Bitcoin soars past $40,000 in record rally

Shawn Knight

Posts: 12,814   +124
Staff member
In brief: The world’s leading cryptocurrency by market cap smashed another milestone on Thursday as the value of a single Bitcoin eclipsed the $40,000 mark for the first time. If this all sounds a bit familiar, well, it should.

Less than one week ago, Bitcoin achieved another major milestone for the first time, pushing past $20,000 per for the very first time. That record was almost set back in 2017 but the cryptocurrency fell just short before losing much of its value over the following year.

At present, Bitcoin’s market value means it is nearly worth as much as Tesla, the seventh most valuable company in the US. The total market cap of all cryptocurrencies combined topped $1 trillion on Thursday.

At $40,000 per, there are no doubt a lot of newly minted millionaires out there today and several more that are simply adding to their wealth.

Square CEO Jack Dorsey back in October, for example, took $50 million of the company’s money and bought Bitcoin with it (when they were trading for around $11,000 each). At today’s valuation, that investment is worth nearly $182 million.

Likely contributing to the recent crypto rally is PayPal’s recent move into the market. In November, the financial services company started allowing users in the US to buy, hold and sell four types of popular cryptocurrency including Bitcoin. Since that announcement, PayPal’s share value is up 23 percent.

Masthead credit Tom Stepanov

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terzaerian

Posts: 268   +317
So what? It has been reaching ATH nearly every day for the last few weeks.

This always happens when a financial pyramid is approaching its apogee. And then comes kaboom.
And then your victorious crowing will be chronicled here for everyone to laugh at when it recovers:

 
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VitalyT

Posts: 5,282   +4,554
And then your victorious crowing will be chronicled here for everyone to laugh at when it recovers:

Your article is a meaningless bitcoin promotion crap. Nobody knows when the crashing price will be reached. But this does not invalidate that it will happen.
 

terzaerian

Posts: 268   +317
Your article is a meaningless bitcoin promotion crap. Nobody knows when the crashing price will be reached. But this does not invalidate that it will happen.
It's not an article, it's all direct quotations from know-it-all skeptics like you that have been declaring Bitcoin dead for the past decade. Give it a rest. You can't kill it.
 
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DaveBG

Posts: 527   +224
Bitcoin price will always go up. It maybe volatile but will trend up. Some people cannot understand this but even gold can someday crash. Someone will start mining asteroids and gold will crash. Bitcoin is finite and cannot be made more of. Even the opposite some people loose wallets and they become fewer coins.
 

Cubi Dorf

Posts: 283   +166
I am satisfied using my country money. I don’t need another kind of money. crypto currency is solving problem I don’t have. it only create problem of waste energy and make video card more expensive and hard to getting.
 

audioman83

Posts: 21   +4
Bitcoin price will always go up. It maybe volatile but will trend up. Some people cannot understand this but even gold can someday crash. Someone will start mining asteroids and gold will crash. Bitcoin is finite and cannot be made more of. Even the opposite some people loose wallets and they become fewer coins.
This argument does not account for bitcoin alternatives.
 
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Karlos95

Posts: 145   +55
I am satisfied using my country money. I don’t need another kind of money. crypto currency is solving problem I don’t have. it only create problem of waste energy and make video card more expensive and hard to getting.
Let's assume you are American.

Your currency is basically worthless.

75% was created after Bitcoin was created and 30% was created just last year alone.

You work more hours for less. Please tell me how conditions will get better on this path. They won't. Only way out now is cryptocurrency.

@terzaerian - No coiners will believe when they are left with nothing because they thought their governments and banks had their backs.

In reality, they have been working for decades to make them even bigger slaves to the machine.
 

Lounds

Posts: 664   +565
Let's assume you are American.

Your currency is basically worthless.

75% was created after Bitcoin was created and 30% was created just last year alone.

You work more hours for less. Please tell me how conditions will get better on this path. They won't. Only way out now is cryptocurrency.

@terzaerian - No coiners will believe when they are left with nothing because they thought their governments and banks had their backs.

In reality, they have been working for decades to make them even bigger slaves to the machine.
The problem you have is the US Dollar is backed by the world's most powerful military and corrupted central bank that uses espionage at every level to keep the dollar's power in check.
 
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Digitalzone

Posts: 148   +84
Let's assume you are American.

Your currency is basically worthless.

75% was created after Bitcoin was created and 30% was created just last year alone.

You work more hours for less. Please tell me how conditions will get better on this path. They won't. Only way out now is cryptocurrency.

@terzaerian - No coiners will believe when they are left with nothing because they thought their governments and banks had their backs.

In reality, they have been working for decades to make them even bigger slaves to the machine.
The fact the state's printed money are worthless and the inflation is huge making your savings cryable in a few decades is not solved by any cryptocurrency. Cryptos are just another opportunity to get its value manipulated by big players who own majority of them or created them in first. You lost 4 years ago, someone else made more. And it's perfect cause it's anonymouse. So, you small weebs think how perfect cryptos are while big wallstreet kind of whales are doing money laundry, speculations and influencing the whole value of bitcoin. Why is bitcoin growing so much now again? Cause someone wants to milk it again.
 
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Eflow

Posts: 26   +50
Bitcoin has no intrinsic value. Nothing is stopping other cryptos from replacing it.

"Investments" in any crypto are pure gambling at best, and reckless FOMO at worst.

Bitcoin transactions are 500,000 times more energy intensive than traditional transactions from institutions like VISA. As a species, we have wasted a truly stupid amount of hardware and energy on a currency whose best purpose is to complete transactions for illegal goods/services.

People who support crypto currencies are similar to people who support precious metals. At the end of the day, neither of them understands why they'll never replace fiat currencies.
 
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Aryassen

Posts: 135   +168
Bitcoin price will always go up. It maybe volatile but will trend up. Some people cannot understand this but even gold can someday crash. Someone will start mining asteroids and gold will crash. Bitcoin is finite and cannot be made more of. Even the opposite some people loose wallets and they become fewer coins.
Your statement is leaving out at least of of the fundamental features of BC: it is man-made, so it is definitely not averse to everything. We made it, we can unmake it, it is as simple as that. It is not any more secure than gold, or than any other "speculative class" investment: if it is gone tomorrow in a puff of smoke, the world wouldn't even flinch (unlike gold for example, which has some real-world, industrial uses as well, so we would definitely feel its absence). And it is "finite" only up until the parameter table (e.g. the key decision makers) says so (in other words its "finity" is a man-made barrier, nothing more)
 

Aryassen

Posts: 135   +168
40K, wow...I have never thought it would reach this high. But, what do I know...
(back in the day I thought it is an interesting but basically pointless technology experiment, and look at it now....still, not my cup of tea, so I will just keep watching it from a distance, equally in awe, horror and disbelief :) )
 

Cubi Dorf

Posts: 283   +166
Let's assume you are American.

Your currency is basically worthless.

75% was created after Bitcoin was created and 30% was created just last year alone.

You work more hours for less. Please tell me how conditions will get better on this path. They won't. Only way out now is cryptocurrency.

@terzaerian - No coiners will believe when they are left with nothing because they thought their governments and banks had their backs.

In reality, they have been working for decades to make them even bigger slaves to the machine.
wow my english must be really improve.
 

Karlos95

Posts: 145   +55
I wonder how their Bitcoin feelings are after a $10,000 correction?
That is hilarious, in the last month or two ran up 200%, of course it was going to correct 25%. Some of you literally have no clue on investing.

Don't hold that TSLA stock for too long, just like every other stock, it will collapse because all that printing will inevitably make the stock market the biggest bubble since the great depression, mark my words.

Can't believe you guys still eat everything the banks and government propaganda machine put out as credible. Quite sad.