Posted on 02/26/2024 7:11:30 PM PST by NoLibZone
SINGAPORE, Feb 27 (Reuters) - Cryptocurrency bitcoin hit a two-year high above $57,000 in Asia trade on Tuesday on signs of heavy institutional buying, while smaller rival ether topped $3,200 for the first time in two years. Bitcoin has rallied more than 10% in two sessions, helped by a Monday disclosure from crypto investor and software firm MicroStrategy (MSTR.O), opens new tab that it had recently purchased about 3,000 bitcoins for an outlay of $155 million. The original and largest cryptocurrency by market value has also been buoyed recently by the approval of bitcoin-owning exchange-traded funds (ETFs) in the United States. On Monday, trading volumes in several of the funds spiked and crypto-linked firms rallied too, in contrast to nervous broader markets.
(Excerpt) Read more at reuters.com ...
Spectacular it shall be š§¼š§¼š§¼
š„š„š„
/shiny side out
Bitcoin Balance.: $2526.00
Increase in last month: $545.00
I’ll take it.
What is your basis?
$2,009.71
Total bitcoin bought since 2017..... $1200.00
I buy a stock hoping that the company will become more profitable. And that would make their shares more valuable. Plus I collect a dividend. This process makes sense to me.
But evidently most folks buy Bitcoin solely on the hope that someone else will later buy their holdings at a higher price. I suppose it can be argued that thereās also an inflation hedge involved.
I just donāt get it. So I suppose Iāll remain out of the loop, a poor interested observer standing on the outside.
It is akin to speculation and is not for everybody.
I like long term lazy investing over the course of decades. Not glamorous but allowed me an early retirement.
I could argue that MOST people, buy stocks and have no idea what they really do. They just pile into whatever appears to be going well at the time.
When my daughter got pregnant several years ago, I started buy $20 a week worth of bitcoin for her. I figured when she is old enough, I would be happy t give her $20 a weekāwhy not start now.
ā
The run today put that account over the cost of one year of in state tuition.
Will it go up, or down? Who knows. But as far as ālife changingā returns are concerned, this has performed better than anything else Iāve owned this century.
100k by April
No different than gold. But large gold reserves can always be found, and eventually it will be created in a lab, destroying its value completely. But there will never be more than 21 million Bitcoin, and it will only go higher.
and I thought I was the only one... :-)
Do you understand how Gold works?
Do you understand how real estate works?
No different than real estate.
I stopped trying to explain it to people years ago. A lot of the naysayers just donāt want to knowāthey are set in their traditional coupon cutting and dividend generators. Nothing wrong with those things, but this is akin to the early days of the internet, back in the 1990ās.
What I donāt understand is how someone wouldnāt be willing to roll a small portion of a diversified portfolio into the best CAGR over the last ten years.
They might not understand how it works, but youād think they understand returns.
I don’t understand how my iPhone 14 works.
But I use it every day.
And when an iPhone comes out, that’s significantly better than this one, I’m buying it!
US based ETFs will ruin what Bitcoin once was. They are the gateway to US Government heavy handed regulation. And they want to harm it all they can.
The sane unregulated era is over. Banksters and Government are too deeply involved now to fool with it.
So polite! I have no issue calling it the Greater Fool Theory.
Plus, you can use the earnings to back into a share price.
We have record mistrust in govt and eye shattering debt levels, interesting rationalizations yet still snail pace adoption.
Fun fact-
on the CME offering BTC futures-I wanted to short BTC and upon expiration, deliver the BTC like any other commodity. It would be an ultra convenient way to turn a lot of BTC into cash. Nope BTC is the only commodity on the exchange that is settled in cash.
It is stock now. The ETFs absorb nearly 75B this year. The halving will further reduce availability. FTX is 60% burnt and price is going to 137-180k before 2025. Gold ETFs have hugh outflows.
BTC ETFs approved worldwide or soon in many countries.
Your Fiat govt printing has added is approaching 2x just under Biden.
The ETFs are at the moment considered a higher rate of return than BTC itself. In two years the ETFs will begin to force prices up and most investment portfolios are 1-3% in ETFs.
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