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Makes you wonder what triggers people have for themselves to sell their 'stash'. 10 fold increases in a year won't last for very long.
There's a FOMO narrative of "$1,000,000 BTC if it goes mainstream" going around which has fuelled speculative investments from some people I know (myself included - obviously using money I am totally OK with losing given how far-fetched an outcome it is).
If this is true then it seems to me that it's effectively become an inter-bank settlement protocol (which may not be that surprising or bad of an outcome given its inherent latency)
Most comprehensive all-time Bitcoin price history chart you will find online, to give some perspective: http://bitcoin.zorinaq.com/price/ (Chart is interactive, see instructions at the bottom. I made it.)
Is there any reason it is up, other than speculation?
“We have underestimated the populist movements,” he said. “There is growing unease on how central banks and governments are managing fiat currencies. Ordinary people globally understand why a decentralized asset is the ultimate safe haven.””
That’s the reason for 10k and it will be the reason for 100k. 100k puts the market at cap at a trillion, it’s not that crazy if you remember that Gold is several times that and other than looking good as jewelry it has no other real intrinsic value. No one likes to talk about that though, they like to demonize bitcoin which actually does something gold could never do. Force trust in a world where you can’t trust anything.
Makes you wonder what triggers people have for themselves to sell their 'stash'. 10 fold increases in a year won't last for very long.
One trigger to sell is when you have enough to retire. Bitcoin and other cryptocurrencies are creating a lot of millionaries. Probably more than startups and in a shorter time. Can't back up this, it is based on how many rich people exist around me in this field (where I also work) vs. friends struggling to make their companies scale even if they are doing well at a tiny scale.