a good punt to ride it's rollercoasters = which I believe are somewhat controlled by the big stakeholders pump, dump a small amount , rebuy repeat .
The mathematics are great and can serve many purposes - BC reasons to exist - are not worth the energy costs by far - eg Utility/Costs - is a tiny percentage and may be negative as it promotes crime - It's anonymous for small crimes - not for big - allows black markets to flourish. But pretty useless as a day to day currency for most transactions - due to time to process a transaction.

I think now it's failure - outside a slow death it's a massive security hack , or multiple hacks - The price is so high - what insurance would cover it

BTC has a finite coin cap so it’s a hedge against inflation. It’s not a currency replacement - ETH is far closer to that. BTC is equivalent to gold reserves.
 

mattferg

Posts: 149   +153
The only thing fueling this "growth" is America's poorly targeted welfare checks - which should have been handed out as debit cards that only allowed people to buy food, water, milk and children's supplies.

Once the welfare stops flowing it'll crash again.

Every Bubble eventually Finds a Pin.

Considering the threshold cap for these cheques, and how pitifully small they are compared to other civilised countries + just how many people have lost their jobs, you’re an ***** if you think most aren’t spending it on food and bills.

Or are you gonna tell me “illegals” are getting the cheques too next?
 

NightAntilli

Posts: 553   +656
Now that you've said it, they don't have to.

I'm not going to predict it crashing, just hoping for it. Then we can get back to a world were gaming GPUs are actually bought by the gaming public, at reasonable prices, instead of by greedy profiteers..
We're in a sad world when the importance of gaming is chosen above the importance of personal sovereignty over one's money, value and transactions...
 

QuantumPhysics

Posts: 4,726   +5,136
BTC has a finite coin cap so it’s a hedge against inflation. It’s not a currency replacement - ETH is far closer to that. BTC is equivalent to gold reserves.


Bitcoin has no intrinsic value, doesn’t physically exist when the electricity goes off, and must be defined based on the amount of DOLLARS you can get with one.

This is a fool’s investment.

Tulip Mania 3.0

 

QuantumPhysics

Posts: 4,726   +5,136
That's not true for a start. The stimulus payments haven't even gone out, not for 3 days yet.


Also not true. Much of the time the surface walls of bubbles evaporate enough that the surface tension is broken and break open very naturally. No outside assistance is needed at all..



Yes it is