New all-time high: Bitcoin trades at $80,000 for the first time
The Bitcoin price has risen significantly in recent days. Now that it is a foregone conclusion that the Bitcoin-friendly Donald Trump will become the next president of the USA, the asset has managed to surpass its previous high of USD 73,800 in mid-March.
Since then, BTC has continued to extend its gains. Today, Bitcoin traded at USD 80,000 for the first time.
With the strong price gains, Bitcoin has now risen by around 90% since the start of the year - and this after a rise of 150% in 2023.
Almost exactly two years ago, Bitcoin was still trading at around USD 16,000 in the deepest bear market and critics felt confirmed in their assumption that Bitcoin would disappear into oblivion again. A five-fold increase later, it should now be clear that Bitcoin is back - and stronger than ever.
Inflation-adjusted all-time high reached
Using the US dollar as a benchmark is always somewhat problematic due to the sharp fall in value of the largest national currency. It therefore makes sense to adjust the Bitcoin exchange rate for inflation.
The general price level has also risen over the past few years - officially by around 13.5% in the US.
As Bitcoin is currently trading around 16% above the high of the last cycle of USD 69,000, the inflation-adjusted all-time high has now also been broken. Measured in euros, the "real all-time high" has already been exceeded for several days.
Countries buy Bitcoin?
With the next US president announcing, among other things, the establishment of a Bitcoin reserve, the environment seems to be conducive to further price rises. The rulers of other nations are also likely to be watching this closely. After all, if the world's largest economy, which is currently the world's reserve and reserve currency, is backing Bitcoin, it makes sense to follow suit.
The small countries of El Salvador and Bhutan are already accumulating Bitcoin for their own balance sheets. Other nations, such as Russia, Argentina and Ethiopia, are relying on state-run Bitcoin mining.
According to David Bailey, CEO of BTC Inc, the company behind Bitcoin Magazine and the Bitcoin Conference, at least one more nation is said to have secretly joined in.
There is at least one nation state that has been actively acquiring Bitcoin and is now a top 5 holder. Hopefully we hear from them soon.
- David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey) November 9, 2024
100,000++-
David Bailey🇵🇷 $0.85mm/btc is the floor (@DavidFBailey) November 9, 2024
Only time will tell whether David Bailey, who also advised Donald Trump during the election campaign, is right. Incidentally, the statement is in a similar vein to that of former CIA and NSA employee and whistleblower Edward Snowden. At the end of February, he predicted that a nation state would announce this year that it had secretly purchased Bitcoin - Blocktrainer.de reported.
Prediction: A national government will be revealed this year to have been buying Bitcoin-the modern replacement for monetary gold-without having disclosed that fact publicly.
- Edward Snowden (@Snowden) February 28, 2024
Just the beginning?
If the race of the major nation states for Bitcoin really picks up speed now, further price rises are probably the most likely outcome. This is because the "big players" would then presumably use immense resources to drive the price to unimagined heights.
It remains to be seen whether this "Bitcoin game theory" will play out in the coming weeks and months exactly as some Bitcoin proponents have been predicting for years.
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