Bitcoin’s price jumped by $1,000 yesterday, rising from around $5,000 to near $6,000 for the first time ever. With the jump of 1k in just hours not really seen before in this space.
Its trading volumes have spiked to an all time high of $3.7 billion in the past 24 hours, while global trading volumes rise to their near high of above $7 billion.
While its market share rose to 55%, up by 10% in the past few days, as it appears both external money has entered the market while a reshuffling within digital currencies appears to be underway.
As you can imagine the atmosphere in bitcoin places is exhilarating, tinkered at the same time with a sense of disbelief that what some predicted is actually happening.
The currency has attracted some $80 billion in just one year, in an astonishing rise of a kind we have never seen before.
It is now bigger than Goldman Sachs, bigger than a collection of web 2.0 companies, and even Apple isn’t too far away.
Heads are turning, certainly in China, but most likely in all banks too, in news centers, in homes, in the Kremlin and the White House.
Bitcoin is roaring like never before as a new generation peacefully rises, opting out of banks that bankrupted countries and placing their trust in just maths.
In the process, people are engaging in their own quantitative easing, in their own money printing, in defiance of what they think is a rigged system that privatizes profits while communising loses. With Hayek their priest, and the Denationalization of Money their bible:
“The past instability of the market economy is the consequence of the exclusion of the most important regulator of the market mechanism, money, from itself being regulated by the market process… only competition in a free market can take account of all the circumstances which ought to be taken account of.”
The people’s money roars because when it came it found them. And while many proposed old solutions, none provided a more holistic alternative.
The pure free market currency, built on top of the newest technology, is a breakthrough of both the intellect and of the scientific craft.
That is shown by how much fire it has faced, how many storms it has passed, to come out stronger and stronger and rise and rise to great new heights.
The people’s bailout is here. And while some say it is the top, some might say it has only but begun as the digital revolution promises an evolution.
The great bull run thus continues as the world once more runs in two trajectories, the new technologists and the old luddites, in that endless conquest for better, stronger, faster and higher.