Bitcoin Hits $10,000 Because Ceilings Are Just a Construct, Man (gizmodo.com)

An anonymous reader shares a report: On Tuesday, the trading price of the most prominent cryptocurrency hit $10,000 for the first time. And that nice round number will almost certainly have the kind of psychological effect that brings in new traders. Based on analysts' recent predictions, the $10,000 milestone could be the beginning of the end or just the beginning. Some thought that $2,000 would be the point at which we'd see a reversal of Bitcoin's ascent. Others predicted it would top out at $4,000. Then, $4,000 became the floor. These days, analysts with decent reputations have predicted the cryptocurrency's trading price could go as high as $50,000, $100,000, and even $1 million.

Comments

Re:5 bucks

[Anonymous Coward]

Pure speculation. It is not used (and can not be used) as currency. Somebody is just pumping the price to lure in suckers. Ironically crypto is propably most manipulated market in the world. And people just buy it with no other intention than to sell it later to somebody else for higher price. This can not and will not end well. Remember, value is not generated out of thin air, just transfered from one to another, in order for one person to get a "bitcoin millionaire" there MUST be thousand people who lose 1000$. There is no way around it.

"Traditional" speculators entered the fray

[rsilvergun]

I don't know what else to call them, but the kind of day trader types that play the stock market noticed the price going up. So now in addition to the drug traffickers, money launders and ransomeware authors we've got those jackals. I'm sure this will all end well.

aka

[grasshoppa]

These days, analysts with decent reputations have predicted the cryptocurrency's trading price could go as high as $50,000, $100,000, and even $1 million.

In other words, they have no idea why it's doing what it's doing.

I'm starting to think "expert" is someone who is physically unable to utter the words "I don't know".

Re:aka

[Archangel Michael]

They don't know, and there is a valid reason for it. The market is irrational. The market is as much about emotion as it is about fundamentals, maybe even more so. There will be a correction. The problem is, there are no forces that can take any of the irrationality out of the market. The real panic will happen when the BTC is worth 5 or 6 figures each, and corrects down to three or so. That's when people holding fair numbers of coins will start to panic, and sell off just like everyone else, trying to get any part of the profit they missed when it peaked.

And then you'll see it normalized for a while, perhaps even disappear. People mocked when a guy bought a 20,000 BTC pizza, and now many of those same people are mocking $1000 BTC.

Re:Seems like you can use it as currency

[TheRealMindChild]

There's no incentive to ever spend it

Sure there is. I need food *now*, and these might not be valuable enough in the future to sacrifice starving right now.