We are often accused of reporting the price of bitcoin only when it drops. And while it is not altogether in fairness, I would admit it mostly is. So sue us. There is something simple about a massive Ponzi scheme being sold to unsuspecting consumers such as “democratizing finance” which gets us a little upset.
But not today! Tune in to join, because bitcoin is on its way to da moon! Who cares if you line the pockets of the old HODLers only? Number goes up!
That’s okay. Bitcoin on Wednesday popped above $ 20,000, that milestone only failed to reach (on most exchanges anyway) back in 2017. At pixel time, it was up 7 percent on the day at just over $ 20,750, according to Coindesk.
Here is a year chart:
Where next ?! Well, as we often say, we have no idea at all! There are no essentials and the only thing that underpins the price is belief. Surely part of the fun of it all? As a wise man once said (his name rhymes with Vladim Blubber), bitcoin gives “something to do, think about, talk about and dream about. In a word, it’s entertaining. ”
So jump aboard if you feel like a wild ride and don’t care about the environmental or safety concerns and don’t expect to be able to spend bitcoin anywhere without paying several percentage points in fees, we count! You won’t be the only one arriving late at the party.
London asset manager Ruffer confirmed on Wednesday that he made a bet worth more than half a billion pounds on bitcoin last month, calling it a “small but powerful insurance policy against the continued devaluation of the world’s major currencies” . It should be noted that Ruffer has had this view on inflationary forces for a decade – about the same amount of time as bitcoin bros have expected it to replace the dollar. So we are not sure what suddenly caused them to cancel this very secure “insurance policy”.
And Barack Obama in the game also. Not honestly!
There’s probably a reason for Coinfloor chief executive Obi Nwosu to dock the tweet just above the passage where he says Obama follows nearly 600,000 people. But we’re sure Obama was hooked on being called “the funniest and wisest POTUS”.
You might not want to go to church this Christmas to protect your grandmother, but rejoice! For once more we can worship at the altar of the coin of coins.