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Author Topic: Bitcoin Price Breaks All Time High  (Read 2713 times)

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« on: February 28, 2013, 01:14:41 AM »
Bitcoin Price Breaks All Time High

The Bitcoin price has just broken the all-time high of $31.9099 that it set on June 9, 2011 on MtGox. After a persistent, one-and-a-half month rally from $13 to $38, followed by nearly two weeks of bumping up against $30 and then hovering around the $28-$31.5 range, the bulls have finally won, and the currency struck a new high of $31.94 at 14:40 GMT on February 27 before quickly breaking past $32. The final rise was precipitated by a single buy order of over $100,000 USD, quickly reversing a temporary drop from $31.5 to $30.9 and leading to the price bumping against $31.89 for minutes before finally breaking through.

The event is a historic one for Bitcoin. When the initial Bitcoin bubble of summer 2011 collapsed, a number of media sources quickly spread the message that Bitcoin was a foolish crypto-anarchist dream and a fad that failed, and it was time to move on to more “legitimate” products backed by the full support of the banking establishment. Forbes’ Tim Worstall wrote as early as late June that “that’s the end of Bitcoin, then” Technology writer Timothy B Lee (not to be confused with Tim Berners-Lee, inventor of the World Wide Web) wrote an article on the Bitcoin crash in August, ending with the words “I suspect it’s terminal.” Wired ran an article in November which, although not as bleak, was nevertheless entitled “The Rise And Fall of Bitcoin“. Doug Casey, a celebrated libertarian precious metals guru, released a lengthy interview in which he described Bitcoin as “probably a dead duck” that was bound to collapse because of its lack of physical backing, and offered GoldMoney as an alternative.

After hitting bottom at $1.994 in November, however, Bitcoin simply refused to die. The price bounced back to a high of $7.22 in January 2012 before settling down at $4.90, and news slowly began to once again turn positive. In January Bitcoin was featured in an episode of The Good Wife, and in April Reuters came out with an article entitled “Bitcoin, the City Trader’s Anarchic New Toy”. In June came a number of further articles, although the collapse of Bitcoin Savings and Trust and the shutdown of the Global Bitcoin Stock Exchange led to a new period of pessimism in the fall. However, that period turned out to be a brief one, as the announcement of WordPress accepting Bitcoin in early November broke the downward trend, and Bitcoin Central’s banking partnership deal in December cemented the new paradigm. Finally, in January Bitcoin truly started to take off. A series of positive announcements, including unprecendented profits by Bitcoin gambling site SatoshiDice, large-scale underlying adoption and the arrival of ASIC mining hardware chips, send the price on a sudden course upward, and in February Reddit and Mega accepting Bitcoin cemented the new paradigm.

For those who dismissed Bitcoin as a pump-and-dump, a fad or a quack, now is the time to repent. Timothy B Lee already has, and we in the cryptocurrency community gladly welcome him. To Doug Casey, Tim Worstall and the others who have disparaged Bitcoin in the past, this moment is as good a time as any to re-evaluate your opinions. As for the future, at this point Bitcoin is a wild card. The original major bubble in April 2011 started when Bitcoin broke past its previous February high of $1.12; now that Bitcoin has broken past $32 it can go anywhere. Some have predicted $45; others $100, and still others believe that the bubble is only starting, and we may see a meteoric as great in magnitude as the one in 2011 – that is, by June 2013 we will hit $1000. Unlikely, perhaps, but in April 2011 no one was predicting $30. Now is the time for Bitcoin to truly shine.
"Your keys, your Bitcoin. Not your keys, not your Bitcoin." (Andreas Antonopoulos)
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