Bitcoin blew well past this number today, but it was ironic never the less
Today bitcoin traded for as high as $13,200 before pulling back slightly afterwards.
What was more interesting was the price it hit early this morning...
Check it out:
(Source:
)https://twitter.com/blockfolio/status/1318895654706491394/photo/1
- blockfolio
Do you see it?
1234567
Judging by the recent news, and ensuing price action, this may the be the last time we ever see this number.
Well that is until it can add an 8 on the end as it adds another digit to the left side of the price ($123,456.78)
Anyways, some thoughts on today's news...
The news today was absolutely YUGE for bitcoin.
If you aren't sure exactly what I am talking about, I am referring to the news released that PayPal was going to integrate bitcoin and other currencies into its wallet.
More on it can be seen here:
@jrcornel/yuge-news-paypal-to-allow-uses-to-buy-sell-and-hold-cryptocurrency
PayPal has more than 300 million users, many of which are millennials, which is bitcoin's target audience.
Sure PayPal won't let you send or receive cryptocurrencies, at least initially, but as @edicted pointed out, you can still just sell your bitcoin get fiat, and then ship that fiat to your friend who then can use that to buy bitcoin.
Not idea, but a work around never the less.
The big news is that first part I mentioned about hundreds of millions of millennials being exposed to bitcoin potentially for the first time.
Currently there are roughly 54 million bitcoin wallets so if bitcoin were to add just 15% of those current PayPal users, we would essentially double our current user base.
(Source: @jrcornel/yuge-news-paypal-to-allow-uses-to-buy-sell-and-hold-cryptocurrency)
Bitcoin's not really a currency, at least not yet
The interesting thing about not being able to send or receive bitcoin and other cryptocurrency via PayPal kind of jives with the not really a currency, at least not yet.
Though they did talk about letting users buy things with cypto early next year.
Irregardless, bitcoin in it's current iteration isn't really a great currency.
It's slow and expensive.
However, perhaps some day things like the lightning network or other layer two solutions will make it work for payments.
That doesn't really matter though.
The store of value market is in the tens of trillions and bitcoin is just now starting to scratch the surface of that market.
Think gold, think real estate, think collectibles, etc etc etc.
It's really a massive market and one that gives bitcoin a ton of runway without it ever making for a good currency.
That being said, we likely have more stimulus on the way post election and a run to $20k by the end of this year seems very doable at this point.
Buckle up folks, the fun is just beginning.
Stay informed my friends.
-Doc