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I only keep half an eye on bitcoin, so I'm a bit out of the loop. Was there some thing (or things) that happend in October/November that started the most recen
by noneeeed 6y ago
I only keep half an eye on bitcoin, so I'm a bit out of the loop.
Was there some thing (or things) that happend in October/November that started the most recent growth in price? It seems to have bounced around $5-10k for over a year and then in early october just started to take off and is now 4-5x that and not showing any signs of stopping. I heard about the Tesla thing, but that was very recent. What did I miss?
- Geee 6y agoThere was halving event last spring, when the Bitcoin supply was cut in half, which happens every 4 years. Historically, Bitcoin price has been following the stock-to-flow model https://digitalik.net/btc/ https://digitalik.net/btc/ In the fall, Paypal adopted Bitcoin in their payment network.
- noneeeed 6y agoThanks, I'd missed the PayPal news.
- ur-whale 6y agoHalving. Paypal announces you can buy and sell BTC IOU's (not real Bitcoins) on their platform. Microstrategy declares they want to stash a sizable chunk of their treasury into BTC. Elon makes a few grunts vaguely favorable to Bitcoin via twitter and stashes 1.5B of his Tesla treasury in BTC. Mastercard makes vague claims they are going to "support" "some" cryptocurrencies. A number of finance world pundits switch attitude from poo-poo-ing Bitcoin to "it's an interesting asset to watch". A general feeling that "institutional money" (whatever that actually means) is coming to Bitcoin.