Bitcoin hits $9600, Coinbase adds another 100k users, but is the best yet to come?
Bitcoin continues on its torrid pace.
Just a few moments ago it touched $9,600 per coin on the Coinbase exchange. Which is yet another all time high and within ear shot of the almighty $10k number.
People have been calling for that $10k number for some time now, specifically ever since bitcoin broke $5k. People tend to like those nice round numbers and $10k represents the next one once $5k was breached.
However, there have been some calling for this $10,000 number long before most of the others...
Back at the end of 2014 in an interview with Fox Business, Tim Draper said that Bitcoin would hit $10,000 per coin within the next 3 years.
That prediction puts us right around where we are today, November of 2017, and bitcoin is inching ever closer to $10,000.
Don't believe me about the timing of his prediction, check out the video:
Pretty cool how accurate this prediction turned out to be.
It's one thing for someone to just throw out numbers, but it's another entirely for someone to throw out a number and give a time frame... and have it turn out to be right.
According to Brian Kelly of CNBC's fast money, this latest surge in prices is mostly due to retail buyers.
Everyone was sitting around the dinner table and talking to family over the holidays and one of the most discussed items was undeniable bitcoin.
How can we assume that you might ask?
Well, it was reported that over 100,000 new accounts were created at Coinbase on/around Thanksgiving alone.
That would mark the second time in the past couple months that Coinbase has added over 100k new users in a single day.
The floodgates are about to open when institutional money enters the space the second week of December with the launch of the CME futures and options products.
Then ETFs are likely to soon follow.
The question then becomes whether all this new money will continue to boost prices higher or will the ability to short be abused by these large institutional firms?
We will just have to wait and find out to know for sure.
Investors in the silver markets claim that JPMorgan, among others, have been manipulating prices for years. Hopefully we are not hearing the same things about cryptocurrencies a few months from now.
Stay informed my friends.
Sources:
Image Sources:
https://www.coinbase.com/dashboard
Follow me: @jrcornel
Hey jrcornel,
Very interesting read, Thanks you for sharing it!
Nice post! What will happening, if someone resteem your post?
Very smart man :)
Good info. The boost in coinbase accounts is likely a lot of retail accounts so it makes sense that demand might be coming from the retail investors as you suggest.... they should look at investing in some steem though as well!
Retail always marks the top. The difficult part is pinpointing it. 😟
Awesome article!! I only hope it keeps going up!! Hope this makes for a very happy holidays for everyone!!
Great stuff. I love looking back on history. Looks like we are going to hit 10K tonight.
I was eating Thanksgiving dinner when I received the notification that BTC was at $7900. Stupid me, I chose the turkey leg over going to my computer to buy more BTC. I regret it so much.
So is anyone considering why bitcoin is making so much money. That the only reason it hit 5k was because of the dark-net and criminal activity supporting the currency. Who made Bitcoin? What are there intentions to do with it. Yea yea... decentralized economy blah blah. What happens when we all have a decentralized economy that requires you to connect to the internet to have money. And that internet infrastructure is controlled by AI that can analyze the public data Bitcoin offers to pinpoint people on the Earth to time and place of purchase. We're handing over our privacy for money...
I'm not saying I know even a percentage of whats going on here, but the fact that no one even says anything to spark conversation here on Steemit is frustrating. Same old story, if it doesn't pay you its not worth your time eh?
https://motherboard.vice.com/en_us/article/ywbbpm/bitcoin-mining-electricity-consumption-ethereum-energy-climate-change
As a software dev with 20+ years of experience who has studied Mastering Bitcoin I can tell you with nearly complete certainty that bitcoin and many other alts as they currently stand work against government control. I'm worried that what will happen is that government will try to replace these with their own centrally controlled crypto and create a digital panopticon.
I think we know we have AI self awareness when code begins to write itself.
That sounds spot on. I wish I could trust it. I feel that bitcoin may already be part of the new world order towards centralization.
Bitcoin Going to the moon day by day..... i love it.
No doubt we will be hearing those stories about cryptocurrencies in the next few months.
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