Bitcoin Approaching All Time High Price (Denominated in AUD), does it affect you?

techlead on 25/02/2024 - 10:56

As Bitcoin defies all the nay sayers yet again is on the cusp of creating a new all time high (in AUD), actual price $78700 AUD versus all time high of around $82800, for holders, are you thinking of selling or buying more? For non-holders, do you plan to buy more?

Very interesting to be doing comparisons with other investments, like property and shares. I cannot have accumulated my current net worth without bitcoin and other cryptocurrencies. I just did a stocktake recently and found out I now have more than 600BTC and I have yet to complete the stocktake as I still have addresses which have less than 0.2BTC which I have written off before because it was chump change, but now worth quite a bit (circa over $15k for the 0.2 BTC addresses).

I still cannot understand why property investment gets all the hype when it has been proven time and time again that Bitcoin returns are way way better. It just really boggles my mind, am I missing something here? I'm very excited for the Halvening and the upcoming bull market.

For the nay sayers, what does it take for you to change your mind about crypto? Government regulation has arrived, its virtually impossible for Western governments to ban Bitcoin.

Poll Options

  • 24
    I'm a holder of crypto and will sell asap
  • 271
    I'm a holder of crypto and will continue holding
  • 22
    I'm a holder of crypto and will continue to buy more
  • 10
    I'm not a holder of crypto and looking to start buying
  • 513
    I'm not a holder of crypto and don't plan to buy any
Financial Cryptocurrency

Comments

      • netjock on 01/03/2024 - 11:29

        What happens when all the 21m bitcoin is mined, who is going to run the network and does it eat itself. Nobody knows.

        • bargainhunter168 on 01/03/2024 - 13:23

          Tell me you know nothing about Bitcoin without using those exact words.

          If you have read the Bitcoin whitepaper or have even a rudimentary level of understanding of how the network works, then you'd have your answer.

          Because I'm kind, I will let you know.

          TLDR version is transaction fees, by the time all 21 million Bitcoin is mined (in over 100 years), the idea is that each Bitcoin is so valuable, that the transaction fees alone will be incentive enough to keep the network going.

          Longer version
          When Bitcoin was first created, each block rewards the miner who found it with 50BTC, then every 4 years or so (based on exact block height, hence its 4 years or so), it will half, an event known as the halvening. So 50 BTC block rewards become, 25, 12.5, 6.25 (current), 3.125, so on and so forth.
          The block reward every 10 minutes or so consists of this set block reward plus transaction fees. So the last block which was mined, block height 832,618, consisted of the 6.25BTC block rewards plus 0.4024BTC in fees, hence the miner got 6.6524BTC as reward for finding that last block.
          The idea is that in the future, when the block reward halves to nearly nothing, 0.390625BTC after 3 halvenings from now, the Bitcoin network would have grown to a size where the transaction reward becomes more than the block reward and BTC price has grown enough to continue to incentives the miners to continue mining.
          Using that last block as an example, monetary wise the miner got, $382,540USD plus $24,629.47 as reward for finding that block.
          Let's assume BTC price becomes $1 mil after 3 halvenings and the block reward is 0.390625BTC plus 0.4024 BTC (this is the biggest unkown), the monetary reward for finding that block is 0.793025 BTC which is $793,025, which is still a pretty good incentive to mine BTC, hence there are miners continuing to do it today and will continue to be into the future as long as BTC keeps its value.

          • netjock on 01/03/2024 - 13:45

            @bargainhunter168:

            idea is that each Bitcoin is so valuable

            So basically it is like property and stamp duty is enough to sustain the craziness

            IF it gets that valuable.

            And no it will no longer be called mining.

            If everyone holds and nobody is trading it or very few trades why would transaction charges sustain the network?

            You hearing the echos in the echo chamber.

            Oh the argument that in 100 year we will be dead the it is someone else's problem.

            I'll have a good laugh if it was made by the CIA to fund all their covert operations because even Hollywood can't write a better script that this sheeple rubbish.

    • bargainhunter168 on 01/03/2024 - 13:10

      Do you think the share market (not options and derivatives market) are zero sum games? Do you think the property market is a zero sum game?

  • Goonos on 01/03/2024 - 12:21
    +1

    There is money to be made and money to be lost. Bitcoin, if anything, is a really interesting experiment. I would argue that it is clearly a ponzi scheme. While not the first, it is unique due it's global reach aligned with the the arrival of social media. Other ponzi schemes end when there are no new buyers left and the bottom falls out, but with bitcoin you literally have access to the whole world. This makes it's lifecycle so much longer. Additionally it's getting harder and harder to get ahead in life. Houses are now nearly a pipedream for many. People are desperate to try and find ways of making money. Factor in that a lot of people have limited understanding of financial systems. I quote "a little learning is a dangerous thing".

    But I am not surprised by the renaissance of bitcoin. It's not the first time it has pumped. It won't be the last. I was a little tempted to bite when it was around $40K AUD April last year, not because I believe it has any worth in itself, but more that I believe people are gullible and greedy which will see the price rise. The AMC and Gamestop short squeeze demonstrates how people can band together on the internet to artificially force and hold price rises.

    For this reason I say if you can get a feeling of market sentiment then you can make money with bitcoin. Also know that when people are fearful they will flee any market seen as risky - bitcoin is as risky as it comes. The people who will get burned are the ones who over invest, then when the price crashes they may not have the liquidity to hold out for the next price rise and are forced to sell at a loss. Remember bitcoin is just a hold of value. To redeem it's value you still need to convert it to fiat to then exchange for goods and services.

    This is another carrot on the stick, that one day bitcoin will be the global currency. It's not impossible but at the same time I would say very unlikely in what timeframe people who invest in bitcoin are hoping for. Over the past 7 years look at it's variance.

    Real investments offer real value. Houses are good investments as space is finite but the need for housing will always exist as long as the worlds population keeps growing. Bitcoins are also finite, but you can also make infinite similar coins whose function is exactly the same. The finite aspect of bitcoin is just an illusion.

    • Goonos on 01/03/2024 - 13:27

      ps if you are going to downvote as least explain why otherwise I will just assume you are invested and would rather shoot the messenger

      • netjock on 01/03/2024 - 13:47
        +2

        Bitcoiners are passive aggressives. They just go around down voting views they don't like.

        Someone posted on X bitcoin is like a religion. They all preach you need it in your life (not sure why as it doesn't do anything). They down vote all the non believers.

        I wouldn't be surprised if they are suckers who took the bait from some troll farm that is some deep state operation to fund all their covert operations. Imagine if these people are out protesting free Palestine and Bitcoin is an Israeli / US creation.

        • Goonos on 01/03/2024 - 14:53
          +3

          I suppose they have to be. The value of bitcoin relies on people agreeing on it's value. Over 16 years they have managed to convince people that it's currently worth $90,000 AUD for 1 BTC. Something that in itself has no real function or value and hoping we don't notice they are trying to do a switcheroo with fiat currency because it's in their best interests for getting rich. "if you help us convince everyone that this is worth more, you can also make money too". Classic ponzi.

          • netjock on 01/03/2024 - 16:52
            +1

            @Goonos:

            Classic ponzi

            Lets not call it that. Nobody likes to be told they are wrong when the going is good.

            The finer technical details aside BTC is meant to be a hedge against currency debasement (government printing money because there is no asset backing required which is technically wrong but lets run with it). All these people are putting money into bitcoin, the exact money which is printed by the government that have got to their hands.

            Best part is the money doesn't really come back out in the form of dividends to fuel inflation through spending.

            I find what they don't tell you about Bitcoin that is most interesting.

  • P Plater Panda on 01/03/2024 - 12:53

    I asked myself, how is this time different from the last, and the previous, and the previous prior to that. And I concluded there is little difference - what has changed? The same narratives come up when price appears to be on the up, and a good variety of explanation of why this is so and how high they would go. I suppose this is also not too different a phenomenon from people who speculates in shares, properties etc. The key driver of everything is the price movement. There will be winners and losers in this game, the individuals can decide if they want to play (not many from OzB by poll numbers). IMO the biggest difficulty in playing this price prediction game (regardless of the vehicle being crypto, shares or properties) is that when prices are high it often feels "not the top yet"; and when price dips fear often kick in quicker than one's prepared for. When holding on at the lowest price, one thought "I will sell as soon as it breaks even"; then when price hits breakeven, "it's on the up trend, don't sell too early"; price goes through the roof and come down "let's wait for a rebound". The cycle never ends.

    • bargainhunter168 on 01/03/2024 - 13:09

      Its quite clear what has changed, its public information.

      The main difference this time around is regulatory certainty. US finally approved the spot BTC ETF and other coin ETFs will inevitably follow, this in turn unlocks a whole new class of investors, therefore pushing up demand. The clearest sign of this is through the volume and flow of cash. Look at this cycle compared the previous and the one before that.

      During Bitcoin first and second cycles, it was only the hardcore believers, volume was only a fraction of what it is now. Since then, an entire country has adopted Bitcoin as legal tender.

      If you think, "nothing has changed", then you aren't looking very hard. The price movement is just a symptom, what's the cause? I think its due to significant increase in demand and adoption.

      • netjock on 01/03/2024 - 13:50
        +2

        This is so wrong I don't know which level to start.

        Home Loans are regulated by APRA but it doesn't stop unlicenced people from selling real estate investment advice. There is REITs but the underlying assets are unregulated. If investment property go to zero (residential / commercial) the loan you are on the hook for are still APRA regulated.

        Guess why the banks / fund managers want to run an ETF. Fees! SEC / APRA / ASIC only has a job when there is regulated securities to sell. So in their best interst to keep people in a job.

        Bitcoin Sheeple.

      • MrThing on 02/03/2024 - 10:44
        +3

        I'd hardly call el Salvador as a shining example of a Bitcoin success. The place is a basket case, who's native currency is worthless.

        It will crash again just like time and times before. The fundamentals have not changed.

        Big funds have hoped on board as it's pretty clear how easy people are tricked out of their money and that's all they care about

        • diceman99 on 02/03/2024 - 23:14

          El salvador doesn't have a local currency.
          They got rid of their currency and adopted the US dollar and bitcoin

  • lltravel on 01/03/2024 - 13:29

    JUST IN: Total spot #Bitcoin    ETF trading volume surpasses $4.69 billion today:

    • BlackRock: $1,881,560,590
    • Grayscale: $1,360,694,512
    • Fidelity: $1,006,042,968
    • ARK Invest: $193,745,064
    • Bitwise: $151,093,710
    • Invesco: $46,948,701
    • VanEck: $23,374,814
    • WisdomTree: $13,921,081
    • Franklin: $11,912,085
    • Valkyrie: $3,148,894
    • Hashdex: $785,830

    • netjock on 01/03/2024 - 13:54
      +1

      NVDA (NVIDIA) Avg. Volume 46,289,301, share price US$790

      Daily volume in $36,568,547,790

      Market cap $1.97T

      LOL

      Bitcoin market cap $1.2T

      • lltravel on 01/03/2024 - 14:08

        ah yes cause comparing a decentralized currency against a chip systems company is the same

        im talking about trading volume, esp given how little time the ETF has been live

        Nvidia has been trading for many years.

        • netjock on 01/03/2024 - 16:55
          -1

          decentralized currency

          Misinformed

          chip systems company is the same

          Of course not. If Nvidia didn't exist your bitcoin might also not exist.

          Nvidia has been trading for many years

          Start dates. Nvidia 1993. Bitcoin 2009. Obviously no Nivida no bitcoin.

          • lltravel on 01/03/2024 - 20:29

            @netjock: you do know majority of mining is done on asic miners right? not gpus?
            again shows you know zilch
            nothing to do with nvidia at all.

            • netjock on 03/03/2024 - 12:22

              @lltravel: Initially it was mined with CPUs then GPUs.

              If it was never mined using CPUs or GPUs, ASIC miners wouldn't exist.

              Shows you know nothing

      • lltravel on 01/03/2024 - 14:09

        further to this BlackRock Inc. has filed an SC 13G/A form with the Securities and Exchange Commission (SEC) disclosing ownership of 180,593,555 shares of NVIDIA Corporation (US:NVDA). This represents 7.3 percent ownership of the company

        Its called diversity and they know the potential of BTC

      • lltravel on 01/03/2024 - 14:11
        -1

        MicroStrategy Incorporated (MSTR)
        Market Cap
        16.34B

        Now owns about 193,000 bitcoins worth close to $12 billion

        Come talk to me when you own at least 1 btc

  • tunzafun001 on 01/03/2024 - 15:56
    +1

    A bit of a weird flex.

    BTC is almost as good as it was a few years ago, and compares to property.

    The biggest issue with Crypto is the user UI experience..it's a disgrace. Hacks/ Exploits everywhere.

    But I do get, and respect what you have done with BTC. As a storage of wealth, that you lock away…yep

    • netjock on 01/03/2024 - 16:57
      +1

      The biggest issue with Crypto is the user UI experience..it's a disgrace. Hacks/ Exploits everywhere.

      It is a feature not a bug.

      How else they get your money out of you? It is like scams. They get more creative all the time. Keep you at the top of your game and they skim some.

      • tunzafun001 on 01/03/2024 - 20:30
        +1

        The fact there even are ETFs, tells you how $hit the system is. Please expose me to some Bitcoin as I don't know how to do it, and don't want to get pansted trying.

        As for the others… They are meant to be revolutionary protocols allowing detailed contracts and transactions…yet 99.99% of people view them as a stock or currency exchange.

        Reality..the uptake is still way too small for it not to be manipulated by the big dogs. They must have a good laugh at all the trading gurus reports.

        • diceman99 on 02/03/2024 - 23:18

          Every Bitcoin stays on the block chain, every Bitcoin and every transaction is globally available to see, as such there can be no manipulation. With gold a bank can say it holds 10 toned, but sells paper contracts worth 100 tonnes, this type of manipulation the fraud bank would be quickly found out

          • tunzafun001 on 03/03/2024 - 01:20

            @diceman99: Let's say the US Fed Res starts accumulating Bitcoin (under the cover that people think it's an ETF buying up).
            Starts a Bull run, takes up a short position, starts dumping on market. Definitely happens with the smaller coins/tokens.

            I'd be very suss if the "market" follows the same pattern as 2021. It's a very different place.

            I'm all for a decentralised currency trade system, but we aren't anywhere near that yet.

            At the same time, just go to the shops ..and you will see that prices haven't actually gone up..just the value of a dollar has fallen away. So hoarding/ saving cash is also a bad strategy.

            As for property, eventually some boomer will pull negative gearing so that no upstart can accumulate what they did in their life span.

            • diceman99 on 03/03/2024 - 01:51

              @tunzafun001: Yes they could, they already have done in the past. Buying banks under water mortgage backed securities and bankrupting people's pension funds. Problem is corporations or Fed can have near unlimited money and can naked short for decades. Bitcoin overcomes this naked short problem by having a public block chain. Bitcoin is literally designed to overcome this problem. It's in the seven page white paper that Satoshi wrote about Bitcoin. Well worth a read

              • tunzafun001 on 03/03/2024 - 02:02

                @diceman99: Sure…but it needs mass adoption. Too many coins are held by too few. So it's still in the manipulation realm. As per my first comment, it isn't there yet due to the shocking UI, high transaction fees and very limited transactions per second speed.

                • diceman99 on 03/03/2024 - 02:10

                  @tunzafun001: That is what the Bitcoin lightning network is for faster and cheaper transaction costs.
                  Yes I agree Bitcoin holding concentration may be a problem. I would have preferred if the initial few million bitcoins were more evenly distributed. Bitcoins can however be divided into satoshis. I think 99,999,999 satoshis per Bitcoin. It might just be in future people start talking about satoshis and a whole Bitcoin would be an unfathomable about.

            • netjock on 03/03/2024 - 12:27

              @tunzafun001:

              under the cover that people think it's an ETF buying up

              Fed balance sheet is published. You can't hide it for too long. It is all conspiracy theories to get people to buy bitcoin.

              Bitcoiners don't actually think the creator which hasn't outed themselves might be the CIA doing it to fun all their covert operations. That would be the funniest thing wouldn't it. The CIA creates this digital gold that sucks people into believe it is worth something and they been quietly manipulating it to fund all their global operations.

          • netjock on 03/03/2024 - 12:24

            @diceman99: You are talking about Gold futures. Early bitcoin ETFs were on futures. Iron Ore has spot and futures but nobody says Iron Ore is manipulated.

            In concept you sell your house on 60 / 90 days settlement it is a futures contract not spot price.

            Weird how people don't know anything about finance believe bitcoin is some kind of new finance.

  • MrThing on 02/03/2024 - 10:40

    Love a good scam, comes around, takes people's money then crashes for 2 years

    Rinse repeat

  • vid_ghost on 02/03/2024 - 15:13
    -3

    Its 100% related to the US stock market… if the stock market crashes.. bitcoin will follow… sell when your happy with the profit.. it will always come back down at some point.

  • diceman99 on 02/03/2024 - 23:23

    To all the doubters.
    There are those who thought the Internet would never take off or not necessary or only for academics. The Internet exploded.
    Bitcoin is a distributed global currency. A global currency that can be used on the internet, do you think direct payment transactions between people in India and China is a good idea. Or if you want to buy some in computer game transaction, you can easily exchange value between countries, it's only a matte of time before a global currency becomes realistic, one that doesn't require banks, swift commissions. If it will be Bitcoin or something else remains to be seen

    • netjock on 03/03/2024 - 12:29

      To all the doubters.

      Guaranteed for fun to follow

      There are those who thought the Internet would never take off or not necessary or only for academics. The Internet exploded.

      Thanks to porn. Bitcoin doesn't carry porn.

      Bitcoin is a distributed global currency

      LOL. The volatility puts it in the league of basket case currencies. Imagine you buy something today and in 1hr it worth 10% or more less. Who is going to carry that risk?

      if you want to buy some in computer game transaction, you can easily exchange value between countries

      Ubank zero FX credit cards already do this

    • CrowReally on 08/03/2024 - 12:00

      Which of the current institutions in power that currently manages the global, regulated financial networks do you think will be the first to hand the keys across to the wild west crypto market and say "sure, you can run this now"?

  • Dack Smith on 03/03/2024 - 07:57
    +2

    1 bitcoin is around $94,000 AUD now, but is projected to be worth over $780,000 AUD in 2030

    Time to invest people

    Do you want to enjoy a good life?

    • cheng2008 on 03/03/2024 - 15:21

      That sounds a lot like what ponzi/pyramid schemes promise lol

      • bargainhunter168 on 04/03/2024 - 12:55
        +2

        And this is different to all the talk about property going up?

        If Bitcoin is Ponzi, then so are shares and property.

        • cheng2008 on 04/03/2024 - 18:37

          "Do you want to enjoy a good life?"

          What you said is irrelevant. This is the only part I'm addressing.

          • bargainhunter168 on 05/03/2024 - 07:39

            @cheng2008: Bitcoin about to hit USD All time highs, loving life

            • cheng2008 on 05/03/2024 - 15:46

              @bargainhunter168: Cool, good for you. I've been looking at bitcoin since 2012, and I'd never shill anyone bitcoin by asking "do you want to enjoy a good life?"

              • bargainhunter168 on 08/03/2024 - 09:00

                @cheng2008: Even if you haven't said those exact words, the fact that you brought it up implies that.

                Its same as someone boasting about their second, third and fourth investment property. The implication is that they are doing well, "look at me, I'm enjoying the good life (with huge debts)".

                • cheng2008 on 08/03/2024 - 14:41

                  @bargainhunter168: Yes, that's the point. I would never tell people to invest in property because "good life" either.

                  • bargainhunter168 on 08/03/2024 - 14:49

                    @cheng2008: I don't tell anyone to invest in anything. Its their choice

                    • cheng2008 on 17/03/2024 - 19:24

                      @bargainhunter168: Good for you, I don't know why you replied to me then since I wasn't talking to you.

                      • bargainhunter168 on 28/03/2024 - 11:09

                        @cheng2008: You were replying to me lmao, plus this is a public forum, anyone can reply.

                        • cheng2008 on 11/05/2024 - 14:23

                          @bargainhunter168:

                          You were replying to me lmao

                          Yes, you replied to me first.

                          plus this is a public forum, anyone can reply

                          No one said you couldn't? But if you're just going to randomly reply to something I wasn't addressing then sure, I'll call you out.

        • monky on 04/03/2024 - 20:09

          Yes.

    • diceman99 on 03/03/2024 - 16:26
      +1

      Some people you just can't help. I would have thought ozbargainers would be a smarter demographic

      • P Plater Panda on 05/03/2024 - 08:31

        I'm pretty sure someone more tech savvy than me can go search out the exact same comments the last time x coin hits y price, to the moon, there is no price too high.

        Same as ever.

  • netjock on 03/03/2024 - 12:34
    -1

    Anyone actually notice for all the "rebellion" against the fiat currency system all these bitcoiners actually talk like Wall St.

    It is like going to an investment show and every representative / sales is just trying to get in front of your fact selling another "invest" and "this is the only product you ever need"

    If it sound s like a duck and quacks like a duck it probably is a duck

  • bargainhunter168 on 04/03/2024 - 12:54

    I'm pretty sure at over $97k AUD per Bitcoin, this has to be a new All time high, right?

  • Tiredman on 04/03/2024 - 20:08
    +2

    Great price action today. Getting some strong Peter Schiff energy in here.

  • eecchhoo on 05/03/2024 - 01:23

    Ok now it has past 100k AUD … let see how high it goes and how weak is AUD currency at the moment vs usd

  • cute as duck on 05/03/2024 - 08:08

    It's US$68K. ~US$1K away from ATH.

    Meanwhile keeps making new ATHs over here. Currently AU$104K

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