This is why bitcoin HAS to go up

[Leviathan.007]

This year printing a huge amount of money by countries especially US make USD to kneel before bitcoin. Because the inflection rate is increasing, also people are looking for profitable asset to invest on it, like bitcoin and gold. That's why the bitcoin price is increasing this year. However, since we are talking about bitcoin using words like "has to"/"should" is not cleaver. Also don't forget even during the covid-19 Bitcoin market is acting just like safe hedge against inflection that's the reason why people are demanding bitcoin and demanding bitcoin will increase the price.

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[nomenclatur]

bitcoin at this time the price will continue to rise if everyone needs and invest in bitcoin I see the potential for this year bitcoin has always been an attractive investment and until whenever it will be a future investment that will be an option for trading and profit will be the right investment for everyone around the world.

[drlukacs]

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 the US dollar devaluation that made the price of bitcoin go up, but besides that there have been many positive effects by whales in America as well.
Michael Saylor (Founder of MicroStrategy), a big fan of Bitcoin recently, has talked a lot about Bitcoin's bright future in the coming years.
Even large investment funds like Square have spent more than $ 50m long-term investments in Bitcoin. in the future we will see more large hedge funds entering the crypto market after this Halving event.
So, congratulations Bitcoin's loyal fans for being right in the long-term hold

[Ridwan Fauzi]

In a few years, there are a lot of people who consider that dollar is a safe heaven for fiat currency, especially some traders out there. But, it can't be happening in a long time since we know there will be many factors who will make the dollar price down a lot especially at this moment when pandemic came and destroyed the economic sector the government should make a solution to print a lot of money to recover the situation and surely the dollar price will decrease. As an investor or some people out there need a good place to store their money to still make a profit. And yeah, I just hope they choose bitcoin as the solution. This situation has happened a few months ago, the first stimulus from US government has given a good thing for bitcoin price movement.

[samcrypto]

Bitcoin has to save us from the shit of fiat currency and as expected to the government, they will continue to print more money that will result to a much devalued money in the future, that's why cryptocurrency is a big thing and the government wants to stop this one. Inflation is increasing, and it always goes up every time calamity happens, while Bitcoin remains volatile just like a normal market. Everyone must start adopting Bitcoin now, this will be the future of currency, the government can't stop this.

[Nhor1011]

Bitcoin has a lot of surprises on it's value which we can't pin point when it comes or what affects it. Maybe there is a point that the devaluation of dollar makes bitcoins value increase which is really good for the side of bitcoiners. If that will be the factor affecting the current value of bitcoin , I think there is a possibility that the value of dollar will increase more while bitcoin surge high once again. Then as the value of bitcoin keep on increasing ,for sure it will also attract more demands and investors.

[STT]

It still doesn't have to go up just because failure is occurring elsewhere you cannot assume BTC is somehow able to cope with and gain from that failure.   Sometimes a negative will drag everything down, ultimately dollar is becoming inefficient and unreliable and so many other methods of trading value are promoted as replacement in theory.   However it makes more sense for countries to trade directly and in commodities often without any currency used at all or you may see the dollar fall and another FIAT rise.     There is already a replacement for Dollar ready to take over but it not held or distributed to people just yet but it could be tomorrow if need be because we have digital currency thats possible.  Crypto is something else, something new and could easily find great opposition from every competing standard despite dollar decline.

[wxxyrqa]

News broke in the media that the US Department of Justice had confiscated more than a billion dollars worth of cryptocurrencies, in particular bitcoin, that belonged to the founder of Silk Road, Ross Ulbricht, who is serving a life sentence. And again, a large volume of Bitcoin falls into the hands of the US government and their further fate can greatly affect the rates of the cryptocurrency market. I would really not like the government to put up 69,370 BTC for sale in one fell swoop, which could collapse the market. Such government actions are perfectly acceptable, especially given the economic crisis.

[beerlover]

Bitcoin started the year at 7 thousand dollars, it has peaked over 2x profits right now, and we are also at a level where we haven't seen since the ATH times, which shows you that what USA did and why dollar is a lot more worthless to many people's eyes (even if not in economical sense) while bitcoin is still quite valuable. This is the exact same reason why I keep saying that people should focus on having as much crypto as possible instead of focusing on how much their crypto worths.

I do not care how much 1 bitcoin worths, I want to have 1 bitcoin and that is the end of the story for me, I want to have 32 ETH so I can stake it, I would be happier if I can have even more, these are the numbers I care about because even when crypto prices increases, I know that it increases due to fiat becoming worthless and that is a sad thing.

[slapper]

In my opinion, it is a pure demand-supply principle. It explains why the price of bitcoin goes up recently and even in the past. If no one likes bitcoin and no one cares about it, how can it have such a high price at the moment? There are many reasons why bitcoin increases and increases, but all of them related to the demand-supply principle.

Because of the inflation of our monetary system, people have shifted their belief from paper money to cryptocurrencies. Even though there still numerous things need to be done in order to spread the impact of bitcoin, it is now acceptable for people like us and whoever wants a safe haven to avoid being affected by the traditional economy

[Poker Player]

I agree with the US dollar devaluation that made the price of bitcoin go up, but besides that there have been many positive effects by whales in America as well.

Yes of course, there are other factors that have influenced.

I opened the post because I discovered that 20% of the total money printed by the FED has been printed this year. That's an outrage. It has been printed this year as it took many years to print in the past.

Actually, with the printing of money, not only will the bitcoin go up, because the money printed usually goes to the financial assets, but I understand that especially to the bitcoin because it is especially good for protecting against inflation.

[proTECH77]

Many people think they really understand bitcoin,when and where it will rise in the market. If bitcoin can go up after pandemic show that bitcoin can still up than this in this season which remain 1 month and few weeks for us to enter 2021.
Many countries printed more money to boost up their economy that will also make the citizens not to experience any hardship in the country. More dollars has been distributed by the government to different state in US to boost up their economy that covid-19 has collapsed. Many citizens of US are still praying, that God should give them some one that will lead the country well not to fall. US election result are still counting which someone most surely image as a winner.
Since the election was free and fair in the country show that someone must win.
I think once the winner of US election is announce definitely bitcoin will change it position positively.

[so98nn]

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.

Apart from this there is one more potential factor that can affect the crypto badly and that's politics. I do not want to give another wing to this discussion but I believe that with Mr. Biden getting hold of the country, US dollar will be up real soon.  We know very well how things were not good enough in the kingdom of Mr. trump. The whole thing is connected with king itself, how they manage the country, their businesses and more! They cut off the many imports and exports thus ultimately affecting value of the US dollar in the market.

The over-printing of dollar was not helping and will never help anyway. This devaluation will be for dollar only and other dependent pair currencies. However, there is poor chance that it will affect BTC or crypto.

[blockman]

demand is going to increase due to FOMO.

See you on the moon.

See yah! But I don't believe that the demand is increasing due to FOMO. The big players have learned in the past that they can't measure the potential of bitcoin and while it's not yet reaching the peak, if there's any, they are buying it. There's a saying that "sky's the limit" and these big enterprises and companies are doing their best to accumulate as much as they can. They got a hint from Grayscale and probably other low-key companies are doing it silently. The demand that we see can be said as a natural demand bitcoin has. Every year, the demand of bitcoin is growing but this year there's more from the institutional investors and IIRC there were speculations about it last year.

[Gibreil]

The demand and supply are the great factors that affect the price. Even we look at it in economics, prices are moving because of the demand and supply. The positive correlation of demand to the price makes bitcoin more aggressive. However, there is also a factor that affect the price in market, that is also the news. If there is a news that make bitcoin down or up, trend will follows.

[FlightyPouch]

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.

Well, there are other reasons for the increasing price of bitcoin right now, Paypal that just accepted bitcoin and then there's MicroStrategy that is said to invest in bitcoin, $425 worth of bitcoins. This might continue for some time so, I guess what we are waiting now is for bitcoin to actually break another ATH which we might see again this year.

[tippytoes]

The demand and supply are the great factors that affect the price. Even we look at it in economics, prices are moving because of the demand and supply. The positive correlation of demand to the price makes bitcoin more aggressive. However, there is also a factor that affect the price in market, that is also the news. If there is a news that make bitcoin down or up, trend will follows.

Just like the news coming from PayPal, I believe there are noncrypto users that suddenly got their interest in crypto especially those PayPal users. As they have millions of users onboard, some of them will be converted into crypto users at some point. So yeah, aside from the supply and demand, developmental news has also impact in the crypto market. Think also those big institutional investors that are openly claiming to accumulate bitcoin. This will also increase the confidence to some users that bitcoin has good future ahead.

[iamMhew]

Federal reserve are printing more money to spark stimulus in the economy, other thoughts US traders also the beneficiary of their currency being devaluated,
coz their products will be cheap (exports) while the import products will have a price increase. The result more companies will set up factories in the US.
And the rest will create job, more taxes, GDP growth, etc.

And with regards to bitcoin getting push up, its inevitable regardless of the circumstances imo.

[BuNga_cute]

I agree with the government's steps to save the economy by printing money. But the effect can make the devaluation of fiat currencies,
and make Bitcoin even more aggressive, then demand for Bitcoin also increases. Of course the effect is that the price of Bitcoin continues
to rise, and there is a possibility that Bitcoin could reach a new all time high next year. Plus investors trust has increased since Paypal
decided to accept cryptocurrency, the effect given by Paypal can actually be this big.

[erikoy]

Yes I get your point OP that whenever new dollars currency created the value of the money will be depreciated but it also depend on the economy OP. If the economy of the US has grow too then there is no need for other that could be exchange to US dollars will do good. Remeber that Fiat and bitcoin are completely different beside it ia not only dollars that could be use to exchange bitcoin but also to other fiat currency. Bitcoin is not officially peg to US dollars so nothing to make any adjustments with bitcoin around.