This is why bitcoin HAS to go up

[Poker Player]

A 20% de facto devaluation of the dollar has occurred this year:

Almost a fifth of ALL US dollars were created this year.

And what's left to come. The price of bitcoin does not depend only on supply and demand. It also depends on the appreciation or depreciation of the currency with which it is compared. With the current times, much more currency is going to be printed and much more is going to be devalued. Seeing the price in fiat getting higher and higher, demand is going to increase due to FOMO.

See you on the moon.

[(o)(o)ilikeboobs(o)(o)]

Too much money is printed while economic activities are stalled by disease and they have to be diverted to reserve channels. Bitcoin, stocks and gold have all risen together this year. I think if Donald Trump continues to be president of the United States, then the value of Bitcoin will be pumped up even more. He will continue to urge the Fed to print more money and release it to the market.

[mu_enrico]

The price of bitcoin does not depend only on supply and demand. It also depends on the appreciation or depreciation of the currency with which it is compared.

It's basically a supply-demand principle as well. The supply and demand of a particular currency will determine its value. And the supply and demand for Bitcoin will determine its price. Multiple variables are connected if we talk about price; therefore, we need ceteris paribus or only consider one variable at a time. If the supply of USD increases, ceteris paribus, yes, the Bitcoin (USD) price will go up.

Let's say even if there is hyperinflation, my origami won't necessarily become more expensive if no one wants it.

[Upgrade00]

<...>

My exact thoughts.
Inflation is not just a decrease in the value of a currency due to supply shock or scarcity of products, but it is equally represented as an increase in the price of goods. So, if the value of Bitcoin goes up when priced against the USD due to inflation, the price of products purchased by the USD would have also increased to counter this change.

Bitcoin can be used as a hedge to escape hyper inflation, but inflation does not directly make Bitcoin more valuable imo. Think of it as a balance scale, with two weights on each side; if one gets lighter, the balance shifts, as the other one pulls the scale towards its arm without any increase in its weight.
Hopefully in the future, Bitcoin would be priced against actual products and work hours, rather than against fiat currencies.

[wxa7115]

A 20% de facto devaluation of the dollar has occurred this year:

Almost a fifth of ALL US dollars were created this year.

And what's left to come. The price of bitcoin does not depend only on supply and demand. It also depends on the appreciation or depreciation of the currency with which it is compared. With the current times, much more currency is going to be printed and much more is going to be devalued. Seeing the price in fiat getting higher and higher, demand is going to increase due to FOMO.

See you on the moon.

It is possible that what we are seeing right now and the price increase we have seen in bitcoin during this year is linked to that, after all we know governments around the world and not only the US have been printing money in a scale that we have never seen before and they think they can get away with it because that has been the case for decades, so why this time should be different? But I think we are reaching a breaking point, the economy and the people cannot simply take this kind of increase without doing anything about it.

And many people are moving to gold as it has been a safe haven for thousands of years, but now people are also considering bitcoin as a store of value and if enough people do this the price increase we are bound to see during the next decades is going to be spectacular.

[fiulpro]

Has to go up is a pretty strong statement. When we talk about the limited supply of Bitcoins we do know that sooner or later when the supply will be halted due to Demand and supply we will hit high for sure.
At the same time I do think that the current pandemic situation is really something that has made everyone question the economic stability and people and firms alike have started investing in Bitcoins and other cryptocurrencies.
We don't know what price would it be , but I do think that the applications and the overall usage of Bitcoins will increase as a whole.
It's not just about America .. we have many other countries in a worse situation !!

There are many nations whose GDP is still going down and might get hit by recession soon..

[Gozie51]

Bitcoin is drastically high this time around due to large amounts of volume and usage globally

I think Op can be right about the devaluation of dollar having effect on the price of bitcoin. Dollar is a major converting currency for bitcoin and price or strength of dollar has been dropping either because of the fomo in the election, this is affecting the price of bitcoin as it is increasing since the beginning of the election and the direction of the results create more fear.

[farrellronald]

OH MY GOD
are you serious about the dollar?
if that is the case, the BTC is gonna rise like hell.
however it may crash again.

[Febo]

There are many nations whose GDP is still going down and might get hit by recession soon..

Soon? Most countries fall into recession at end of Q2 of this year. They had two quarters with negative growth of GDP. That is a technical recession.  There are only few countries doing well right now. China, Vietnam, Bangladesh and maybe few more. The rest are in deep shit and are getting indebted drastically. Spending even 20% more then they produce.

[The Sceptical Chymist]

Too much money is printed while economic activities are stalled by disease and they have to be diverted to reserve channels. Bitcoin, stocks and gold have all risen together this year.

Yeah, and interest rates near zero and a lot of other factors. 

Funny how the US election affected the stock market and bitcoin yesterday (and today somewhat).  I'm not sure exactly why investments are booming even more than they have been, but traders are obviously expecting an economic recovery happening faster than expected.  I do hope that happens, but we'll see. 

And man....go, bitcoin, go!  Nice to see it headed toward its ATH, and I seriously didn't think it would get anywhere close to it this year.  Bitcoin surprises me once again.

[Twentyonepaylots]

But in exchange of having more printed dollars is the weakening of it, looking at the value of dollar makes me not want it anymore because it continously drops. This is why I am very positive that bitcoin will rise after the dollar's sick, especially now that the election in the US exaggeratedly affects the bitcoin price or should I call it just fine? Other currencies than dollar is getting stronger on the other hand, maybe a year or two I'll start to see people converting their local currencies into Chinese yuan or Japanese yen. 

[mindrust]

Everything goes up when the CB's print too much FIAT. Everything. That's not bitcoin's success imo. This is the FED's failure. It is going up way higher than the other assets because it is way smaller than them.

I'd rather would want to see bitcoin going up against the strong&tight dollar. That would mean a lot more.

[FanEagle]

Lol where you said it doesn't depend on supply and demand afterall what you explained there is still the same supply and demand that is causing the Bitcoin to keep increasing in price.

The price will be momentum for now, and people will have FOMO for sure since the time it took to move into $15,000 from $12000 was a short period unlike before, they are rushing it now, so we are likely to see more of the fast movement up on the chart, especially now that December is coming.

I am not sure about hitting another ATH price, but we are close to a very big thing from here. From all these, we can be sure about 2021 would be another more exciting year for this crypto space, let's wait and wait whet time unfolds on this regard.

[Josefjix]

Lol where you said it doesn't depend on supply and demand afterall what you explained there is still the same supply and demand that is causing the Bitcoin to keep increasing in price.

The price will be momentum for now, and people will have FOMO for sure since the time it took to move into $15,000 from $12000 was a short period unlike before, they are rushing it now, so we are likely to see more of the fast movement up on the chart, especially now that December is coming.

I am not sure about hitting another ATH price, but we are close to a very big thing from here. From all these, we can be sure about 2021 would be another more exciting year for this crypto space, let's wait and wait whet time unfolds on this regard.

I was a bit skeptical about his assumption of demand and supply of Bitcoin. Another ATH is feasible as the price isn't relenting anytime soon, we could see another one definitely

OH MY GOD
are you serious about the dollar?
if that is the case, the BTC is gonna rise like hell.
however it may crash again.

Don't bee too caught up in the whole predictions it's all his imagination. Yea, you can expect a significant rise in price to a level, which is expected but don't expect too much.

[verita1]

I agree. Because it is possibly the reason why large companies and investors are buying Bitcoin to get out of the crisis that is coming. Each of them are maintaining their stores of value in Bitcoin and are adapting their products with crypto as PayPal recently announced. The future is Bitcoin and the digital age.

[error08]

Lol where you said it doesn't depend on supply and demand afterall what you explained there is still the same supply and demand that is causing the Bitcoin to keep increasing in price.

What he was saying about bitcoin price not only drive-by supply and demand of bitcoin but also the depreciation of the currency, in this case, the US dollar devaluation.
it's a common thing that prices for goods and services to rise due to inflation, so does bitcoin price, just like gold which has relatively stable value over centuries.
Although bitcoin price is more volatile than gold, it still holds the value as an alternative to central bank-controlled fiat money.

[kotajikikox]

A 20% de facto devaluation of the dollar has occurred this year:

Almost a fifth of ALL US dollars were created this year.

And what's left to come. The price of bitcoin does not depend only on supply and demand. It also depends on the appreciation or depreciation of the currency with which it is compared. With the current times, much more currency is going to be printed and much more is going to be devalued. Seeing the price in fiat getting higher and higher, demand is going to increase due to FOMO.

See you on the moon.

Looks like trend will coming to our Cryptocurrencies soon,This is Good news for our community specially our market here as Moon is near to cover us.

I agree. Because it is possibly the reason why large companies and investors are buying Bitcoin to get out of the crisis that is coming. Each of them are maintaining their stores of value in Bitcoin and are adapting their products with crypto as PayPal recently announced. The future is Bitcoin and the digital age.

Yeah Best example is PayPal and some un named companies that are now investing inside crypto as company asset.
There are couple of threads across forum that talks about this and i'm sure we are now seeing the much awaited another ATH of bitcoin.

[hatshepsut93]

If USD really is devalued by 20%, which is a pretty bold claim, than Bitcoin should have gone up by 20%. Instead it increased by more than 50% in the last few weeks. Bitcoin isn't reacting to inflation, it's simply experiencing a bullish cycle, just like it was in 2013 and 2017. Even halvenings are a better explanation, because you can draw a pattern that after each halvening the price tends to go up in a long bull market.

[Mauser]

A 20% de facto devaluation of the dollar has occurred this year:

Almost a fifth of ALL US dollars were created this year.

And what's left to come. The price of bitcoin does not depend only on supply and demand. It also depends on the appreciation or depreciation of the currency with which it is compared. With the current times, much more currency is going to be printed and much more is going to be devalued. Seeing the price in fiat getting higher and higher, demand is going to increase due to FOMO.

See you on the moon.

I agree with you that the more people start to realise that FIAT is not the solution we should see a rice in bitcoin prices. More and more people should stat switching to crypto currencies. EUR, USD and GBP are all dropping and bitcoins are rising this year.

Not sure if we meet on the moon, I think the Chinese will be first

[Fortify]

It's very dangerous to say Bitcoin has to go up. At the moment that is the most likely path, but there are always developments that can shake the price back down. For instance - a billion dollars worth of bitcoins was moved from one wallet to another wallet yesterday and it was allegedly from the silkroad coin vault. That means either the person who controls the wallet has given it up (unlikely) or somebody, likely to be law enforcement, have likely found a way to crack the wallet and want to move the funds elsewhere. Lots of people were trying to break into that wallet and it is possible that supercomputing power has finally been able to break in. That could be quite a dangerous development for bitcoin if any sort of weakness was found, but it might have just taken a very long time to crack and it would make more sense to the average person to spread such a large amount between many locations for increased security.