The digital coin jumped 35% in the last five days after dropping more than 21% in the four days prior to that. Bitcoin now sits close to US$8,000, up 694.9% for the year.
At time of writing, one bitcoin is now worth more than AU$10,500, and it represents a new all-time high, following a massive 43% rally in just five days!
I say it’s time to move on to trust in something else. Not backwards to gold, but forwards. To a trust in indisputable maths. A trust in decentralised power structures. And a trust in technological innovation. That means bitcoin and cryptocurrencies.
Fred Wilson, early investor in Twitter, even said, ‘The lesson from the internet is that anything China bans, invest in.’
For all the bitcoin doubters it means they can finally put their money where their mouth is and short bitcoin.
If you haven’t come across bitcoin or cryptocurrencies in the past few months, then you’ve clearly had no contact with civilisation. Everyone, and I mean everyone, has been talking about this stuff.
Bitcoin now trades above US$7,100, making fortunes in the process. So what should you do with this new found wealth? Why not try and make more on classic sports cars?
The contentious SegWit2x fork for bitcoin has stalled. In fact, it could be called off entirely. The proposal was aiming to double bitcoin’s block size to two megabytes. A move that had divided the bitcoin community.
The energy industry is one of the first to commercially adapt blockchain technology on a global scale. First it was the banks chasing this tech. Now the oil and gas sector wants in.
Bitcoin surged up to around US$7,700 after this announcement. That is almost US$1,000 over the amount it was trading a week before. It has since dropped and is now trading at around US$7,350.