from Hacker News

Bitcoin has made a new all-time high price

by ca98am79 on 11/6/24, 1:47 PM with 320 comments

• by jcfrei on 11/6/24, 2:50 PM

  It has in dollar terms but it still hasn't on an inflation adjusted basis. One bitcoin today has less purchasing power than at its peak in November 2021. The dollar has lost about 12.5% since then so the true all time high would be around $79250.

• by karaterobot on 11/6/24, 3:19 PM

  Note that it hit a new all-time high last night, but it's been in the ~$70ks since last March. The election results may have pushed it over the top, but it's been way up for a while.

  The people who predicted it would collapse appear to have been wrong, and the people who predicted it would come back appear to be right. My own position was that it's so volatile that it will always be a roller coaster, which is why I don't invest in it anymore. I'm sure it'll crash again, and come back again, and I don't like drama when it comes to my money. But to me, this is more evidence against the Ponzi scheme narrative, which was always a lazy description that didn't match the history of the coin. BTC is something else entirely. Still scary to me, but something else.

• by Geee on 11/6/24, 4:03 PM

  It's weird that some people are still having the same arguments which were thoroughly discussed on bitcointalk.org 16 years ago. The discussion about its value were interesting when the price was $0 and people were speculating if it's possible that it gains any value at all. It was known that any value would kick off the bitcoin's inbuilt incentive mechanisms which would keep it running forever. A software that pays humans to run it; that was the genius behind it.

  When the price history is already established, the theoretical basis of value is irrelevant. People value things based on their valuation history; that's how it goes. It can be broken down somewhat, but the price history should already contain all the relevant information for investors.

  Bitcoin has now made it's way to the portfolios of the most boring financial institutions [0], which means that it is now firmly established itself as a part of the global financial system, and it's not going away.

  [0] https://finance.yahoo.com/news/over-600-financial-institutio...

• by exitb on 11/6/24, 2:37 PM

  So I suppose people must use it all the time to buy goods and services. Right?

• by ldoughty on 11/6/24, 2:52 PM

  Looks like it was ~65k in November of 2021, and at near the current value (~74k) earlier this year.

  On a >4 year scale, yes, it's slowly going up, but keep in mind that if you bought at the 65k peak of November 2021, it took 2 1/2 more years to get back to that value.

  When Bitcoin hit 20k for the first time, it took another 3 years to get back to that value after it crashed 70% in the months following the 20k peak.

  I'm only suggesting that you think before purchasing on a peak. It certainly could keep going up, especially if it becomes deregulated in the US and more people can easily invest and more businesses can legally manipulate buyers.

• by specproc on 11/6/24, 4:48 PM

  I wouldn't underestimate the influence of crypto, and a desire to change leadership at regulators as a factor in the election.

  There was a fascinating piece doing the rounds here last month, crypto lobbying has been huge. [0]

  Just been chewing the fat with a buddy over dinner. Our crypto friends have done very well this week.

  [0] https://news.ycombinator.com/item?id=41765734

• by Jabbs on 11/6/24, 3:42 PM

  On top of a pro-bitcoin president and the ETF approvals there is a new commitment from MicroStrategy of $42B in bitcoin over the next 4 years

  I think you will see this headline a lot

• by sub7 on 11/7/24, 4:58 AM

  I had a dream that Gensler wouldn't go quietly, and filed wire fraud/terrorism/laundering charges against Tether as his last stand.

  Then I realized that crypto has bought a majority of the house, senate and the presidency so these scammers are here to stay and our only hope is that they run out of suckers and start scamming each other

• by rel_ic on 11/6/24, 2:42 PM

  What's the best way to sell ~50 BTC these days?

• by chungus on 11/6/24, 1:55 PM

  Anybody have a reliable, up-to-date pc build guide, for a full node? I find very fragmented information everywhere. I get that "most pc's can run Bitcoin core" but I'd like some more detailed information.

• by kragen on 11/6/24, 3:18 PM

  Is there a better link for this? For me this page says Bitcoin is now priced at 73,889,189.67 Argentine pesos, which is not even correct (they're using the government's fake exchange rate, which is not the one anyone buys or sells Bitcoin in) nor especially notable—peso inflation has produced "new all-time high prices" in Bitcoin in about half of all months over the last ten years. And tomorrow or next week the link will go to some other irrelevant Bitcoin price, even for people in the US.

• by bananapub on 11/6/24, 5:17 PM

  really is depressing that Trump has brought along the absolute worst people - tech oligarchs, cryptcurrency enthusiasts (Bitcoin still uses more electricity than SPAIN, for < 10 transactions/second), racists, men and women who want to harm the health of women on a national (and international - the "Helms Amendment" still exists) scale.

  truly horrific what people will do to get less SEC regulation or a slightly lower CGT rate.

• by nfRfqX5n on 11/6/24, 3:24 PM

  Waited for today to take some profit

• by sfjailbird on 11/6/24, 3:39 PM

  This is good for bitcoin.

• by firekvz on 11/6/24, 2:39 PM

  how you guys interpretate all this price swings with barely no trade volumen increase?

  i think the whole crypto narrative it's slowly dying, okay its ATH now, but yeah, we still got this huge elephant in the room called tether and well u know

• by Pxtl on 11/6/24, 3:21 PM

  I assume this is because of Musk's love of crypto and his expected high position in Trump's new government, compared to the Democrats who wanted to regulate cryptocurrencies like any other security.

• by infocollector on 11/6/24, 1:55 PM

  Trump seems to be good for coin. He did promise to help deregulate crypto by firing the SEC chair.

  - https://www.axios.com/2024/07/27/trump-bitcoin-strategic-res...

• by m3kw9 on 11/6/24, 3:10 PM

  Trump gonna create a national bitcoin reserve or what?

• by giraffe_lady on 11/6/24, 2:41 PM

  Well yeah. It's a right wing project on the day after the monumental success of another far right project with which it is closely linked.

• by over_byte on 11/6/24, 8:29 PM

  Bitcoin is dead

• by Hammad_khaan on 11/6/24, 2:46 PM

  A person mentioned that Bitcoin is heavily used for money laundering and similar activities. How authentic is this, and does it affect rates, like what's happening right now?

• by chollida1 on 11/6/24, 2:38 PM

  A few good trades if you want to juice a BTC/ETH holdings.

  GLDC and BITW are currently trading a deep discounts. GDLC has filed to convert into an ETF, at which point the discount to NAV will go away.

  The conversion could take up to another 200 days but you get BTC performance along with a 20% bump from the NAV flattening.

• by colesantiago on 11/6/24, 2:34 PM

  Soon this will all collapse, reaching all time highs isn't a good thing.

  Pyramid scheme at best, ponzi scheme at worst.

  I still don't know any use case for this other than speculation and people aren't even using it in the real world.