Still confused why bitcoin is so bullish?

[BlackHatCoiner]

pump is not caused by Paypal or halving. Who TF takes care about paypal? We have 100000000 ways to buy crypto. Paypal is only another one. Pump is caused by panicked investors searching for good place to hide from inflation.

You wrote some good content there, mate. As for paypal, I have to agree 100% about it. Paypal, AKA Fee Eater, started selling cryptocurrencies. So what? Excluding the fact that they're useless on your account since you basically can't do anything with them, they had already bought them! They don't change the market value of bitcoin. Panicked investors do. The only thing that paypal helps is spreading the keyword bitcoin.

Everything you said about $ inflation was also right.

[Ridwan Fauzi]

If we compare with gold price movement bitcoin is more attractive, a few days ago when the news comes about the coronavirus vaccine the price of gold just slumped down and until now its price hasn't recovered yet. Different with bitcoin, when its price touches $15.000 I just predicted that bitcoin will meet a correction to $11.500 but it didn't happen.

Hopefully, this uptrend market will still ongoing although the coronavirus is ended because of the vaccine. And the points that you mentioned can be made as some factors that make bitcoin price trying to reach its all time high. But, I believe that coronavirus has given a big factor to this situation, I still remember when the halving event came and did not provide much change, just before the halving occurred the bitcoin price increased slightly.

[whyrqa]

One way or another, the pandemic forced humanity to reconsider many aspects of its life, including the attitude to their savings and the value of all common assets. In addition, completely new demands from people are arising from the government, and in this regard, the leaders of the countries will have to make appropriate decisions. Based on this, alternative assets, which are cryptocurrencies, are more valuable than national currencies. It is thanks to the pandemic and the economic crisis that Bitcoin is gaining attention again and thanks to this its value increases.

[RealMalatesta]

I think you and I may not care about paypal but there are tons of people who do, I am not saying this pump was created by paypal, but all I am saying is this is not as unimportant as you might think neither.

There are 300+ million people who use paypal, let's say some of them already buys and sells crypto, and there are few who do not want to get involved with crypto anyway neither, but you can't deny the fact that there must be "some" people who wouldn't go into crypto but did get into it when paypal started, that is why I believe it is highly important that paypal is acknowledged that they are doing something good for the crypto community. Once again I am not saying they are the cause of it, but they are certainly not a null point neither, they did played a bit of a role here.

[tippytoes]

I think you and I may not care about paypal but there are tons of people who do, I am not saying this pump was created by paypal, but all I am saying is this is not as unimportant as you might think neither.

There are 300+ million people who use paypal, let's say some of them already buys and sells crypto, and there are few who do not want to get involved with crypto anyway neither, but you can't deny the fact that there must be "some" people who wouldn't go into crypto but did get into it when paypal started, that is why I believe it is highly important that paypal is acknowledged that they are doing something good for the crypto community. Once again I am not saying they are the cause of it, but they are certainly not a null point neither, they did played a bit of a role here.

Actually, this announcement from paypal did help those noncrypto users who were having second thoughts with btc or crypto in accepting the fact that btc/crypto is not a fraud. Let's admit it, a lot of noncrypto users are still thinking that btc is used for illegal things. But when PayPal announced the inclusion of crypto in their system, I believe most of them change their mindset towards crypto and search for it as this famous platform starts to deal with crypto. I'm gonna say, they do have contribution in gaining the trust of noncrypto users to crypto.

[usekevin]

I'm not surprised with bitcoin movement this year so far, let me start my point from the pandemic

1. The pandemic period clears the fact that Bitcoin is stronger, while stock market received huge punch on the face bitcoin still stand strong and prove its the best place for stock investors

2. Bitcoin halving took place this year too and it's movement as been identical to that of 2017, I guess every four years this have something for crypto, that's just a guess though

3. Paypal announcement isn't small either, many still have doubts about crypto and some are waiting for big companies like PayPal itself to take a lead first and now it's working, so tell me how the hell we won't see huge difference in crypto market trend?

Bitcoin was became a trusted assets to inverse the people money in short period and it cause for the more investors in short period and huge pump in bitcoin price. Many traders holding for the new pump in bitcoin price. And paypal announcement created a huge positive impact on bitcoin and it demand on the crypto currency market.

[Searing]

You wanna know the real reason?

0 - printers doing brrrr to buy treasury bonds
1- this makes negative real yields on bonds (this push money down)
As of 2017, the size of the worldwide bond market (total debt outstanding) is estimated at $100.13 trillion, 100 trillion is looking for alternative
2- interest on term deposits in banks are close to zero (this push money down)
3- corporate bonds risk of not being paid is bigger than expected ROI (this push money down)
4- inflation and fear of inflation getting bigger and bigger forces people to look for assets that will protect their funds from inflation by accepting even greater and greater risk (because safe assets guarantee a real loss (expected profit - inflation))
5- this push money to real estate makes them super expensive (3-4 % real profit from renting is still not enough to cover inflation)
6- this push money deeper and deeper (stocks and dividend profits) but they are cosmically overvalued and dividends are very small
As of December 31, 2019, the total market capitalization of all stocks worldwide was approximately US$70.75 trillion. so 70 trillion is looking for alternative
7- this push money deeper into very high risk assets (bitcoin) - the profit opportunity is usually better than the loss guarantee - and bitcoin is worth only 300 bil $ so even a small fraction moved from above assets will cause huge pump here.

This pump is not caused by Paypal or halving. Who TF takes care about paypal? We have 100000000 ways to buy crypto. Paypal is only another one. Pump is caused by panicked investors searching for good place to hide from inflation.

“The United States printed more money in June than in the first two centuries after its founding,” Morehead wrote. “Last month the U.S. budget deficit — $864 billion — was larger than the total debt incurred from 1776 through the end of 1979.”
https://cointelegraph.com/news/us-printed-more-money-in-one-month-than-in-two-centuries

"In response to the coronavirus, the Federal Reserve has printed approximately $3 trillion. The total assets of the Federal Reserve as of the end of February 2020 was $4.16 trillion. By the end of July, total assets was $6.95 trillion."
https://medium.com/discourse/do-you-realize-the-massive-amount-of-money-printing-happening-due-to-the-coronavirus-pandemic-1f4347cc0404

In addition to the many points above..that are right on the money...so to speak...I'll add the following...


1) I consider Bitcoin as 'virtual land' there is only 21 million Bitcoin ever to be made and 18.5 million Bitcoin have already been made...thus...no way to game

the system above..and just 'print' dollars. Also, it is also much like 'owning' land or say a ranch near or next to say Las Vegas back in the 1950s boom days...you

don't want to sell any, or with my case BTC, in that I can't mine any more of any note..and in say the rancher near Las Vegas back in the day...his land was

also finite...thus you HODL in both instances.

2) How 'valuable' is the virtual currency (ie virtual land?) The original internet backbone the value was in the application to the internet backbone...not the

internet backbone itself as adoption rolled along. With Bitcoin, the value, for the most part, is in the bitcoin blockchain/network/backbone itself....the applications

reflect the price into the Bitcoin price of such applications. So rather than the price being in the app like Yahoo and the Inet backbone it is reflected in BTC price!

3) Is Bitcoin a more 'pure' way to have a 'store of value' than gold, in that it has the same limited value depending on scarcity..but if you are from a country

    where it is 'wise' to have 'gold' under your hut for the next country/gov't/crisis...why not just have it in virtual gold? If it is 24/7 as a GOH plan to 'bug out'

     in the next 'dangerous crisis', well BTC has a lot going for it vs lugging 'gold' about. I know folks from mining days of 2013 that when Ukraine was invaded by

     Russia the folks I knew then  got 'all' their assets and money out of the invaded part of Ukraine..even though the Ukrainian gov't facing invasion locked down all the

     banks and borders with this 'legit' crisis..the more or less got out whole. Thus, Bitcoin can be life-changing in such circumstances or as I see it, currently in places

     like Venezuela.

4)  24/7 access to your assets (ie BTC) w/o having to jump through a bunch of 'hoops' or talk your broker into releasing funds or waiting for bank hours.

5) You are in a country with high inflation $$$ like Venezuela, you can convert to BTC on your phone and limit such currency inflation and get away from

     mostly 'useless' for international commerce the Venezuelan dollar!

Anyway, why I've mostly been in HODL mode from mining BTC/LTC from 2013 until 2019.

Brad

[matchi2011]

One way or another, the pandemic forced humanity to reconsider many aspects of its life, including the attitude to their savings and the value of all common assets. In addition, completely new demands from people are arising from the government, and in this regard, the leaders of the countries will have to make appropriate decisions. Based on this, alternative assets, which are cryptocurrencies, are more valuable than national currencies. It is thanks to the pandemic and the economic crisis that Bitcoin is gaining attention again and thanks to this its value increases.

People who learned thepossible benefits coming out from this venue of investment drives them to start aiming to succeed, from that
new investors bring new money which now stand as barrier.

Each movements towards progress, this pandemic helps a lot in realizing not just the investment portions of this system but also the
advantages when using it as payment transactions, leading for more interest from both businesses and new investors.

[Twinkledoe]

One way or another, the pandemic forced humanity to reconsider many aspects of its life, including the attitude to their savings and the value of all common assets. In addition, completely new demands from people are arising from the government, and in this regard, the leaders of the countries will have to make appropriate decisions. Based on this, alternative assets, which are cryptocurrencies, are more valuable than national currencies. It is thanks to the pandemic and the economic crisis that Bitcoin is gaining attention again and thanks to this its value increases.

People who learned thepossible benefits coming out from this venue of investment drives them to start aiming to succeed, from that
new investors bring new money which now stand as barrier.

Each movements towards progress, this pandemic helps a lot in realizing not just the investment portions of this system but also the
advantages when using it as payment transactions, leading for more interest from both businesses and new investors.

Yes, I believe that a lot of people realized about the advantages of crypto as another means of payment method during this pandemic crisis. And with the paypal's integration of crypto within their system, many people are now assured that crypto is not a fraud. Because let's admit it, many people have negative perception towards crypto. They thought, it is mainly used for illegal activities. But when PayPal announced the usage of crypto, people start to understand that it is not a fraud after all.

[pinggoki]

There are so many possible reasons why bitcoin is so bullish right now, just for example the huge adaptation of the masses for the cryptocurrency in which it may leads to the increasing of the buyer in the market and this means it affects the supply because of the number of buyer becomes huge, and the demand remains at it because people are holding it due to the bullish of the market.
Another reason is brought by the pandemic in which the people becomes more serious and curious about what bitcoin is so that it becomes their trusted assets and they are using it right now.

[Nhor1011]

I hope that this is not just a bubble now and after the bull ends we are not going $10k below again.

I think Bitcoin price now is not going $10k below again, because the current increase in bitcoin prices is not only due to the trend of saving assets, but because people now understand more deeply that bitcoin is a safe asset and far from the effects of inflation, even in the midst of a pandemic that has hit the economies of all countries, bitcoin is surviving with its value.  So with full confidence the price of bitcoin will not fall below $ 10k again, indeed a decline will definitely occur but it will not be far below $ 10k, the correction that occurs will not be less than $ 13k, and if it is predicted that in the next few years, the price of bitcoin will return to  $ 20k again considering that many people start shifting their assets to bitcoin and many who hedge with bitcoin because it is proven.

You're right! Bitcoin price now is near to it's past ATH and still a lot of big investors are coming to join this another bull run. Paypal already adopt bitcoin and now more millionaires and billionaires also want to invest in bitcoin because maybe they understand already the fact about bitcoin.

[proTECH77]

During the pandemic many countries find it difficult to make their currency valuable during the pandemic which was causing the economy of the country to reduce to zero level in the country. Many citizens find it difficult to eat very well and grow their businesses because their currency was devalue during the pandemic which caused inflation  in the country. Many citizens lost their life because of virus that was spreading in the country until the government now brought a solution, that will help the citizens to stop the spreading of corona virus by wearing of facemask and washing of hands every day by day in the country.
Bitcoin prove to other cryptocurrencies, that it still remain the king  among other cryptocurrencies in the area of pumping, where other cryptocurrencies where reducing during the lockdown, that was causing other cryptocurrencies investors to lose their profit during the process of dumping in the market. Bitcoin is still rising in the market which many investors are still making a good profit from their Investment.
According to some researcher, bitcoin will still increase more than this before the end of the year since other cryptocurrencies are still reducing in the market, show bitcoin will continue to be the king among other cryptocurrencies continue rising till 202 come to an end.

[Durgesh728]

You can never time the market, you can never predict the market. Still primary reason behind Bitcoin prices going up is excessive demand by HNIs and FIIs in the market which we can easily understood y reading Economic 101.

[AjithBtc]

Bitcoin has turned bullish, so the trend will sustain for some time period. As there is no big growth with altcoins, we can expect the bullish trend of bitcoin to happen for long term in a slower manner. The outcome of the market can't be predicted precisely.

As of now more and more investments from large scale companies make the trend continue. In recent days MicroStrategy, Grayscale investing big into bitcoin keeps the market strong.

[Chrystora123]

snip..

Actually, this announcement from paypal did help those noncrypto users who were having second thoughts with btc or crypto in accepting the fact that btc/crypto is not a fraud. Let's admit it, a lot of noncrypto users are still thinking that btc is used for illegal things. But when PayPal announced the inclusion of crypto in their system, I believe most of them change their mindset towards crypto and search for it as this famous platform starts to deal with crypto. I'm gonna say, they do have contribution in gaining the trust of noncrypto users to crypto.

Paypal has a positive impact on Bitcoin demand, to be honest, there are still a lot of people out there who are afraid to buy Bitcoin because they think it's a scam or something.  The domino effect that results from the good news that Paypal accepts Bitcoin is the number of Bitcoin demand in a market that is more stable and mature.  we will definitely continue to see the Bitcoin price grow and pass ATH ($ 20K)..

[tbterryboy]

One way or another, the pandemic forced humanity to reconsider many aspects of its life, including the attitude to their savings and the value of all common assets. In addition, completely new demands from people are arising from the government, and in this regard, the leaders of the countries will have to make appropriate decisions. Based on this, alternative assets, which are cryptocurrencies, are more valuable than national currencies. It is thanks to the pandemic and the economic crisis that Bitcoin is gaining attention again and thanks to this its value increases.

That’s right, everything that happened this year changed our mind and the way we do things, and it certainly brought people’s attention to digital money (cryptocurrency). Plus, the fact that Bitcoin was still fast to recover after the pandemic hits the stock market.

With its high level of growth, companies started to jump on it, and were buying Bitcoin as of their reserve assets and that helped in creating a boost for the price that was already heading all the way up. We have seen so many news, Grayscale invested in Bitcoin twice, and PayPal also introduced it to their customers.

[Mauser]

One way or another, the pandemic forced humanity to reconsider many aspects of its life, including the attitude to their savings and the value of all common assets. In addition, completely new demands from people are arising from the government, and in this regard, the leaders of the countries will have to make appropriate decisions. Based on this, alternative assets, which are cryptocurrencies, are more valuable than national currencies. It is thanks to the pandemic and the economic crisis that Bitcoin is gaining attention again and thanks to this its value increases.

That’s right, everything that happened this year changed our mind and the way we do things, and it certainly brought people’s attention to digital money (cryptocurrency). Plus, the fact that Bitcoin was still fast to recover after the pandemic hits the stock market.

With its high level of growth, companies started to jump on it, and were buying Bitcoin as of their reserve assets and that helped in creating a boost for the price that was already heading all the way up. We have seen so many news, Grayscale invested in Bitcoin twice, and PayPal also introduced it to their customers.

People work a lot from home these days. The usual work day changed completely. We are less social and spend more time on the Internet. Looking at ways to make money online is just byproduct of the currency corona pandemic. I think its just right that people start to believe more on crypto currency. Everyone can use them from home and they are much cheaper compared to traditional banks.

[jademaxsuy]

People work a lot from home these days. The usual work day changed completely. We are less social and spend more time on the Internet. Looking at ways to make money online is just byproduct of the currency corona pandemic. I think its just right that people start to believe more on crypto currency. Everyone can use them from home and they are much cheaper compared to traditional banks.

Yes, I agree that peope should slowly believe in bitcoin and adapt to this system.The system can do offer more good than harm and for me it is lesser evil than those people who are having fiat currency believing such value depreciated over a period of time. The inflation rate really affect the fiat system and  bitcoin does not affected to it even the pandemic. See how bullish bitcoin now and maybe the reason is that more people are buying bitcoin because they see its potential growth that can happen sooner or maybe the next time around.

[barbara44]

At over $18k per bitcoin we should be focusing on not why bitcoin is so bullish, but why dollar is so bearish. You may think that making profit thanks to bitcoin could be your way of getting richer but the sad deal is fiat money becomes more and more worthless over years and even though they tell us that inflation is not that bad, in reality it is really horrible.

Go look at house prices just 10 years ago and look at it today, you will realize why inflation is bigger than what they really tell you, maybe the small stuff like bread or potato or whatever didn't really increased in price that much but there are tons of other stuff that went really high. So, we are not really doing that well anymore and bitcoin increase may not save us neither.

[Searing]

Well, this was said about GrayScale BEFORE the pump on June 26th, 2020.

https://cointelegraph.com/news/at-this-rate-grayscale-will-own-34-of-all-bitcoin-by-january

quote from above:

-----

Grayscale Investments has added 19,879 BTC to its Bitcoin Trust in the last week, purchasing Bitcoin faster than the tokens can be mined.

-----

further down in the above article

-----
Grayscale is cornering the market
Grayscale has bought 53,588 BTC in total since the May 11 halving, equating to an average of 1,190 BTC per day. If it keeps buying at this same daily rate it will own 3.4% of the world's BTC supply (625,069 BTC) by January 2021 — and 10% by the time of the next halving in 2024. June 26, 2020

-----

OK, on that date of June 26th, 2020 the Bitcoin price was according to Coinmarketcap www.coinmarketcap.com at a price of $9,168.83 USD.

-----

As of today's post and time (see forum time above on this post) the price of Bitcoin, again, according to Coinmarketcap above, at a price of $18,490.74 USD.

So the price was going up due to the scarcity of Bitcoin available anyway, with all the HODL'ers IMHO and then it got Supercharged when PayPal also

decided to 'jump into the pool' and add to the buying pressure vs the sell and mine pressure of available coins, IMHO anyway!

quote for PayPal below....on what folks think from the article "Is PayPal driving the bitcoin spike?" from November 20th,2020.

https://www.ft.com/content/b18335fe-1926-48f5-9522-c99d27b07ade

   ITBit is owned by Paxos, PayPal’s broker-dealer. Morehead estimates the above volume spike indicates PayPal may already be buying more than all the supply of newly issued bitcoin that’s available (currently there are 6.25 bitcoins mined every ten minutes.)



Lastly, the usual thing people forget, is that out of the 21 million Bitcoin 'ever' to be mined...about 18.5 million Bitcoin 'have' been mined. Since the halving of 2020

https://www.coindesk.com/third-blockchain-halving-turns-out-non-event-bitcoins-price May 11th, 2020. The Bitcoin dropped from 12.5 Bitcoin per Bitcoin

block to currently 6.25 Bitcoin. In that, the halving was about 6 months and 9 days ago..

well, you add all the above up...and the current economic/pandemic/political/recession and such...I'm kinda surprised we are not already at $20,000.00 Bitcoin!

It, as usual, a fight between those that HODL vs those that 'need'/'want' or other 'real-life issues' need to sell...and right now HODL'ers are not budging and

adoption is struggling to find Bitcoin 'even' dust, to sock some away.

I also will make a small 'guess' here that IF the Trump Administration 'was' to concede the election and get the Biden Transition back on track...the stock

market and BTC/Crytpo would 'spike' more...just from the sense of some 'normalcy', That is just my view and such for above. We will be the first to know!

Moon or Doom! Pump or Dump! tis, how this all works (or has in the past since I was in since 2013.)

Brad