Bitcoin Tops $5800 - Up Over 20% Today Amid China Rumors

Tyler Durden's picture

Update: Bitcoin has now topped $5800 amid unconfirmed rumors that China will restore cryptocurrency trading (perhaps in a more regulated environment) following the forthcoming National Congress.

As it seems the rest of the crypto space is being sold to fund BTC buying...

 

*  *  *

Having smashed through the old record high this morning, Bitcoin has blasted above $5600 as the Asian session begins. The cryptocurrency is now up 30% since the Chinese returned from their Golden Week holiday...

 

Bitcoin is now 16% above its previous record high...

 

As a reminder, Mike Novogratz recently suggested Bitcoin could reach $10,000 within the next year.

In an interview with CNBC's Fast Money, Novogratz called the emerging landscape a "revolution," stating:

"I never thought I'd come out of retirement but the space is so exciting right now I decided to build a business, hire a whole bunch of smart guys, and we're gonna to raise a fund ... and hopefully take advantage of what I see as a revolution, actually. A decentralised revolution."

As a store of value, Novogratz likened bitcoin to digital gold, and said the technology is beginning to make "more and more sense" as we move increasingly into the digital.

Novogratz continued to say that, while bitcoin is a bubble, the mania is justified, because it is a technological advancement that promises to fundamentally alter our lives.

"I can hear the herd coming" Novogratz said.

And bubble or not, Novogratz concluded eloquently on the extreme nature of cryptocurrencies' potential...

“Remember, bubbles happen around things that fundamentally change the way we live,” he said.

 

“The railroad bubble. Railroads really fundamentally changed the way we lived. The internet bubble changed the way we live. When I look forward five, 10 years, the possibilities really get your animal spirits going.”

Bitcoin is set to become "the biggest bubble of our time," he added, and could reach $10,000 very soon due to fast-building interest.

 

 

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phatfawzi's picture

better than gold. 

 

basic math only 21 million units available and 6 billion potential buyers. 

overbet's picture

tmosley  overbet Sep 30, 2017 2:40 PM

 

One BTC sold for $4340.   UPDATE: $5598.00

 

3.4 ounces of gold bought at @1280.   UPDATE: $1,297.90

 

http://www.zerohedge.com/news/2017-09-30/meanwhile-bitcoin-soars-40-post...

 

http://www.zerohedge.com/news/2017-09-30/meanwhile-bitcoin-soars-40-post...

tmosley's picture

$5702 now.

Wew. 4.4 oz of gold. One bitcoin now buys one full ounce of gold more than it did two weeks ago.

Raffie's picture

LTC only $60 FOOKING SLEEPER COIN!

Hope LTC gets to $100 and stays there, I'd be happy.

Think this spike will correct soon, going up to fast and steep to be stable. 

Going to jump into BTC next week for the HF, then jump back to LTC (which is greatly under valued)

tmosley's picture

>Think this spike will correct soon, going up to fast and steep to be stable. 

Yeah, probably. Wish we could tell exactly where this buying was coming from. New money coming from somewhere.

The Greek horse's picture

tmosley  When does this end? Will it go to 100K or ZERO? I am Professional FX Trader and doing well. Bitcoin the idea itself is great no doubt about that and as a trader to another investor do you really think without bias and emotional attachment to bitcoin the banking cartel would let this undermine their entire system? For the record i am for bitcoin and glad to see a fellow citizen making profits!   

Yukon Cornholius's picture

Clif High's prediction still seems good to me...up to $6800 this month followed by a 30% pullback and then off to $10k to start the new year. BoJ said they aren't stopping their party anytime soon so BTC will continue its way up.

NoDebt's picture

You're all missing the important part:

"As it seems the rest of the crypto space is being sold to fun BTC buying.."

"Fund" is what's meant, obviously, not "fun".  

The digital wheat is being sifted from the chaff.  That is notably different.

 

 

fbazzrea's picture

scrambling for higher ground?

virgule's picture

“Remember, bubbles happen around things that fundamentally change the way we live,” he said.

You mean, like...tulips?

remain calm's picture

BTC is a store of wealth. In the US their are 11,000,000 millionares. If each owned just 2 BTC then they would own all the BTC ever to be. I think it is going a lot fucking higher. Sad I sold most of mine at 2400. Its OK still have my gold. I await golds ride after BTC has made its yet monstrous run. Not sure when gold has its run, but I am sure it will happen. 

tmosley's picture

It wasn't right though. The numbers don't add up. The big coins would have to be down big, as bitcoin is bigger than all of them put together.

No, there is a tiny bit of alt selling, but most of it is new money coming in.

seek's picture

What's odd is ETH is what the establishment is backing, and its not moving at all.

I'm wondering the same thing, if this is the shakeout on cryptocurrencies and BTC is winning by a wide margin.

I am a Man I am Forty's picture

Clif High doesn't know shit.  He thought the world was ending in 2012.

HRH Feant2's picture

I agree. That guy is a nutjob. Name suits him. Old hippie making claims that are beyond extraordinary.

HRH Feant2's picture

I went to cash earlier today. I will wait for a pullback, buying opportunity.

tmosley's picture

Scary. This stage seems more likely to produce a run to 30K than a big pullback, though it has gone crazy this evening.

HRH Feant2's picture

It is scary. But I have been stuck before. I have a small limit order placed.

I have been making money trading, not holding.

kochevnik's picture

Disagree BTC must move like a snake since there is no shorting.  I appreciate the pullbacks.  Buy some mining at the crest, then return my mining investment at the nadir and get BTC mining and compounding for free

Praeda2's picture

What are you talking about no shorting?

Praeda2's picture

Way to pull something out of your ass besides a dildo. Just because you shitpost about crapcoins doesn't mean you know anything about trading. You're an even bigger fraud than the ico of the day.

remain calm's picture

Is the head of the criminal syndicate known as JPM.

valjoux7750's picture

Ltc is junk IMO, what does it offer that BTC doesn't?  Just a copycat no real future

Praeda2's picture

Faster transactions, mining with cpus. It is shit. People only buy it because it's cheaper.

overbet's picture

You should read up on this one. Window closing soon though. I like the idea and theyre not going to reach their cap.

 

https://www.hedge-crypto.com/

tmosley's picture

What is the idea? It looks like it is trying to be an index fund. Where are the coins stored? I don't like things like this when they require trust. I like algorithmically enforced contracts.

Of course, I haven't read the whitepaper yet, but it is getting late.

Praeda2's picture

"I don't like things like this when they require trust."

mosely has trust issues since his uncle touched him on the knee. It's why he's such a giant faggot on and offline.

doc333's picture

Sorry, won't buy any ounces of mine.

tmosley's picture

So? Plenty of other sellers.

You can be buried with it. Your kids won't want it. By then it will be raining from the skies in 100 tonne slugs.

TheRideNeverEnds's picture

Considering gold is a useless pile of garbage BTC is still waaaaaay undervalued in gold terms.

When one BTC buys a metric ton of gold it will be getting towards fair vale.

lickspitler's picture

Mosley you fuckin fraud.  Mr Gold and Silver becomes mister crypto guru.

Blockchain Mosley we remember you shat all over bitcoin at $50 like your shitting on gold now.

 

What an arseclown    Late and evangelical   suck this

tmosley's picture

Yup.

Oldbugs wishing they have followed my call to buy at $3000 now.

The degree of their anger towards me confirms that.

evokanivo's picture

fuck you and your shitty asset. and fuck me for not buying into the stupidity early on.

tmosley's picture

It's still early tbh. Still a 15x gain from here to match gold's market cap. Big jump from there to cover M1. Another big jump to cover all money and debt around the world.

After the price settles down a little bit I will redo the calculation to see how far it has to rise. I did come up with a dollar equivalent figure for the final target, but I forget what it was. It was in the millions, though.

Billy the Poet's picture

It's still early tbh. Still a 15x gain from here to match gold's market cap. Big jump from there to cover M1. Another big jump to cover all money and debt around the world

 

Is there no possibility that some other cryptos will operate in that same space? Doesn't that change the math? What is the total number of possible units of cryptos from all present and future sources?

tmosley's picture

Of course. But Bitcoin is the leader, by a lot. Gonna take a lot to change that. I will win HUGE if bitcoin loses the top spot, as I own most of the likely successors, and the loss of the top spot would give me 10-100 baggers in those coins.

Billy the Poet's picture

Of course.

 

So the math you posted in regard to bitcoin replacing all world currency was not only entirely speculative but you never believed it yourself because you've invested in a competing cryto scheme effectively putting your money somewhere other than where your mouth is.

 

10-100 baggers in those coins.

Now here's my speculation. You bought into the hype that buying silver would make you independently wealthy and when it didn't you became angry with silver and fell in love with the hype surrounding bitcoin.

Golden Phoenix's picture

Presumably he looked at the chart of silver and noticed it failed to go up so he sold it. He looked at bitcoin and it was going up so he investigated it then bought some.

You should try it sometime. They call it 'investing'. It's about making money instead of investing your time in stupid mental games to no benefit.

Billy the Poet's picture

Presumably he looked at the chart of silver and noticed it failed to go up so he sold it.

That's what I said.

 

stupid

Your inability to make a point clearly is not my fault.

tmosley's picture

>That's what I said.

Incorrect. You went on a rant about your psychic abilities.

>Your inability to make a point clearly is not my fault.

His point is very clear, but your brain is in the grips of cognitive dissonance, so you are literally incapable of comprehending it.

Billy the Poet's picture

I did say it. Here it is:

 

You bought into the hype that buying silver would make you independently wealthy and when it didn't you became angry with silver and fell in love with the hype surrounding bitcoin.

 

If you did not invest in silver and then sell your silver when it did not deliver the profits you expected tell me what really happened.

 

 

His point is very clear, but your brain is in the grips of cognitive dissonance, so you are literally incapable of comprehending it.

Cognitive dissonance occurs when one holds two or more irreconcilable ideas at once. What contradictory ideas have I expressed?

tmosley's picture

>So the math you posted in regard to bitcoin replacing all world currency was not only entirely speculative but you never believed it yourself because you've invested in a competing cryto scheme effectively putting your money somewhere other than where your mouth is.

You are experiencing cognitive dissonance. The clue is the "so" tell followed by an absurd absolute. Also the psychic powers.

I can be bullish multiple things. The math was calculated, but that was weeks ago and the numbers have obviously changed, and I don't remember them off the top of my head anyways. The point was that there is a long way to go to full adoption. We're not even at 1% yet. The other coins have market caps that are between 1 and 10% of Bitcoin, so of course it would be a 10-100 bagger if one of them replaced it. That's just math, not speculation.

>Now here's my speculation.

No, I saw that crypto had hijacked the bullish case for silver, so I switched. I had always held the caution on silver that it would become near worthless in the mid to long term from asteroid mining (and now the appearance of ultra-cheap energy on the horizon gives another reason to be bearish physical goods). Perhaps you should stow the psychic powers, as they are malfunctioning. You can't even read your own mind right now, you are so consumed by CD (which, by the way, is an explicit admission that your mind thinks you are wrong, and thus a de facto concession of the argument).

Billy the Poet's picture

You are experiencing cognitive dissonance. The clue is the "so" tell followed by an absurd absolute.

Do you or do you not believe that bitcoin will replace all the world's currency? If you do not believe that that is the case then why present the figures? It seems to me that a person who makes arguments which he doesn't actually believe in is a person who is experiencing cognitive dissonance.

 

No, I saw that crypto had hijacked the bullish case for silver, so I switched.

I see no equivalency between a bullish case for silver (past or present) and the case for bitcoin other than the fact that you thought that one and then the other would make you rich. The one valuable lesson you could have learned was to sell on parabolic spikes (like silver at $50). Did you learn that lesson?


Spaced Out's picture

"you've invested in a competing cryto scheme"

Only a fool would go all-in on anything. Sensible people spread risk and hedge against all eventualities.

kochevnik's picture

Disagree.  Everyone knows google, nobody remembers webcrawler

Billy the Poet's picture

Only a fool would go all-in on anything. Sensible people spread risk and hedge against all eventualities.

Diversity of a specific portfolio wasn't the point.  tmosely suggested that bitcoin would replace all currencies and I pointed out that his investments appear to show that he doesn't really believe that to be true.