Schrödinger’s all-time high: Bitcoin cracks all-time high – or not?

The Bitcoin Community cannot yet quite believe it. But on Monday, November 30th, BTC wrote a new all-time high.

But so some Bitcoiner wants to go on number surely and leaves the corks in the bottles, until the crypto currency exceeds 20,000 US Dollar (USD).

The Bitcoin community is undecided: Has the industry leader now printed a new all-time high, or not? When the exchange rate of the best crypto currency of all time exceeded the mark of 19,832 US dollars (according to Coingecko data) on Monday, November 30, many a Crypto Superstar already let the corks pop. All time high!

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But the community should not be in a party mood yet. After all, it was only a short intermezzo with the previous, almost three year old all time high at 19,665 US dollars.

With the all time highs, it’s something like this: Different crypto exchanges aggregate different price data; depending on the trading volume and the nature of the order books, quite different price data can appear. For example, BTC set the all-time high on Kraken already at the beginning of November. There, BTC traded at only USD 16,220 during the Bull Run 2017.

In short: Not all Bitcoiners are convinced of the new all-time high. At the moment they agree on the round value of 20,000 US dollars to let all sides pop the corks. Nic Carter therefore calls on „Señor“ Bitcoin to please clear the air as soon as possible.

I cannot bear this partial ATH. Señor Coin had better remedy this situation quickly.

Niall Ferguson: Bitcoin wins the monetary revolution

And then the business paper Bloomberg published another piece on the Bitcoin case, which was quite remarkable in several respects. Under the title „Bitcoin Is Winning the Covid-19 Monetary Revolution,“ historian Niall Ferguson examines the digital age and how it affects the development of money. The text is remarkable in many ways. For one thing, he traces the value proposition of the No. 1 crypto currency according to the general narrative and sees Bitcoin at an advantage, primarily because of its scarcity. On the other hand, Ferguson calls on the elected U.S. president to integrate Bitcoin into the U.S. financial system in order to counteract the dystopian developments from China. Bitcoin was developed for free societies – but the CBDC system envisaged in China will soon make private payments a thing of the past.

We are experiencing a monetary revolution that is so multifaceted that few of us understand its full extent. […] Bitcoin offers built-in scarcity in a virtual world characterized by limitless abundance.

The core of Ferguson’s argument is two-layered. On the one hand, Bitcoin is designed as hard money to counterbalance the inflationary zeitgeist. On the other hand, Bitcoin is a bearer instrument that provides for sovereignty. Niall Ferguson correctly recognized that the „immutable“, i.e. unchangeable, is and BTC offers a security against censorship and confiscation that has never been seen before.

With Niall Ferguson one of the most prominent economic historians at all belongs immediately to team Bitcoin and provides the crypto currency again a legitimation thrust.