Bitcoin moving in big chunks now, makes new cycle high above $17.5K
Nov. 17, 2020 12:14 PM ET|About: Bitcoin USD (BTC-USD)|By: Stephen Alpher, SA News Editor
"If you had told me three years ago the U.S. was going to print a trillion dollars in one month, I would have said 1,000 to 1 against," says Dan Morehead, the CEO of Pantera Capital, and an early Bitcoin ( BTC-USD) investor. "It just happened ... I think it's going to melt up."
Morehead believes the divided U.S. government means at least modest gridlock on the legislative front, putting more heat on the Fed to keep expanding its balance sheet. That's good, he says, for things you can't "quantitatively ease."
Morehead and Galaxy Digital chief Mike Novogratz just appeared together in this podcast.
Bitcoin's all-time high hit in 2017 was about $20K, but oft-forgotten about the 2017 mania was how little time the crypto actually spent above $10K - literally a handful of days.
The distinguishing feature of this year's move is its relative (at least until very recently) stability. Bitcoin has been above $10K since mid-summer.
Bitcoin minutes ago climbed to $17.6K, and is currently changing hands just below that level. The Grayscale Bitcoin Trust ( GBTC) +7.2% today.
Blockchain plays moving today: Riot ( RIOT +36.1%), Marathon Patent ( MARA +21.4%), HIVE ( OTCQX:HVBTF +17.5%), Overstock ( OSTK +9.1%). |
