Bitcoin Soars Back Towards Record Highs

Tyler Durden's picture

Despite no specific catalyst, except perhaps some flight to safety seen also seen in precious metals post-Qatar-chaos, the price of Bitcoin is surging once again back towards its record highs.

Having fallen notably early last week, the cyrptocurrency has recovered almost all its losses as it tests back above $2600 this morning.

Catalysts for this jump appear to correspond to MidEast chaos but buying pressure in South Korea and Japan remains strong.

As we noted previously,GBTC (Bitcoin Trust) continues to trade at an extreme premium to the underlying Bitcoin price (but we note it is coming back a little today (trading down from $511 to $500 as Bitcoin rallies).

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FreeShitter's picture

ETH breaking ATH. 

Pinto Currency's picture

No limit to how high it can go but it will go to zero.
A wild round trip.

FreeShitter's picture

Sounds like you missed the rally.

The_Juggernaut's picture

It's not as if the people who are most likely to manipulate it are also capable of fucking up the Internet that cryptocurrencies require or anything...

 

...oh, wait.

Cognitive Dissonance's picture

Hush your dirty mouth. The widely accepted meme is Bitcoin is the latest monetary savior. It's funny how greed soothes all infected wounds.

Jim Sampson's picture

All the Mrs Watanabes throwing every cent they have into this shit.  TO THE MOON!

BaBaBouy's picture

Bitcoinz $50K...

Phys GOLD blockchain $200K ...

Pinto Currency's picture

I did miss the Bitcoin rally.
It can go to $50k+ but it is a fraud IMO.
Also missing the SOX / SOXX rally - and OK with that.

The_Juggernaut's picture

Everything shooting to the moon is a bubble except bitcoin.  This time it's different.

tmosley's picture

Gold was probably cheap when you could just pick it up off the ground. Land was cheap when there were no people in the land.

As people shift towards the decentralized internet economy, what will happen to the assets that facilitate that economy?

Save_America1st's picture

Greg Hunter @USAWatchDog interview w/ Clif High:

Clif High – Crypto Currencies Break Loose, then Gold & Silver

https://www.youtube.com/watch?v=ohqKmAz_aeM

 

CH1's picture

NO SPECIFIC CATALYST!!??

How about this: Fiat is trash and PMs don't cross borders without major problems.

Specific enough?

Exponere Mendaces's picture

Nothing like a smug psuedo-intellectual and ZH article author chiming in on crypto.

How's those precious metals doing? Still sitting on your shelf doing nothing? Maybe shine them up a bit, like little fidget spinners the kids use nowadays.

There, there, its all right. Gold will rally one day. ZH said so, right?

LOL

 

Exponere Mendaces's picture

LOL

Here it comes, every thread -- EMP, Internet outage (worldwide!), Computer crash!

Nice try grandpa.

How's that captured gold market? Has it moved worth a shit since you had your temper tantrum? No? Awwwwwww. Ain't that a bitch.

 

Raffie's picture

The rally will continue with corrections.

ETH adoption is exploding and Puting looking at it now.

REALIST NEWS - The Three Amigos! Clif High, Bix, Joe - Crypto Silver Housing Woo Woo & More

https://www.youtube.com/watch?v=R8snogdLWSI

1hr 42min interview. Real good show.

RightEdge's picture

"On a long enough timeline..."

Exponere Mendaces's picture

We're sorry your gold holdings are currently stagnant and losing to inflation.

But at the same time, you only have your ignorance to blame by not getting in to the new asset that is replacing precious metals.

The only thing going to zero is the utility of your "stack".

 

AE911Truth's picture

Silver will reach parity with gold, due to its usefulness as a catalyst in the production of energy.

Exponere Mendaces's picture

... and still be the red-headed step child to crypto.

Just give it up, man.

Or do you enjoy non-performing assets?

 

tmosley's picture

Bitcoin now benefitting from a flight to safty while gold does NOTHING.

Bitchez better get it while they can.

GodHelpAmerica's picture

Your crypto god cliff high says btc first then silver and gold to follow. And silver out of all is the most undervalued right now -- you may want to rotate some...

https://m.youtube.com/watch?v=ohqKmAz_aeM

tmosley's picture

Hahaha, I'll believe it when I see it.

Raffie's picture

Clif has explained that web bot been calling out $600 silver, BUT due to the manipulation silver right now staying put.

Web bot using data in HOW the price should be. Yup, tired of hearing the SILVER TO MARS, but there is cracks in the PM man handlers foundation. Gotta be in position when the light goes green.

You can only over torque a bolt so much before it snaps.

 

Txpl9421's picture

Clif has been saying Silver to the Moon for years.

I think his bots keep hitting on William DeVane commericals.

FreeShitter's picture

Old cliff, he high alright.

GodHelpAmerica's picture

Wasn't wrong until 2011, when manipulation kicked into hyperdrive. Timing was influenced but it's an eventuality that must be realized. Silver at under 18 makes zero economic sense, and this gets resolved one way or another.

Precious metals will jump once the cracks manifest in widespread fear. Right now potential energy and stress continues to build. They will go vertical because the currencies they are priced in will go vertical in the opposite direction.

The crypto crowd bashes fiat and precious metals--how does that make sense? When fiat crumbles precious metals will soar--it's a goddamn ratio. Cryptos are rising in anticipation of this..

nope-1004's picture

Cliff High has no basis for his assertions, just like Harvey Organs wild predictions.  These people are nuts to be predicting the future, as if they believe they are a god or something.  Cliff High says he has algorithms that search the internet for word usage increase.  I imagine that around the 4th of July his "bots" return and increase usage in Star Spangled Banner.  Yet, he doesn't disclose those sorts of word mining results, proof that he's just making this shit up.

The future will unfold the way none of us know.  That's the only prediction that will stick.

I suggest you maintain your sanity and ignore sociopaths like Cliff High.

Haus-Targaryen's picture

I want to know why his "arabian-pop" didn't give us ahead-up re; Qatari crisis.  

I think he speaks in generalities so he can claim enough "hits" so that when he goes over into the crypto realm, in these markets with whiper volume someone with his exposure saying "its gonna go up" enough people believe him, pile and and then others get on the band-wagon. 

I like the cryptos, but I know how bubbles work and anyone who looks at a 12 month chart and tells me this is sustainable is a fool.  

tmosley's picture

Depends entirely on how quickly the peoples of the world abandon their fiat currencies.

Euskara's picture

BS ! Clif was talking about BTC when it was $4, and Mt Gox (yes that one!) had an issue that made it pop from $11 to $4, takes balls to say it's gonna go up. Did I listen then: No...

Spaced Out's picture

Please, tell everyone where YOU think btc will be in February 2018 :D

AE911Truth's picture

Clif High refered to demand for silver in the "new electrics". 

Exponere Mendaces's picture

"ANY DAY NOW"

lolololol

Yeah, you just keep on holding that goverment-captured asset while the real investors make some smart money in crypto.

Gads, you really think you're doing the "right thing"..

*guffaws*

 

AE911Truth's picture

Silver will reach parity with gold, due to its usefulness as a catalyst in the production of energy.

SILVERGEDDON's picture

Thank God there are people deluded enough to participate in the Deep State roll out of digital control currency. 

Blow off top just around the corner is gonna ass rape a lot of late comers to the party.

If your investments are solid tangible items in your control, they still exist after all forms of digital currency are outlawed and replaced by the Deep State Bankster preferred version.

Land, water, tools, crops, food, silver, gold, lead, copper, and brass all have lasting value recognition throughout recorded human history.

If they are yours, it becomes more difficult to control you and your assets. 

The moneyed and powerful do not like competition.  

I truly do not have a hate on for digital currencies - but just like paper federal reserve notes, I do not trust the value thereof, or the ability of the currency to destroy your investment through devaluation, inflation, or taxation.

So, if you want to lemming over the digital clown bux cliff, more power to you.

If you want to trust the Fed, have at 'er.

My message is for those who trust neither, and wish to survive both.  

Haus-Targaryen's picture

After the last blow-off top in 2013 the botcoin subreddit had to sticky a suicide prevention hotline. 

CH1's picture

Translation: If it isn't silver, I must destroy it!

Exponere Mendaces's picture

LOL

Here comes another precious metals holder with his meager to non-existent profits to tell us Bitcoiners what's what!

Blah blah blah hold it in your hand blah blah blah thousands of years blah blah blah they will stop it blah blah blah lemmings blah blah blah.

Yeah, we've heard it all before.

But you know what? We can't hear your grandpa musings over the loud cash-register ringing noise of our continuous profit-making.

What's that? Gold is valuable? Shit, the market sure doesn't think so. But keep on "stacking", more Bitcoin for me!

lolololol

 

HRClinton's picture

Can someone please explain why so many ZH people hate BTC, even though it seeks to be a market-driven alternative to fiat currency - just as PM seeks to do?

Are PM holders that intolerant to anything other than PM, and don't they get the concept of "The enemy of my enemy..."?

FreeShitter's picture

I really cant answer that, I know for myself I bought low in them and reaping profits here and there, continuing to buy more on the dips. I have enough money made to buy a large chest full of semi auto weapons and ammo haha.  house is paid off already, my rides are paid off, I have a little debt in another cc ill pay off, other than that Im golden. Everyone here has different views on them for sure. I love them.

Txpl9421's picture

I bought a bunch low.  Now I take out a dollar amount every day to use to pay down my debts.  I still catch the moves up, but I take the profits (and pay the taxes) every single day.

Not a bad "scheme."  Don't get greedy.  Don't buy hype.  But take the fools money every morning.

TwelveOhOne's picture

For what reason are you paying taxes?  If you're not working for the government then you don't owe any (I know, odd news to most).

See http://losthorizons.com and the book "Cracking the Code", both by Pete Hendrickson.

Mementoil's picture

It has nothing to do with "intolerance".
It has everything to do with the sickly feeling that cryptos are just another pump and dump scam in the hands of a few very clever individuals, and that many naive people are going to get slaughtered once this is over.

Placerville's picture

The thing is, many naive people aren't even in this market yet.

Oswald did it's picture

Agreed.  Most of the people I come in contact with on a daily basis have either never heard of it, or haven't tried to buy any yet

Exponere Mendaces's picture

And yet your wizard intution hasn't devined that you are feeding the system every time you purchase gold from the treasury or licensed gold dealer.

They have fully captured you, and you pay them for the privilege. Amazing how the brain rationalizes anything someone does.

 

sirsmokum's picture

Confirmation bias with a pinch of jealousy.

Collectivism Killz's picture

Simple really, the PM bugs listened too closely to swindlers like Chris Duane and Bo Polny and ignored the new paradigm in technology and the greater ease for capital flight to take to cryptos versus billion. I am a huge stacker, but I also look at market reality. I use my crypto profits to keep stacking and fund projects around the house. Many are mad that they missed the boat on cryptos and are inclined to bitch and talk about how silver will eventually soar. I hope they are right, but personally, I don't expect much of silver or gold until late stage collapse.

Michigander's picture

"Are PM holders that intolerant to anything other than PM"

Bingo. Perfect confirmation bias. They are all in so any one person they can steer from putting a buck into crypto may be a buck that goes into bullion to help prove, one day, they were correct in their decisions.

Personally, I've always taken it to be than the ones that scream the loudest have the smallest net worth. A penis envy of sorts. If you own tens of ounces of bullion, then you should be stacking. But what happens when you have thousands of ounces of bullion...when you have a full third of your net worth in bullion...it becomes really tough to keep stacking in this climate. I would rather work with the crypto currencies and build some equity and buy silver when it breaks 30 rather than leave more dead money lie for how ever long it takes for the manipulations to end.  

Just so we're clear

30% real estate (modest rentals that everyone needs)

30% bullion

15% cash on hand

15% cash in bank

10% crytpo's

Dont know how anyone could downvote that logic...but watch.