Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Bitcoin’s Price Breaks All-Time High: Here’s Why It Happened

decrypt.co

Post reply on HN
Print view View original

1–10 of 57 posts

Re: Bitcoin’s Price Breaks All-Time High: Here’s Why It Happened

#4

Post by seibelj »

Here is the easiest way I can explain it:

Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin is truly constrained and there cannot be anymore made in response to demand above the normal rate of inflation.

This time, big money, institutions, and the very rich are coming in addition to the widespread purchase by retail. The price is going to rise a lot.

Re: Bitcoin’s Price Breaks All-Time High: Here’s Why It Happened

#7

Post by solotronics »

seibelj wrote: post #4

Here is the easiest way I can explain it: Bitcoin is a social phenomena - no government or company backs it. The only reason it has value is if people value it. Bitcoin promoters have convinced people it's a store of value, like gold except digital. As the Cult of Bitcoin spreads, it doesn't take that many new enthusiasts to push the price up, as unlike literally all other commodities on earth, the supply of bitcoin…

This is a really good interview by Michael Saylor who was an early investor in FANG companies on what his thinking was for investing his companies reserve cash of $400mil in Bitcoin https://youtu.be/Cg10yYZjK94

His conclusion is that Bitcoin is a disruptive currency. It is equivalent to how Facebook disrupted and captured social, Amazon disrupted retail, Google disrupted info. Bitcoin is disrupting centralized controlled currency. It is replacing central control with something democratized and decentralized.

Re: Bitcoin’s Price Breaks All-Time High: Here’s Why It Happened

#8

Post by drchopchop »

That Michael Saylor tweet is hilarious:

"#Bitcoin is a swarm of cyber hornets serving the goddess of wisdom, feeding on the fire of truth, exponentially growing ever smarter, faster, and stronger behind a wall of encrypted energy."

Certainly it's that, and not rampant Tether printing / fraud / lack of exit off-ramps / institutionaland retail investor ignorance

Post reply on HN