Bitcoin surpasses $50K as major companies jump into crypto

Re:Bitcoin surpasses $50K as major companies jump into crypto by UncleMeat on Tuesday February 16, 2021 @07:13PM (#26160746)

In my entire life, the largest transfer of cash I have ever done between institutions was I think $30,000 and it was between a bank account I owned and my brokerage. I'd wager that the majority of people have never transmitted more than $5,000 in their life.

Power to the people?

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Re:Bitcoin surpasses $50K as major companies jump into crypto by incrudible on Tuesday February 16, 2021 @07:27PM (#26160928)

The majority of people will also never own a Berkshire A share. It doesn't really matter.

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Re:Bitcoin surpasses $50K as major companies jump into crypto by UncleMeat on Tuesday February 16, 2021 @09:52PM (#26162095)

BTC's price story is based on the idea that a huge portion of people will use it. Berksire A is expensive for an entirely different reason.

The story seems to rapidly shift between "BTC will save Venezuelans from an oppressive government" and "we never said it mattered if people could use BTC for transfers of non-huge amounts of money".

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Re:Bitcoin surpasses $50K as major companies jump into crypto by incrudible on Tuesday February 16, 2021 @11:01PM (#26162506)

There's many stories on why Bitcoin should have value. Most of them don't make sense. Nevertheless, Bitcoin clearly is valuable, despite being used by few.

Of course people have trouble pricing Bitcoin, but the same is true for many other assets. If literally the only use for Bitcoin would be to speculate on all the cryptocurrencies, that would be enough to make it valuable.

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Re:Bitcoin surpasses $50K as major companies jump into crypto by ineedasername on Tuesday February 16, 2021 @11:00PM (#26162500)

Yes, the role of bitcoin has been gradually changing from "revolutionary" to mundane financial asset class with a novel method of purchasing it.

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Re:Bitcoin surpasses $50K as major companies jump into crypto by imtringued on Wednesday February 17, 2021 @04:51AM (#26164630)

It's actually moving away from that. It will be just be a settlement layer in 10 years.

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Re:Bitcoin surpasses $50K as major companies jump into crypto by ramraj07 on Tuesday February 16, 2021 @09:31PM (#26161933)

Isn't the downpayment on the median us house much larger than 30k?

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Re:Bitcoin surpasses $50K as major companies jump into crypto by UncleMeat on Tuesday February 16, 2021 @09:54PM (#26162102)

Have most individuals in the US bought a house? Have most individuals in the world bought a house in the US?

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