What people are saying about the surge in bitcoin price

[digitalcontent]

From CNBC:  The digital currency has now more than tripled in value for the year, and gained about 15 percent in the first few days of August. Bitcoin has broken free of the trading range it’s held ever since reaching its prior record of $3,025 in mid-June.

Ari Paul, CIO of BlockTower Capital, attributed the gains to a relief rally after a “relatively uneventful” split, as well as new investors buying bitcoin.

“With SegWit activation and the hard fork in the rear view mirror, bitcoin buyers see a smooth road ahead for the next two months,” he told CNBC in an email, referring to a more popular upgrade proposal called Segregated Witness.

From Fortune: The creation of Bitcoin Cash was an orchestrated scheme, rushed to the point of engendering significant safety risks. Digital currencies just don’t spontaneously appear out of nowhere. The Bitcoin Cash fork was created by a developer that wanted to increase block sizes, with the hypothetical result being more transactions being processed on the blockchain.

From Bitcoin Magazine: Remember that time I said BTC-USD likely won’t see a new all time high (ATH) any time soon? Looks like I was wrong. Shortly after posting my previous BTC-USD analysis, in a matter of one hour, the price of BTC-USD not only broke its record high, but it surpassed it by $200 after ultimately settling in the $3200s. As of this morning, BTC-USD pushed another ATH of $3440 on Bitfinex marking a $600+ in less than a week. Let’s take a look at what these moves can possibly mean for BTC-USD and if these moves are sustainable.

From CoinTelegraph: Consumers are losing trust in major banks and financial service providers. Many institutional investors, traders and most millennials are moving toward Bitcoin and fintech due to the fraudulent activities and inefficiencies of existing banks.

From BusinessInsider: According to analysis by Dennis Porto, a bitcoin investor and Harvard academic, bitcoin’s price could hit $100,000 per coin if it continues to follow one of tech’s “golden rules” — Moore’s law. “Moore’s law specifically applied to the number of transistors on a circuit but can be applied to any digital technology,” Porto wrote in an email to Business Insider. “Any technology that is growing exponentially (i.e., ‘following Moore’s law’) has a doubling time.”  By February 2021, Porto believes, it could be worth over $100,000.

From CoinTelegraph: Rumors are swirling about a trader with nearly unlimited funds who is manipulating the Bitcoin markets. This trader, nicknamed “Spoofy,” received his nom de guerre because of his efforts to “spoof” the market, primarily on Bitfinex.

From BusinessInsider:  What explains this? Nautilus doesn’t offer a reason, but it does note that it could just be that bitcoin is a “barometer for animal spirits in the markets.”

In other words, when traders are going nuts about a highly-speculative investment like bitcoin, that same risk-loving attitude might turn up among the folks who trade stocks. What we can’t know from this is whether one affects the other, or if there’s something else driving strong demand for both.

From Fortune: Bitcoin will almost certainly remain a highly volatile asset, but its latest high reflects a major positive development. After years of heated debate over how to increase the Bitcoin network’s transaction capacity, major players have finally agreed on a compromise solution known as Segwit2x. That accomplishment is reassuring for those who may have begun to doubt the effectiveness of Bitcoin’s leaderless governance model.

From CNBC:  Cryptocurrency skeptics warn of another dot-com bubble, but remember: That’s where Amazon and Google started

[mk4]

Ari Paul, CIO of BlockTower Capital, attributed the gains to a relief rally after a “relatively uneventful” split, as well as new investors buying bitcoin.

LOL. Spot on. I don't know why, but for some reason people were expecting some sort of "boom" during or after the split, like in the movies or something.  To be honest though, just like alot of people here, I was also expecting a dump. Atleast a slight dump, but no. The price didn't even bulge and stayed at the $2700 range.

Anyway, about that price surge, it just comes to show that price market analysis isn't everything. I think you can only predict it only to some certain extent, and I think news, updates, and public exposure has bigger impacts on the prices.

[hitlab]

We have had nothing but rallies and high mainstream media attention recently. A big correction in the near future is not unlikely.

Of course no one can time the market, but I wouldn't be buying big amounts around this price level. Continue to dollar average in slowly for now and wait for a correction to get the big orders in.

[smartbitcoininvestor]

Seems like the price of Bitcoin is more correlated with media attention and hype more than anything else.

I only smell opportunity ahead. I can't imagine doors being closed when the Blockchain technology is so disruptive for speed, security and utility.

*like I'm putting in all my chips at a dingy Vegas blackjack table*
ALL IN BABY.

[TheGodson]

I'm so happy that I bought before August 1. I kept reading in the forums that people were going to sell and rebuy after August 1st and so I decided to get in the action early and boy did it pay off. Was thinking it would and it did. 

Bitcoin is exhilarating and I'm happy to have gotten in on all the fun!

[audaciousbeing]

Having reading some of the comments there, the conclusion is that their comments is based of swinging with the winds because none of them never saw this coming rather they predicted on the contrary but when the price surge they try to find an explanation for it so as to keep themselves relevant in the news. To the one prediction $100,000 which is mere speculation, if price should crash tomorrow, he will be quick to say he saw it coming.

[Kakmakr]

From CNBC:  The digital currency has now more than tripled in value for the year, and gained about 15 percent in the first few days of August.

What investor or trader will not want a piece of that? Over the last 2 years, Bitcoin was the best performing commodity and last year it was the best performing currency. By the looks of this, it might be the best performing commodity and currency again. CNBC has been mostly critical with their articles on Bitcoin and you still see that to the end of this article, but 90% of the article is positive, so that signals a possible change in their attitude?

We still have some major events like "Black Friday" and "Xmas", where there might be an increase in demand for bitcoins.

[danherbias07]

New investors coming in because of the SegWit update.
I thought so. Seeing a better bitcoin will really pull a lot of investors into using bitcoin as a convenient way of transactions.
Bitcoin cash have nothing to do with this. All are just waiting for their airdrop while others are looking into the success of the update.
Now it will be better, then why change to another coin which is just mere using the bitcoin name.

[swogerino]

I think the price has risen far more than expected in such a short amount of time. Usually when this happens , time for a correction in the price should be near. I am expecting that bitcoin price to not keep at these levels for long. As always for true believers in bitcoin buying on dips is always a good opportunity.

[pinkflower]

Ari Paul, CIO of BlockTower Capital, attributed the gains to a relief rally after a “relatively uneventful” split, as well as new investors buying bitcoin.

LOL. Spot on. I don't know why, but for some reason people were expecting some sort of "boom" during or after the split, like in the movies or something.  To be honest though, just like alot of people here, I was also expecting a dump. Atleast a slight dump, but no. The price didn't even bulge and stayed at the $2700 range.

Anyway, about that price surge, it just comes to show that price market analysis isn't everything. I think you can only predict it only to some certain extent, and I think news, updates, and public exposure has bigger impacts on the prices.

Is it just me or does anyone else think Jeff Garzik's hard fork to a 2mb block size is more worrying and it could also be more problematic. We do not need a third chain trying to be BTC.

[elite3000]

The same people that called Bitcoin's death in the downtrend and before the split now change their discourse overnight. How can anyone take them seriously?

[Dudeperfect]

It actually doesn't matter what the media is saying about it unless and until there is strong community backing Bitcoin with trust. The media houses have nothing to with this technology and they just need crispy news so if Bitcoin is reaching all time high then they will praise it and even if it slightly falls then at the next moment you will see the articles like '7 bla bla bla reasons why bitcoin is going to die'. Well, price volatility isn't new to us and we believe that Bitcoin will grow over the time along with volatility in the price so I think we should spread awareness about Bitcoin on an individual level to strengthen the Bitcoin network and the communiy.

[TimeTeller]

Of course everyone holding BTC even in small amounts are delighting because of this unexpected rise in BTC price.
But regret to those who sold it just before Aug1. Anyway, that's life. We'll never know what's exactly ahead of us.

[crazyivan]

Well, price growth is imminent. Fixed supply and constant growth of users, it s imminent!

$10k within a couple of years is very reachable IMHO.

[ozeth]

Well, price growth is imminent. Fixed supply and constant growth of users, it s imminent!

$10k within a couple of years is very reachable IMHO.

As long as demand keeps being steady (not talking about rising demand - steady) economics behind Bitcoin say it's imminent: 10k in a few years.

Now multiply that with the growing demand - the waves coming in with every new "All time high"-news in mass media.

[entrepmind23]

From CoinTelegraph: Consumers are losing trust in major banks and financial service providers. Many institutional investors, traders and most millennials are moving toward Bitcoin and fintech due to the fraudulent activities and inefficiencies of existing banks.

Since most of the people who are tech savvy are millennials then it's not surprising that they are choosing bitcoin over banks because their eyes are now open to the truth of what is happening when they deposit their money to the bank. Many bank systems are compromise, funds that are suddenly gone, ATM cards copied and unexplained wealth of some people working in the bank. If people has a choice of securing their funds aside from putting it in the bank then bitcoin would be the answer.

[marky89]

Ari Paul, CIO of BlockTower Capital, attributed the gains to a relief rally after a “relatively uneventful” split, as well as new investors buying bitcoin.

LOL. Spot on. I don't know why, but for some reason people were expecting some sort of "boom" during or after the split, like in the movies or something.  To be honest though, just like alot of people here, I was also expecting a dump. Atleast a slight dump, but no. The price didn't even bulge and stayed at the $2700 range.

I figured that if the split were significant (in terms of actual economic activity and hash power), that it would take time to be priced into the markets. Weeks and months, not hours. The initial price discovery for Bcash is taking place on very thin liquidity. And maybe it will only get worse; there could be no true demand at all. Or, we could see accumulation take place over time.

Everyone thinks that a specific date (like August 1st or August 8th) is enough to move the markets based on sheer expectations. Markets aren't that efficient, though. Demand can take time to be accurately reflected.

[DoublerHunter]

Most of the people here just think that the price surge in bitcoin is just a hype but they didn't know the segwit activation is very soon to activate and it can boost the price more than now and it will become the hype for the price of bitcoin to just continue goes up and i believe that we can easily see a great stable price at 3,500 USD.

[nuela]

Spikes that I think will be more and shorter, I expect the bitcoin price will increase and last forever. Because true believers in buying bitcoins in dips are always a great opportunity for them.

[marky89]

Most of the people here just think that the price surge in bitcoin is just a hype but they didn't know the segwit activation is very soon to activate and it can boost the price more than now and it will become the hype for the price of bitcoin to just continue goes up and i believe that we can easily see a great stable price at 3,500 USD.

Why would the activation itself boost the price directly? Miners made their intent to activate Segwit very clear weeks ago. The market immediately responded to BIP91 signalling.

We're at all-time highs. That's reason enough to think we could keep rallying. I wouldn't attribute anything further to Segwit at this point, though. Everyone and their grandma knows by now that the "scaling debate is solved" and Segwit is being activated.