Bitcoin tops $40,000 for first time, pushing cryptocurrency market value past $1 trillion

Snacks Daily


Bitcoin has quadrupled in price in just the past couple of months from ten thousand dollars per coin to forty thousand dollars yesterday and the crypto market in its entirety is now worth over a trillion dollars. There's a few probable reasons for bitcoin spiking so much but the main reason is this the first rally was all about small investor fomo but the second rally is all about big investor from retail fomo three years ago corporate fomo today for example square the payment processing company. They just bought fifty million dollars. Bitcoin just in october famous hedge fund run by a man named paul jones has had two percent of all their asset is now in bitcoin and boston. Favourite finality is now accepting bitcoin as collateral for loans. I'll tell you i'm good for it. Got bitcoin in the back. So jack what's the takeaway for our buddies over in bitcoin. Bitcoin has one main superpower and that is anti inflation all right because he can't trap a fraction of a bitcoin to pay for a smoothie. Right now and it's probably like a little too volatile fairmont and just like the retail fomo of three years ago this corporate morality that could pop and crash and plummet as well keep in mind. I mean jack toussaint in two thousand seventeen. The value of bitcoin crashed almost ninety percent. Right after a jump. Like this if you bought at the top of that bubble you experienced a lot of pain in the next two months but there is a fascinating real value in bitcoin right now which isn't as a currency but actually just to protect against inflation smackers because of the global pandemic governments across the world are printing money to pay for stimulus packages to rescue the economy. So we get cash flowing into the financial system all in hopes of juicing up the economy right now all that new cash though could dilute away the value of the money in that country. And that's the inflation. When like a one dollars orange could eventually cost you two dollars because your money is actually worth less. Because there's too much money out there now. Inflation like nick. Just describe with the oranges and the dollars that is not possible with bitcoin because there are a finite number of bitcoin that could ever be mind in this earth so similar goals the protection against inflation is bitcoins superpower we think that's why corporations and institutions are buying bitcoin right now

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