Bitcoin's Rise To Record Highs In Context

Tyler Durden's picture

After a two-year long bear market, bitcoin came roaring back in 2016, and has been climbing ever since.

The digital currency reached a new all-time high above $4,650 on Tuesday, an increase of more than 350% year-to-date. The sheer intensity of its gains has inspired some comparisons to the digital currency's initial run-up, which ended with the collapse of bitcoin exchange Mt. Gox in early 2014, marking the end of the first bitcoin bull market.

Given bitcoin's torrid advance, analysts from Bespoke Investments attempted to put its gains in context in a chart. The results are striking: Compared with infamous asset bubbles like tech stocks in the 1990s, bitcoin has climbed much further in far less time. According to Bloomberg, “there’s almost no comparison” between bitcoin and the tech-stock bubble.  

“Bespoke Investment Group contrasted the rise in bitcoin with infamous bubbles such as the tech market in the late nineties. There’s almost no comparison. Tech stocks rose just over 1,000 percent over the entire course of their bubble, and bitcoin is already up more than twice that. Take a look.”

According to CoinTelegraph, bitcoin analysts expect the digital currency to finish the year around $5,000.

And some expect the digital currency to go much, much higher. According to the Wall Street Journal, early Snapchat investor Jeremy Liew expects Bitcoin will reach $500,000 by 2030. Security company founder and notable eccentric John McAfee believes it’ll take only three years.

Alistair Milne, a popular bitcoin analyst who has a large Twitter following, calculated earlier this month that bitcoin would already be worth more than $7,000 if the digital currency’s share of the overall crypto market would return to its pre-2017 levels. Bitcoin’s market capitalization now represents less than half of the total for the broader market crypto market, down from about 90% early this year. The drop is largely due to bitcoin rivals like Ethereum and Litecoin, which put bitcoin's YTD rise to shame.

Bitcoin has made a habit out of routinely defying its most ardent skeptics. But the shadow of Mt. Gox still looms large over the digital currency market. And the risk of another bull-market-ending catalyst like a 51% attack on the bitcoin network or another major hack at one of the more mainstream exchanges could force out the week hands, sparking another precipitous drop.

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P-51 Stiletto's picture

Who wants to buy some very rare tulups? I got 'em!


Sabibaby's picture

The network is distributed so unless it's an entire world EMP... nope, then it's paper wallets and waiting for the internet to be rebuilt but are people really waiting for the ENTIRE world to end?

FreeShitter's picture

Its sarcasm, I just didnt put the /s. 

tmosley's picture

>Since 15

Wow, why not just cut off the entire rise and reconsolidation phases that have come before?

Disingenuous bullshit. 

johngaltfla's picture

Tiptoe through the window
By the window, that is where I'll be
Come tiptoe through the tulips with me

Oh, tiptoe from the garden
By the garden of the willow tree
And tiptoe through the tulips with me

Knee deep in flowers we'll stray
We'll keep the showers away
And if I kiss you in the garden, in the moonlight
Will you pardon me?
And tiptoe through the tulips with me

Maybe it's flowers you stray will be the showers of life
And when I kiss you in the garden in the moonlight
Will you pardon me and tiptoe through the tulips with me?


Tiny Tim knew it....way before any bubble chasers did.

Squid-puppets a-go-go's picture

Could be tulips. Or it could be the monetary equivalent of Isaac Asimov's Foundation

DWD-MOVIE's picture

I’m making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do…

TeamDepends's picture

Some of you crypto haters could not handle the excitement of this unregulated, mostly-free market.  Never a dull moment!

lester1's picture

Peter Schiff hates this decentralized free market for Bitcoin. I can argue that Peter Schiff is not a real libertarian.

tmosley's picture

He, like all oldbugs, is caught in a cognative trap. One that requires a tremendous amount of willpower to overcome.

Scientific training helps. But he, and probably all of the oldbugs lack that.

You have to WANT to be wrong. Trial by fire is how the best ideas survive in real science. Sadly scentists themselves are mostly human, so fail their philosophy much, if not most of the time. But adhering SOME of the time is usually enough. The old fucks who won't let go of disproven shit die off soon enough.

The Cooler King's picture

mosley, do you have any kids?

tmosley's picture

Fuck off, datamining faggot.

The Cooler King's picture

Do you or don't you? It's a simple question.

tmosley's picture

Give me the addresses and social security numbers of your children.

The Cooler King's picture

I don't have any. The point I'm trying to make is something quite different.

tmosley's picture

Give me yours then. And those of your closest family members.

The Cooler King's picture

I'm not interested in your name, your address, or any names or addresses of whatever family members you may or may not have.


I was only interested (on the 'kid' subject), because I believe that if you did, your attitude and behavior would be quite different.


Hell ~ I'll leave you out of it for now... I'm curious, IN GENERAL, how many female bitcoin owner/commentators there are on ZH... My guess is, not that many (but I may be wrong)... My guess is, also, that there are many 'married' men here whose wives would have strung them up by the balls if they'd have taken, say, $1000 out of the checking account 2 years ago to buy bitcoins...


Especially if they were raising kids.

webmatex's picture

Mrs. Webmatex agreed 4 years ago that BTC was probably a good idea, we went in 1200Eur.

Ive constantly taken profit (lots) and occasionally transferred BTC to Eur solely within my account (Paymium) to trade on a price decrease (bad idea).

I was going to cash out completly a month ago but my wife didn't think it was a good idea so i "stuck".

Still got way more than the original 1200 but it's no big deal to gamble the rest as the BTC paid out *6.

We do have 2 grown kids - really good girls!

Until recently if we vacationed within europe by car my wife would INSISTwe take our silver coin stash and her jewels with us in the spare tyre!

Man that stuff is tough to run around with and i swear we burn more fuel!

After watching the floods in TX i saw all those floating cars and had a strange vision of some guy and a boating accident.

Well, she doesn't read ZH but when she returns from family tomorrow i will relate to her this classic and mythical story from the ether of ZH history and suggest we revert to the good old cherry tree in future.

I may also utter verses of Phonestar in her ear and further enlighten her to the forbidden pleasures of ZH but i doubt she will participate as she is gifted much more by intuition.

Don't string me up by the balls darling!


SeuMadruga's picture

Hahaha ! Man, what a coincidence: I uttered out loud those exactly words of your last sentence to a Peter Schiff's employee at his EuroPacBank where I had just been denied an account opening today solely because my local bank statement (provided as part of the docs required) showed several cash withdrawals from a formally constituted BitCoin exchange legally operating in my own country, as though his other companies SchiffGold and GoldMoney didn't accept crypto-currencies as payment for PM's !!!

Mr. Irwin might be deeply disappointed with his phony-libertarian son...   :-(

Raffie's picture

Gotta ALWAYS mention the dreaded EMP. Global EMP is what they mean because EMP over America will not take out all the servers.

Bet there is crypto servers that are EMP hardened. 

They can sure dream. 


AtATrESICI's picture

"If Bitcoin returned to market dominance of ~84% (where it was before the Bitcoin Unlimited/forking fears), the price would be ~$7000 today"


If wishes were horses, beggars would ride...

WhosJohnGalt's picture

"If wishes were horses, beggars would ride..."

Yeah, no kidding.

You tell me -- does it look like BTC is going to be returning to 85%+ market cap dominance anytime soon?

That's what you call the mother of all dead cat bounces.

If you're a BTC holder, ignore that chart at your own peril.

Hugh_Jass's picture

Lulzzzz, I think that you just called BTC's death for the 1,503rd time.




Aint' gonna die!

Silver Shield's picture

Created by the NSA in 1996

Pushed by the CIA the same month of the financial crisis.

Luring Libertarians into exposure to Anti Money Laundering and "Terrorism Financing" laws.

Penalties included confiscation, Civil Asset Forfeiture, Criminal and Tax Liabilites.

The EXACT tactics they used to break the centries old Private Swiss Banking...

Oh and...

Sold the soul and integrity of the "Truth Movement" to advance the Banksters dream to BLOCKCHAIN, trace, track and tax ALL of humanity.

VD's picture

"Satoshi" = Schnorr protocol

tmosley's picture

No, no, he was a lizard man from Omicron Persei 8.

VD's picture

same difference in the end - the fleecing of crypto-muppets shall be epic and then in retrospect it'll all make sense...

tmosley's picture

Hahaha, I usually think of a pretty lady when I jerk off, but differnt strokes!

The Cooler King's picture

'Pretty Lady' ~ Funny u should mention it because I was actually wondering about that.


So what exactly do you do when you want to 'impress' a pretty lady with your bitcoin wealth? Take her out to an expensive restaurant? Or is it Burger King & Subway?


Or, do you just go straight back to your house (which is empty because it used to be full of silver, but you sold it all)?... What do you do then? sit on the floor & shop for some cheap furniture?


Or, is is straight down to the dungeon to watch some porn & snuff films from Tor?


& lastly...


Why the hell, with all these bitcoin click bait graphics, do they show stock footage of MINTED COINS? & moreover, why don't these 'minted coins' have 'IN SATOSHI WE TRUST' stamped on them?

stacking12321's picture

poster "silver shield" is butt-hurt chris duane, who enviously is eyeing crypto gains thinking it oughtta be silver instead having that run-up.

silver's time will come, but don't listen to chris too much when it comes to bitcoin, he's talking out of envy, not because he has useful info to share.

tmosley's picture

>silver's time will come

No it won't. The first fusion reactors are scheduled to come online in 8 years. The first thorium reactors will come online before that by my reckoning. That means practically free energy, which means mining will be practically free. Crypto mining will automatically adjust. The amounts of metals in rock will not.

PMs are DOOMED. And not just from one angle. Asteroid mining dooms them. CB dishoarding dooms them. ASI dooms them.

The Cooler King's picture

There are no asteroids... I shot them all to pieces while drinking a slurpee at the 7-11 back in the 80's

BadLibertarian's picture

>So what exactly do you do when you want to 'impress' a pretty lady with your bitcoin wealth? Take her out to an expensive restaurant? Or is it Burger King & Subway?

I can't speak for tmosley, but I took one out for dinner in my Audi R8 V10 this evening. I think she liked it.

Raffie's picture

Change your name to Elmer FUD
You are only kicking against the goads.

VD's picture

"In conclusion, the potential risks in electronic commerce are magnified when anonymity is present. Anonymity creates the potential for large sums of counterfeit money to go undetected by preventing identification of forged coins. Anonymity also provides an avenue for laundering money and evading taxes that is difficult to combat without resorting to escrow mechanisms. Anonymity can be provided at varying levels, but increasing the level of anonymity also increases the potential damages. It is necessary to weigh the need for anonymity with these concerns. It may well be concluded that these problems are best avoided by using a secure electronic payment system that provides privacy, but not anonymity."


the NSA lays it out for you way back in 1996. hint: it goes straight to zero, after some "potential damages".


you've been warned.

tmosley's picture

>it goes straight to zero

Then the market will have moved on to another crypto. That's great!

VD's picture

correct: the IMF's singular global crypto-SDR = and all you crypto-muppets are hosed and herded into the "final solution". sad fools.

tmosley's picture

Yeah, because they can't push a button and make a better crypto that TPTB can't even touch.

dumbhandle's picture

SDR is not a crypto.

monero's picture

Try some Monero -- the best for money laundering! (Aka people wanting to avoid government theft)

dumbhandle's picture

Monero needs more developer horsepower now. It is about to get run over by Ethereum zkSNARKS. Monero is a single use crypto. Excellent for that single use but requires high intelligence and effort to become skilled in its use. I don't think it has enough momentum. Snarks are not as good but close enough.

Txpl9421's picture

Every morning I wake up and remove the same amount from my crypto stash. I send some to a gold dealer. I send some to my stock account. I send some to pay off the house. Every day for at least the last 130 days.

Bitcoin could drop to nothing and I would be in the black.

And every day I laugh my ass off at the sour grapes comments I see on these click bait stories.

DontGive's picture

Once Uncle figures this out, he's gonna be pissed.

Txpl9421's picture

Uncle has known about this for the past couple of quarters. Why would I risk that?

VD's picture

a lot of us were "sour grapes" in 2007 too......

P-51 Stiletto's picture

Bitcoin Bastards! I'm first bitches! What you gonna do when no electrons come for you?

Raffie's picture

I got PM as well so covered there.

YES, by all means, keep your eggs in 1 basket and don't try to make more USD to buy PM.