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Saturday, Apr 20, 2024
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Bitcoin rockets past $51,000 to reach new all-time high
The world’s most valuable cryptocurrency, bitcoin, continued its rally on Wednesday, soaring above the $51,000 mark. Tuesday had seen it hit $50,000 for the first time ever.
The crypto coin reached a new record price of $51,715 at around 9:50 GMT, according to data from Coin Metrics. It is currently trading over five percent higher than on Tuesday.
“$50,000 #Bitcoin is the new normal,” Blockstream CSO Samson Mow said on Wednesday.
He was echoed by popular Twitter account Documenting Bitcoin, which said that “If you think $50,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of thin air.”
Bitcoin’s proponents attribute its growth to increased demand from institutional investors, as well as corporate buying of the digital currency from companies like Tesla, Square, and MicroStrategy.
However, crypto-skeptics, such as precious metals buff Peter Schiff, are pointing out that bitcoin may be the biggest bubble in financial markets.
JPMorgan strategists said in a note on Tuesday that, unless bitcoin’s volatility starts to ebb, its current price “looks unsustainable.”
“$50,000 #Bitcoin is the new normal,” Blockstream CSO Samson Mow said on Wednesday.
He was echoed by popular Twitter account Documenting Bitcoin, which said that “If you think $50,000 a bitcoin is expensive, wait until you hear that the government is about to print $1,900,000,000,000 out of thin air.”
Bitcoin’s proponents attribute its growth to increased demand from institutional investors, as well as corporate buying of the digital currency from companies like Tesla, Square, and MicroStrategy.
However, crypto-skeptics, such as precious metals buff Peter Schiff, are pointing out that bitcoin may be the biggest bubble in financial markets.
JPMorgan strategists said in a note on Tuesday that, unless bitcoin’s volatility starts to ebb, its current price “looks unsustainable.”
THE SOLUTION IS TO MINE BASED ON POWER FROM HYDRO, IN THOSE NATIONS,WHERE THE OPPORTUNITY COST OF POWER IS LOW, IN TERMS OF THE ECONOMIC OPPORTUNITY COST,FUSED WITH ENVIRONMENTAL COSTS
SO A NATION WHICH HAS ALMOST FREE HYDRO POWER, IT CAN USE IT TO MAKE STEEL AND ALUMINIUM OR MINE BITCOIN ! WHAT WILL IT CHOOSE ?
THE CHOICE IS CLEAR !
THEN COMES GEO THERMAL ,SOLAR AND WIND ! IF A NATION HAS THESE SOURCES IN ABUNDANCE – BUT NO VIABLE MANUFACTURING OR EXPORT SECTOR – THEN WHAT TO DO ? MINE BITCOIN !
THEN WE COME TO NATIONS WHEREIN COAL IS IN ABUNDANCE,BUT THERE ARE NO CEMENT OR POWER PLANTS. WHAT IS THE BEST USE ? BITCOIN !
SO THE 1ST OPTION IS MINING BTC,AND THEN THE NEXT OPTION LIES IN HOSTING THE SERVERS ,WHICH HOST THE CRYPTO TRANNSACTIONS !
FOR HYBRID OFFGRID RENEWABLES WITH DIESEL POWER BACK UP – WHICH ARE OFF THE GRID – THE «ONLY VIABLE USE» IS BTC ! AND THE SAME APPLIES TO BASE LOAD POWER PRODUCED BY IPPs – THAT SUPPLY CAN ONLY BE ABSORBED BY BTC AND ALSO LOWER THE POWER COSTS TO THE IPP !
TAKE THE CASE OF SALVADOR
BTC usage and BTC mining and BTC server farms are the future of Salvador – with its abundance of Active volcanos in the Ring of Fire.
Planned rightly, it could double the per capita income of the nation in a few years.
Deep draft ports,Geo Thermal and Hydro Power with RPP,large land mass,existing transmission grid = PERFECT OPPORTUNITY FOR BITCOIN IN SALVADOR ! dindooohindoo