Posted on 02/19/2021 11:29:47 AM PST by bkopto
The price of bitcoin crossed another major milestone Friday, as the cryptocurrency’s market value surpassed $1 trillion, according to Coindesk.
The digital currency was trading at just under $54,000 per coin Friday as it hit the new level, and rose to a high of $54,880 later in the session, according to Coin Metrics. The price of bitcoin has now gained about 350% over the past six months. Before the recent surge, the digital asset has never traded above $20,000.
(Excerpt) Read more at cnbc.com ...
Yea!
But I do wish I bought some.
Damn, you beat me on the tulips!
There is no human being who can explain Bitcoin.
It’s like blockchain.
The US dollar will be pushing daisies soon, so tulips seem like a reasonable alternative.
I have a $1,000.00 purchase of tulips thats worth over $4,800.00 this morning.
What can you actually do with a bitcoin?
So we have a currency backed by no government or physical assets now worth a $1 trillion. What did P.T. Barnum say about suckers again? One goofy event shakes the confidence of the people who own this currency and poof, its gone.
Being active in cryptocurrency, here are a couple of observations:
1. In most cases, cryptocurrency is not being used as currency at all.
2. Government regulation is right around the corner, and it is surprising how they are treating this “currency.”
3. Most investing right now are not aware of the tax implications. The IRS treats it as an investment such as stocks, and not as a “currency.“
4. The on-ramp is too steep for the vast majority of Americans right now, preventing it from becoming a widely used currency.
5. As a currency, it has way too much volatility. It is not ready for prime time to take the place of fiat.
Buy real physical assets like tulip bulbs
“What can you actually do with a bitcoin?”
It can be used as currency in various online vendors. At one point, I think Papa John’s Pizza took it, I do not know if they still do.
https://cryptomaniaks.com/latest-cryptocurrency-news/where-can-i-spend-bitcoin
You can buy a Tesla car with Bitcoin.
But when you stop to think about it, that holds true for just about anything, including precious metals. Perception defines value just as much as anything else.
A guy in my area here in Maine owns a home heating / plumbing business.
He told me a friend of his in Manhattan urged him to buy Bitcoin when it was only five dollars! He didn’t.
But the home heating / plumbing guy DID jump in when the price reached one hundred dollars. How many he bought, or when he bought them, I don’t know.
I’m guessing the Feds will outlaw it.
Either, 1) exchange for any currency in the world or 2) use directly with vendors that accept it.
For bitcoin, 'Dam' might be the more apropos word.
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