BREAKING NEWS: Worldwide- Bitcoiners rejoice as Bitcoin investors, bitcoin miners, and all “hodlers” alike are happily seeing their conviction pay off, somewhat literally, with Bitcoin reaching NEW ALL-TIME-HIGH Prices of more than $66,000 USD on October 20th, 2021, before pulling back slightly, sending Bitcoin’s “market cap”/overall valuation soaring to an astonishing $1.2 Trillion USD AND COUNTING!
Satoshi Nakamoto, the pseudonymous creator of Bitcoin, would be, or maybe is, very proud right now! Why? Because Satoshi’s invention, Bitcoin, the groundbreaking digital decentralized peer-to-peer currency created back in 2009, is seeing more interest than ever before amidst record prices. Take a minute to marvel in Satoshi’s work, and simply think of how far Bitcoin has come from its very humble original beginnings. If you have some Bitcoin yourself, celebrate your work with a pat on the back if you must…or crack open the champagne perhaps. Whatever you do to celebrate, it may be time to start celebrating a brief win along the long bitcoin road. After all, it’s not every day you see a new Bitcoin All-Time-High Price develop… even though it may feel that way to outsiders.
Until being surpassed on October 20th of 2021, Bitcoin’s previous all-time-high price of $64,888.99 USD per BTC was set in April of 2021, before a rather significant pullback that saw Bitcoin drop to the $30,000 USD mark.
For some “traders,” particularly those who bought Bitcoin at April’s highs while choosing to take on leverage/debt in order to invest in Bitcoin, the miniature “crash” from April’s highs was a significant event which caused many individuals and firms to sell their Bitcoin holdings and to incur significant losses. For some who are bearish towards bitcoin, seeing a price crash was a joyous occasion which caused many to tell bitcoiners to “enjoy it while you can” and “sell now before bitcoin is outlawed” or all kinds of other false narratives that have proven to be incorrect. Overall, it seems taking a long-term approach is wise with many ventures and Bitcoin may prove to be no different. Again, bulls will say it’s a no brainer to think bitcoin is something to believe in for the long-haul and bears will say otherwise… but how many times have bitcoin bears been proven right?
For Bitcoin hodlers and bitcoin miners who see the long-term potential of Bitcoin, the drop in price from April’s all-time-high was simply a welcome opportunity for accumulating more Bitcoin at a relative discount. As backed up by data, there was not much selling taking place among small wallets and large “whale” wallets alike and the amount of bitcoin held in cold storage/off exchanges sits at an all-time-high to match the all-time-high prices.
Since many people feel Bitcoin is still in its very early stages, those who are most bullish regarding the future of Bitcoin would tell you that Bitcoin will continue to set new all-time-highs for years to come… but nobody can tell the future for sure. Is it too late to start mining bitcoin? Is it too late to buy Bitcoin? Most people would say there are at least a few reasons to say it’s not too late to start mining or buying bitcoin, but you can certainly find plenty of resources out there that will help you decide for yourself.
How AND Why Did Bitcoin Reach New All-Time-High Prices In October Of 2021?
In the months since Bitcoin’s April 2021 previous All-Time-Highs, before being displaced by the new All-Time-High Price of more than 66,000 USD on October 20th, 2021, many significant developments have taken place in the world of Bitcoin and every different development has surely played a part in helping Bitcoin to reach new price levels which many bearish individuals were hoping could not be possible.
You may be learning about bitcoin for the first time, or you may be a veteran bitcoin hodler or miner. Regardless, you’ll certainly be interested to know some of the factors that have lead Bitcoin to new All-Time-High Prices.
Fortunately for bitcoin and for bitcoin holders worldwide, bitcoin has held true to form and has continued to rise in valuation. While only time will tell if the individuals who say “bitcoin is going up forever” are right, it is certain Bitcoin has risen in value each year it has existed thus far.
Read on to learn more about how and why Bitcoin has reached NEW ALL-TIME-HIGH-PRICES in October of 2021!
1) Virtually Nobody Has Stopped Mining Or Buying Bitcoin, And New People Start To Buy Or Mine Bitcoin For The First Time Daily!
First of all, in one of the most positive signs for Bitcoin of all, no price drop ever really impacted the majority of Bitcoin Mining Companies, bitcoin investors, or individual pleb miners.
In fact, most bitcoin mining pools have continued mining along with no disruptions and Bitcoin miners have continued to mine bitcoin happily while working around the clock to mitigate any network disruptions that could have been caused by fluctuations in the global hash rate that took place when Bitcoin miners first started to depart from China. Instead, in a true win for decentralization and in a true testament to the power of Bitcoin- Bitcoin has continued to scale rapidly while not even flinching when losing significant portions of the mining community. As intended, the hash rate simply distributed elsewhere and all has been well for Bitcoin.
Some bearish skeptics of Bitcoin had hoped for the day China would stop a large portion of the bitcoin mining operations because they felt it could somehow crash Bitcoin’s value or network. Instead, just as Satoshi Nakamoto planned- Bitcoin has remained strong despite temporarily losing more than 50% of the global hash rate when China formally put a clamp on Bitcoin Mining within the borders.
Not only has bitcoin’s network continued remaining strong, but Bitcoin has continued to thrive like never before, as evidenced by the new all-time-high prices levels Bitcoin is experiencing in the latter of stages of 2021.
2) BITCOIN IS MONEY!
Second, another big piece of recent news that has helped to increase people’s positive feelings toward Bitcoin is that El Salvador- the tiny Central American nation- made a world’s first move by instituting Bitcoin as Official Legal Tender in the country of El Salvador. While El Salvador was the first country to make Bitcoin an official currency, doing so in September of 2021, Bitcoin bulls worldwide are hoping that all countries eventually follow suit. Learn more about El Salvador’s historic moves to make Bitcoin official legal tender by reading another MinedPool Technologies blog article found here: El Salvador Makes Bitcoin Official Legal Tender: Celebrate September 7th, 2021, As “Bitcoin Day!” – MinedPool Technologies.
3) Bitcoin Wallets And Bitcoin Accumulation For More People!
Next, many more people have been buying Bitcoin at increased price levels across all platforms including Coinbase, Kraken, Gemini, and even Robinhood. Most people have been looking to learn how to store their bitcoin securely, and some have been content keeping it held on their platform of choice. However, those on Robinhood have not yet had the option of sending their bitcoin to cold storage or to any other outside wallet…but this will change soon, according to reports. Speaking of Robinhood, the well-known online trading platform announced in September of 2021 that they are working to create crypto wallets for their customers. This is a very positive moment for bitcoin and cryptocurrency in the eyes of some, because Robinhood previously (and still currently) only enables users to buy and trade Bitcoin and certain cryptocurrencies…but never has given users a way to remove their funds. Given Robinhood’s admission they’re working to create wallets which will allow users to send Bitcoin and crypto to other wallets… many more users have piled in to Bitcoin ownership in recent months.
4) China Banning Bitcoin Mining Has Been Good For Bitcoin So Far!
Also, in a much more formal way than ever before, China officially “banned” bitcoin mining in September of 2021. Despite many past attempts to clamp down on bitcoin mining, China had never previously gone to the extent of threatening true criminal penalties for those involved. Overall, it seems that the orders from China’s Communist Party forcing bitcoin miners to shut down have been largely abided by and most bitcoin miners in China have either fled to other locations like Kazakhstan, Russia, or the USA, OR they have shut down their mining operations entirely.
Amazingly, at least according to electricity usage data, China really did stop bitcoin mining…or at least stopped any bitcoin mining taking place from being reported, as China recorded a 0% “official” share of bitcoin mining activity for the first time ever while the USA overtook China to become the world’s #1 Bitcoin Mining Country in of October 2021!
5) Here Come The Bitcoin Investment Products. Actually Stack Sats, Or Is An ETF Right For You?
Now, after rumors of a Bitcoin Futures ETF preparing to launch in the USA…it has officially happened. Even though real bitcoiners know the only way to stack sats is to mine bitcoin or buy bitcoin and to hold it yourself, the new Bitcoin ETF type products should help to provide bitcoin with more interest and if interest leads to more bitcoin adoption then a Bitcoin ETF could ultimately be good for bitcoin. Still… most bitcoiners are not really as excited about these developments as the wall street firms that will profit are, since there are many risks involved with these products even beyond those of bitcoin, and they won’t actually hold bitcoin or give you direct access to bitcoin as an investor, but it’s best to do your own research to decide if these products may be something that could be a good fit for you.
Most bitcoin advocates like to use a popular phrase that goes something to the effect of “everyone buys bitcoin at the price they deserve.” In essence, this means you don’t have to buy bitcoin today… but you also can’t be mad if you see the price double or quadruple and then decide to buy when BTC is worth much more. It’s happened to many individuals before, and will continue to happen. However, if you ask any of your bitcoiner friends out there to give you advice… you can bet they’ll help steer you in the right direction towards bitcoin, or at least you should hope so.
Overall, institutional investors that are barred from directly owning bitcoin will probably be the largest purchasers of Bitcoin ETF products, but there also may be some individuals who choose to dip theirs toes in the water. Importantly, do your own research and decide what’s right for you.
While you are learning more about Bitcoin, and investigating ETFs, you may decide that you’d rather actually own your own bitcoin and may choose to buy bitcoin or mine bitcoin instead. After all, you know what they say… “not your keys, not your coins.”
6) Bitcoin Is Just Getting Started. Could Today’s All-Time-High Price Look Like A Bargain In A Few Years?
Remember- while Bitcoin may be new to you, there are people who mined and bought bitcoin at less than $10 USD per BTC. This said, it’s safe to assume many people have been through many cycles of bitcoin gaining and losing value…so price is always relative… but doesn’t it say something that people who bought and mined Bitcoin at $10 are still buying and mining bitcoin at $66,000 USD? And wanting you to start doing the same!
While Bitcoin’s technology is still as groundbreaking today as it was when launching in 2009, and while it is true that all other cryptocurrencies essentially piggyback off of bitcoin’s original blockchain technology, there is now such a large community in the bitcoin space as we look towards 2022 that the community has helped promote bitcoin to a point where it’s now almost as if bitcoin will continue to grow without any outside influence or promotion at all from “influencers” online. Still, it doesn’t hurt for you to remain engaged. After all, we are talking about the future of freedom and finance when talking about bitcoin… so you may have a stake in the game somewhere along the line. Chances are good you may be interested in bitcoin at some point, that is of course if your time to start down the bitcoiner road has not yet came upon you.
After all, while it may be hard to believe, Bitcoin was created back in 2009, so- despite the increased hype- bitcoin is not nearly as new as some people may believe. However, when your valuation surpasses more than $1 Trillion USD… people tend to pay more attention.
If you have any interest in Bitcoin, start mining bitcoin or buying bitcoin. If you’re just here to learn about Bitcoin’s new all-time-high price of more than $66,000 USD per BTC, that’s great as well. Keep on learning about bitcoin to decide if mining or buying bitcoin, or neither (yikes), is right for you.
Certainly, nothing in this article is meant to be anything other than educational and there is no financial advice being given at any point. However, whether you do your own research or trust somebody else for your advice, you may decide that Bitcoin is something you should certainly own…or you may not.
Considering there will only be 21 Million Bitcoin ever mined, and considering the 18+ million BTC that are already in circulation already is worth an overall valuation of more than $1.2 Trillion+ USD as of October 20th, 2021, some people feel this is just the beginning of the bitcoin price surge and you may feel the same way IF you are a true bitcoiner or are about to join the club.
You can always do whatever you like, but you can always rest assured bitcoin miners and bitcoin hodlers alike will tell you there’s no time like the present to “stack sats.” Now rest your eyes and don’t watch the bitcoin charts all day long, because there will be many more big days ahead.
Whatever you do, trust that Bitcoin is just getting started, and while the new October 2021 All-Time-High Bitcoin Prices are exciting for many, most bitcoiners still feel there’s a long road ahead. Heck, Bitcoin’s still a baby and it’s not even matured yet. Help nurture Bitcoin so it can grow in to the best possible version of itself, and celebrate your stack today as we marvel again at Satoshi’s creation.
Stay tuned for the latest news and updates about bitcoin and bitcoin mining. And, as always, stay happy mining and happy hodling, fellow bitcoiners!