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

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...

 

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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.

 

 

Comments

The Greek horse tmosley Thu, 10/12/2017 - 22:58 Permalink

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!   

In reply to by tmosley

remain calm NoDebt Fri, 10/13/2017 - 00:41 Permalink

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. 

In reply to by NoDebt

tmosley evokanivo Thu, 10/12/2017 - 22:41 Permalink

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.

In reply to by evokanivo

Billy the Poet tmosley Thu, 10/12/2017 - 22:54 Permalink

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?

In reply to by tmosley

Billy the Poet tmosley Thu, 10/12/2017 - 23:33 Permalink

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.

In reply to by tmosley

Billy the Poet tmosley Fri, 10/13/2017 - 00:13 Permalink

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?

In reply to by tmosley

tmosley Billy the Poet Fri, 10/13/2017 - 00:00 Permalink

>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).

In reply to by Billy the Poet

Billy the Poet tmosley Fri, 10/13/2017 - 00:19 Permalink

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?

In reply to by tmosley

Billy the Poet Spaced Out Fri, 10/13/2017 - 09:41 Permalink

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.

In reply to by Spaced Out