Bitcoin Surges Back Above $4600 For The First Time In A Month

Tyler Durden's picture

Bitcoin continues to march back towards its record highs, breaking back above $4600 for the first time since September 8th.

 

 

So what will it take for the digital currency to get back to record highs above $5000 and beyond?

Forbes' Panos Mourdoukoutas offers several possible catalysts...

The return of buzz, which will bring buyers back to the market. And that will take a catalyst, like the rollback of China’s ban on Bitcoin and other cryptocurrencies, which killed Bitcoin’s buzz in the first place.

 

The ban may be temporary, to appease international agencies and hardcore communist members ahead of the upcoming Communist Party convention, as written in a previous piece here.

 

Another catalyst could be a financial crisis which could make Bitcoin the “safe heaven” asset, as investors flee financial assets. Like the 2008-9 financial crisis that extended across almost every asset category. Or a sovereign debt crisis.

 

Then there’s the prospect of a regional war, beginning either in North Korea or the South China Sea, which would disrupt global trade; or in the Middle East, where Saudi Arabia and Iran are moving closer to an open war.

 

And there’s the prospect of an endorsement by a major Wall Street institution, which wouled increase awareness among investors, helping the demand for Bitcoin cross the “tipping point” and reach cascade.

How likely is it that any of these catalysts will materialize? They are all likely, but it takes time.

The Chinese Communist Party Convention, for instance, will be over at the end of this month. This means that the first catalyst may materialize soon after.

 

Time may get close for the second catalyst, as financial markets undergo a crisis, every 8-10 years; and eight years have already lapsed since the last crisis.

 

As of the other two catalysts, it’s hard to set a time.

 

That’s why investors in Bitcoin and other cryptocurrencies should take a longer view on placing their bets on the digital currency, always keeping in mind that Bitcoin is an alternative to national currencies, and the “new gold,” a hedge against global uncertainty.

These views come just days after American tech billionaire investor and television personality Mark Cuban recently claimed that he sees Bitcoin and its underlying Blockchain or distributed ledger technology (DLT) as the way of the future. As CoinTelegraph.com reports, he also countered the various claims that the leading digital currency is not real and has no intrinsic value.

In an interview with Bloomberg, the renowned American businessman claimed that Bitcoin is just like the traditional stocks that investors can buy and sell.

“...it's interesting because I think there are a lot of assets that have values based on just supply and demand. You know, most stocks, they don't have any intrinsic value, no true ownership rights, no voting rights, you just have the ability to buy and sell those stocks. They're like baseball cards and I think Bitcoin is the same thing...”

Cuban also said that he has been looking to buy into Bitcoin and the cryptocurrency market ever since and he confirmed that he already invested in the leading digital currency, as well as some initial coin offerings (ICO).

“...I have bought some, bought it through an ETN based on a Swedish exchange because that gave me liquidity. I am also involved with ICOs, actually token sales, because I think Blockchain is a great platform for future applications...”

His most recent statements are quite far from his previous perception as he earlier called Bitcoin as ‘bubble’. His company’s recent moves, however, seem to be bullish of cryptocurrencies as his team have been investing in ICOs and Blockchain projects.

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koan's picture

7k by December.

remain calm's picture

Hey Jamie Dickhead, SUCK IT

bwh1214's picture

Bitcoin may have some unknowns but in this investment landscape, zero is not the correct allocation.
Video rebuttal to Chris Duanes crypto bashing challenge.

http://www.themonetaryreset.com/?m=1

VD's picture

btc like baseball cards, jesus, what a moron. he deserves what he'll be getting...

tmosley's picture

He surely does.

Ha ha ha

tmosley's picture

Any second now.

I'm literally laughing out loud at you right now.

VD's picture

crypt0-muppets like to laugh first, like they did when crashing jpm buying silver. same game. far worse results, in the end. keep on laughing.

tmosley's picture

Hahahaha.

You're such a crybaby.

And I will, thank you :^)

VD's picture

thank ur mom for "investing" her retirement in silver and what's left in NSAcoins.

 

i'd say the crybaby is the one typing "hahahahaaaa" and the truly hysterical one, "laughing" in her basement.

 

ponzi iz az ponzi doez -- keep shilling it.

tmosley's picture

You're practically crying!

VD's picture

i'm observing an utter moron and replying to him -- when this thing blows up worse than your silver "investing" i wont laugh nor tease you. wont even say i told you so. i already warned you too many times. enjoy the "coin" rush.

tmosley's picture

Ooohhhhhhh, using proper capitalization and punctuation now, are we?

Is the krokodile wearing off?

Edit: Hahaha, I guess not, I just couldn't see the space between the dot and the stroke on the "I". Was so shocked I didn't even read the whole comment and see the usual lack of such things throughout the rest of it.

FreeShitter's picture

You are just a fucking emotional bitch like your buddy ET that is now MIA forever, do us all a favor and delete your account because reading your stupid shit all the time is giving us cancer. You dont know anything about cryptos except what youtube has taught you, which again is cancer. VD = Very Dumb.  

 

 

11b40's picture

It looks more like trolling than observing. Why don’t you just run along & stop following TM around like a little bitch?

kochevnik's picture

Only thing blowing up is ZIonist US Shadow Government in Vegas and San Bernandino

kochevnik's picture

Price surges to new high with your warnings

BallAndChained's picture

If Bernie Madoff encrypted his Ponzi fund with Blockchain, the crypto fanboys would be tripping over themselves to sell their moms and buy MadoffCoin fantasy game tokens.

Funny thing is Madoff's Blockchained Ponzi and cryptos are all the same thin air.

tmosley's picture

You can't live without air.

BallAndChained's picture

Aha so tmosley doesn't deny that Madoff Ponzi and cryptos are thin air.

Air is so common that it is worthless lol

Now he is going to say imagine if you were stranded in the middle of space without air fantasy, just like stranded in the middle of the desert without water BS.

He is living in a fantasy world with his fantasy game tokens.

tmosley's picture

> so tmosley doesn't deny that Madoff Ponzi and cryptos are thin air.

The so tell for cognitive dissonance.

Thank you for your concession. 

BallAndChained's picture

> The so tell for cognitive dissonance.

That is meaningless nonsense. That is not even a sentence.

Maybe you think using buzz words like cognitive dissonance makes you sound smarter but you are not fooling anybody.

Cryptos and Ponzis are worse than thin air (an expression for worthless). They are nothing. You can't breath cryptos. You don't need cryptos to survive. They don't exist in the real world. They only exist in the virtual fantasy world, just like the people fantasizing to be quick millionaires without needing to do any work.

kochevnik's picture

Blockchain is ledger system so your comment is retarded, given you live with Zionist ponzi scheme called fiat currency

BallAndChained's picture

Paper and pencil is a ledger system too and it is worthless, so your comment is retarded.

I never said fiat wasn't worthless either. TWO FRAUDS DON'T MAKE A RIGHT.

kochevnik's picture

Fiat paper is printed without consideration, and worse than worthless as debt.  It is a liability.  Negative equity.  NO ledger exists for all fiat except in your American dream.  DO not worry all the debt will return home to you and hyperinflate away your pirate economy

BallAndChained's picture

You must be a moron because i just said TWO FRAUDS DON'T MAKE A RIGHT.

Golden Phoenix's picture

Gold Jan 2009 $1000 Now $1300

Bitcoin Jan 2009 $.002 Now $4557

2,278,500 TIMES the original investment.

That's the only true scoreboard. 

You lose.

You're mad because you've grown to love the taste of statist in your mouth while the rest of us just said no and walked away.

The_merovingian's picture

I like your comments, they remind me of fone star. Btw if you ever see him, let him know that owe him big time and would love to buy him drinks, he and others convinced me to get into Bitcoin in 2013, one of my best investments and I've been trading successfully for over 10 years.

BallAndChained's picture

Fake price is the only argument you have left.

Bernie Madoff fund made fake profit for 20 years. Until it went to ZERO.

You can say price until you are blue in the face. You are delusional if you think I care about your fake price. I post here because I hate scammers pumping an empty bag of nothing, swindling people of their money. You crypto pumpers are nothing more than con artists bragging about their ill-gotten gains.

A FRAUD at any price is still a FRAUD.

BallAndChained's picture

A spreadsheet can be used as a ledger system too. Google has a free spreadsheet. Free is worth zero so your ledger comment is retarded.

Selling crypto fantasy tokens is like selling worthless spreadsheet cells to ignorant fools.

Even your precious blockchain ledger system can be cloned overnight for free.

Blockchain ledger systems are WORTHLESS when they are so easily recreated.

BallAndChained's picture

A software program like Oracle database (which can also be used as a ledger system) can have value if it is hard to recreate.

But Bitcon and cryptos are so easily recreated from open source code that they are all WORTHLESS.

Anybody who pumps this crypto garbage are scammers no better than Bernie Madoff, and deserve to be in JAIL.

BallAndChained's picture

Ask yourself what other open source code do people pay $5000 or more for a tiny fraction of that FREE open source code?

Even Etherium that has some application beyond a game token is open source too.

But the pumpers don't care because they want to scam as many people as possible to feed their greed. They all deserve to be in JAIL just like Bernie Madoff.

kochevnik's picture

A big black rubber dildo can also be used as a ledger for your worthless fiat ponzi scheme debt notes backed by a bullet to the head

Replicating accountability yields more accountability.  What is your point?

BallAndChained's picture

You are so beyond reality that you think/fantasize that i am in favor of fiat Ponzi. You are living a LIE.

I already told you TWO FRAUDS DON'T MAKE A RIGHT.

Golden Phoenix's picture

You wouldn't have VD if you hadn't cut that extra hole in your paper bag. Too late - it's gone to your brain.

Mustafa Kemal's picture

"btc like baseball cards"

I would like to have one of my btc have sandy koufax on it.

FreeShitter's picture

7k sounds nice, glad I have a few .....

Obsidian Samctum's picture

I’ve seen lots throw the 7k figure around. Is that just a feeling or have you teaverse the ether and consulted the Absolute for that?

I have performed that latter and it will indeed hit 7k.

The_merovingian's picture

7k is simply the target for a 5 wave patern hence why so many traders mention it.

JiminyCrickets's picture

If it makes a new high by December I precict a zoom up $10,000+, if not it will break down to $2800. Good luck, I bailed.

kochevnik's picture

Put wallet into mining, then regardless you have minimum $7K in a year

Bunga Bunga's picture

Nothing can stop Bitcoin. 10k by Christmas.

hmmmstrange's picture

Obama will ban bitcoin by christmas and they will be worth nothing.

JiminyCrickets's picture

In the face of North Korea going around sancations with Bitcoin, Trump and other Western leaders will all shutdown, reglate and tax all bitcoin exchanges just like China did, knocking price back down hard. 

kochevnik's picture

As they did for alcohol, guns and drugs?  Exchanges are for newbies

JiminyCrickets's picture

%98.5 of the Bitcoin owners are nooooobs about to get their coins fleeced by malware.

JiminyCrickets's picture

There are only 300,000 wallets with more than $5000 in bitcoin, so like the maket is really only about 3,000 players, globally, and the use of Bitcoin to skirt capital controls is about to face hard regulation.