Bitcoin Approaching All Time High Price (Denominated in AUD), does it affect you?

techlead on 25/02/2024 - 10:56

As Bitcoin defies all the nay sayers yet again is on the cusp of creating a new all time high (in AUD), actual price $78700 AUD versus all time high of around $82800, for holders, are you thinking of selling or buying more? For non-holders, do you plan to buy more?

Very interesting to be doing comparisons with other investments, like property and shares. I cannot have accumulated my current net worth without bitcoin and other cryptocurrencies. I just did a stocktake recently and found out I now have more than 600BTC and I have yet to complete the stocktake as I still have addresses which have less than 0.2BTC which I have written off before because it was chump change, but now worth quite a bit (circa over $15k for the 0.2 BTC addresses).

I still cannot understand why property investment gets all the hype when it has been proven time and time again that Bitcoin returns are way way better. It just really boggles my mind, am I missing something here? I'm very excited for the Halvening and the upcoming bull market.

For the nay sayers, what does it take for you to change your mind about crypto? Government regulation has arrived, its virtually impossible for Western governments to ban Bitcoin.

Poll Options

  • 24
    I'm a holder of crypto and will sell asap
  • 272
    I'm a holder of crypto and will continue holding
  • 22
    I'm a holder of crypto and will continue to buy more
  • 10
    I'm not a holder of crypto and looking to start buying
  • 513
    I'm not a holder of crypto and don't plan to buy any
Financial Cryptocurrency

Comments

        • xazark on 01/03/2024 - 00:22
          +1

          Crypto in its pure form is a decentralised ledger system with digital signatures that validate the ownership of the tokens. So the main reason it is so much better than gold or any other tangible asset as a currency is that it can be used to purchase things accurately and securely and is unable to be stolen - of course this is in theory, its not full proof, there are people that have hacked certain coins through various methods but at least that is the vision of early crypto.

          There is a bitcoin white paper that goes into this in detail and various other white papers on the other coins that exist all that are trying to perfect their use case. If you are genuinely interested, then maybe have a look at those to understand the reason behind some of the coins, I would suggest starting with the main ones, Bitcoin & Etherum.

  • monky on 27/02/2024 - 14:38
    +2

    I'm not buying your bags, stop asking.

    • bargainhunter168 on 27/02/2024 - 14:44
      +2

      You ain't getting my bags until BTC is at least $150k USD, I'm only buying at this point.

      • monky on 27/02/2024 - 14:45

        Give me five bucks right now

      • Cluster on 27/02/2024 - 17:42
        +3

        $150k? Why would you sell there? Bitcoin is a deflationary currency and new supply keeps shrinking regularly. It should keep climbing to a million dollars or more and keep going. It's the world's ideal currency that should never be spent.

        • nushydude on 27/02/2024 - 19:47

          One gotta pay their bills ;)

        • RefusdClassification on 27/02/2024 - 20:18
          -1

          Please, please let this happen. The only way I will ever end up owning a house outright is if Bitcoin triples in value. I thing many other younger Australians are in the same situation. Putting money in the bank won't help you, houses increase by more than 5% a year. You need to take a big risk into order to make a big profit.

          I don't consider myself greedy, I just want to own a detached house or a townhouse, with a little left over for hobbies. Crytocurrency is my only hope.

        • illusion99 on 28/02/2024 - 06:57
          -1

          If you never sell it then what’s the point? Take it to grave? Most items in life are still traded using fiat. Money by itself doesn’t do anything for you. It’s what you can buy with the money that counts.

  • Dollar General on 27/02/2024 - 14:41

    I used my bitcoin for the trolley at my local Woolies and it got stuck in the slot. Woolies won’t refund me

    • Captain M on 27/02/2024 - 15:56
      +1

      You need to complain to the CEO of Bitcoin.

      • cashews on 29/02/2024 - 06:11

        I complained, and the only response I got was: 'This is good for Bitcoin.'

  • Tiredman on 27/02/2024 - 19:13
    +1

    god candles. let's go.

  • GrueHunter on 27/02/2024 - 19:24
    +3

    oh look it's you again

    the dude who turns up after every jump then is strangely silent after every drop

    • [Deactivated] on 28/02/2024 - 21:52
      -2

      Oh hi no-coiner

      • GrueHunter on 29/02/2024 - 13:34
        +2

        Sorry for the delay in replying, I was just counting all the money in my seven figure defined benefit superannuation fund and all the money I'm not paying on the mortgage I don't have

        But back to you and your magic beans

        • [Deactivated] on 01/03/2024 - 21:02
          -2

          Oh come on you were busy working for your fiat.

          Which will continue to lose value in the long term while my magic beans will increase in value.

          Bigburper out. BURRRRP

  • da1andonly on 27/02/2024 - 19:31

    Go Bitcoin! Get ready to purchase your lambo before it sells out

  • nushydude on 27/02/2024 - 19:47
    +2

    People asking about BTC on a bargain site. Feels like the top guys. Run for your lives!

  • diceman99 on 27/02/2024 - 19:55

    Indians, Chinese, Turkish, Argentines, U.S, Nigerians and Brazilians love it. Get some or get left behind

  • diceman99 on 27/02/2024 - 19:57
    +3

    Buy when people are fearful, sell when people are greedy. If you haven't got any yet, it's too late.

    • da1andonly on 27/02/2024 - 20:16
      +2

      Yeah I agree it's too late now, let the bitcoin holders load up the money and get rich while the rest can sulk in regret

      • RolandWaites on 27/02/2024 - 22:36
        +1

        There's a pretty decent chance it will still go a lot higher than it currently is. Just because you didn't buy at $1000 doesn't mean there's no point getting in later.

    • Poor Ass on 28/02/2024 - 00:37

      it's not too late to buy the next dip hahaha

      • AlienC on 29/02/2024 - 08:00

        yeah i still see it getting to a million some day whether that day is 25 years from now or 100 i dont know but i feel like it will keep on going kind of like how world of warcraft never dies

        • Poor Ass on 29/02/2024 - 08:31

          I prefer starcraft or OG non RPG warcraft

          It'll be interesting to see what happens after each of the halvings and also when all the coins are minted (which we won't get to see unless cyro works)

          I would love to see more actual use and acceptance by business for living expenses but the gov probably won't let that happen for now

          I guess diversify

          • AlienC on 29/02/2024 - 08:56

            @Poor Ass: I would use them as examples but they don't get yearly expansions no more that boost up the profit

            Personally i don't want crypto to enter daily life and normal businesses.. Having the option to pay in aud and a few other currencies would be a nightmare.. Oh how much is this drink oh $4 ok can I pay in dragon coin.. Oh whoops i overpaid $50 because the price just dropped

            It would create chaos imho which some would like some would not.. Idk it feels like one of those might be fun some days other days why bother

            I guess it would be good to have universal prices for items or at least better comparison options.

            • Poor Ass on 29/02/2024 - 10:28

              @AlienC:

              Having the option to pay in aud and a few other currencies would be a nightmare

              already happening in other parts of the world and works out but it'll be too complicated here for most people

              also pretty sure if you are using crypto to pay what ever happens you know the risk and rewards

              you Hodler?

  • beerandskittles on 28/02/2024 - 06:25

    I have a mate with around 80% of his super invested in Crypto and I believe he has around 6 bitcoins. His plan was to sell high and wait until it inevitably drops again and then re-buy ant a low point and sit on it again until it goes back up. Apparently there is a bit of a trend or pattern that he’s been seeing so in his mind it makes sense doing it this way.

    • SBOB on 28/02/2024 - 07:38
      +3

      mate with around 80% of his super invested in Crypto and I believe he has around 6 bitcoins

      I hope your friend is relatively young and can afford that gamble.

      • mountaineer on 28/02/2024 - 10:09
        +1

        The key issue here is, how high is high enough to sell? The rapid appreciation in a space of couple of hours is a test to the most disciplined investors, greed often prevails for most pelple unfortunately.

        • Captain M on 28/02/2024 - 14:13

          You need to come up with an exit strategy that works with your personal risk tolerance and future goals. Some will say never sell bitcoin. Other will say take your 10k profit in a week and run. Others will say I will dollar cost average sell a certain % of my bitcoin holdings as the risk goes up. You need to quantify what risk levels are. Basically the exit strategy is a personal journey that you need to be comfortable with, same with any investment. Things get overheated and over sold.

        • Ononono on 28/02/2024 - 15:09
          +3

          After Bitcoin crosses previous ATH, I take profits weekly out to stablecoins - around 5% each time. When it dumps back down to around the previous cycle low (~$25k), I'll start buying back in. It's impossible to time the bottom and the top but you can average it out so you're always in profit. HODL is a dumb meme that newbies follow and end up getting wrecked on

    • Drpepper666 on 28/02/2024 - 12:24
      +3

      Buy low sell high, that's genius

      • diceman99 on 28/02/2024 - 20:38

        Yep simple formula, but most people still can't do it.
        They insist on buying high and selling low

    • Poor Ass on 29/02/2024 - 13:02

      so do they have a self managed super fund invested in crypto or an actual super fund in Australia that invested in crypto? I'm curious what the provider is and I'm not talking about Bitcoin ETF or crypto shares.

      • beerandskittles on 03/03/2024 - 08:01

        Self managed fund which he’s a director of.

        Another mate is with an Aus Super fund but has put around 70-80% of his funds into around 5 or so ASX listed Lithium mines and is having some decent returns also.

        Pretty sure it was Macquarie Super he was with which lets him do up to 80% of his balance.

        • Poor Ass on 03/03/2024 - 09:36

          Very nice I knew it was SMSF

          Battery shares lost ground .. was good before. Who knows what will happen

    • netjock on 01/03/2024 - 11:21

      His plan was to sell high and wait until it inevitably drops again and then re-buy ant a low point and sit on it again until it goes back up

      Anyone ever had a get rich quick plan called buy high and sell low?

      Did he pay like $3k for a day trading course?

      • beerandskittles on 03/03/2024 - 07:56

        He didn’t pay for a day trading course. But because almost all of his super is invested into crypto, he’s watching it daily because of the volatility. I saw him a couple of days ago and he said that in the last 3-4 years his super is up 600% which is far better than typical super finds. That being said, the huge increase on the Bitcoin he was holding has helped hit that number.

        He does need to pay a special accountant every year to go through the hundreds if not thousands of trades he does which is more expensive than a typical accountant at around $2,000.

        He also mentioned that he thinks there’s still a bit more of an increase coming for Bitcoin.
        When it was low, he said he’d buy like 0.2 of a bitcoin every week depending on how his other coin investments were going. I guess with new coins they can explode and increase in value very quickly so he’d sell these and get the “more stable” bitcoin.

        Personally, I can see the allure of investing in Bitcoin (not now while it’s high - maybe at 20-30k if it ever gets there again) in particular but not new coins hitting the market due to the volatility of them. Feels like too much work and also a rollercoaster of highs, lows and trading anxiety, haha.

    • BluebirdV on 04/03/2024 - 19:07

      Is this the pattern he's been seeing? https://youtu.be/4cJxpt7G2_Q?si=y8hHthMOF05SYyGN

  • Duram on 28/02/2024 - 09:01
    -1

    I held a small portion in my portfolio a few years back.

    All the reasons I held it didn't turn out to be true, so I ditched the fake money.

    • RolandWaites on 28/02/2024 - 09:05

      How much would it be worth now?

  • fr33loader on 28/02/2024 - 12:27
    +2

    Hey congrats on the millions!

    I cant deal with the volatility. I did get in during the bear of 2020, but only with very small change.

    Those that bought during the pandemic years and held should be very very happy now.

  • wasabi3 on 28/02/2024 - 14:31
    +3

    Given Fidelity has been early in spruiking BTC allocation for retirement portfolios I would expect that any outperformance over the coming year will push other fund managers in a similar direction. That means even in Australia most people will end up buying BTC, perhaps unknowingly, inside their superannuation. The difference being that fund managers will not try to time that exposure. Professional risk and customer demand will determine that. They are also unlikely to take a value stance on the asset given the mantra of passive investing is so strong.

    We might as well all get comfortable with that thought now. No doubt some heartache will be on the way, but long term I think the polarisation that BTC brings will settle down because of this.

    • idjces on 28/02/2024 - 16:24
      +1

      Fidelity now allocating up to 3% of their etf allocations towards fake internet monies :)

      https://www.fidelity.ca/en/investments/solutions-portfolios/…

    • netjock on 01/03/2024 - 11:22
      +1

      Given Fidelity has been early in spruiking BTC allocation for retirement portfolios I would expect that any outperformance over the coming year will push other fund managers in a similar direction

      If there is fees to be taken they will take it.

  • Farrba on 28/02/2024 - 17:35

    which coin to get now that has potential to do 1000x? my lrc and ftms still in red.

    • diceman99 on 28/02/2024 - 20:39

      You may get lucky going for some alt coins, but 99.99% of them will go to zero in the long run. If your going to gamble, now would be the time to do it while the mania kicks in. Good luck and be cautious

      • AlienC on 29/02/2024 - 07:58

        very true i did a test run on coingecko android mobile app and fake bought $10k in a bunch of popular at the time coins and they all went to zero pretty much except one which has a dodgy market cap lol but if true my 10k investment is worth 260 million lol well my test fake investment.. i was so happy because in my gut i kinda knew that the alt coins were a huge fluff

        yeah only the main coins like btc and eth really have any promise now to rise slowly and steadily but i am also curious if anyone has any thoughts on what the next 1000x coin might be but i don't personally see it those days feel gone

        • hornbill on 29/02/2024 - 20:44

          I don’t think the 1000% coins are gone necessarily, I bought TIA at launch and sold not long ago at over 700%.
          Heard about it in telegram groups I was still lurking in since last bull run and got a feeling was going to be popular, just lucky really.

          • AlienC on 01/03/2024 - 06:35

            @hornbill: no you are right if it existed before it still can exist today

            i think what i meant to say was I am too out of the loop and stopped chasing these awhile ago so i have no clue about this space any more

            go make the moolah baby

            live your life free

    • tikei on 01/03/2024 - 21:45

      1000x would be too hard, unless you got lucky with a meme coin.
      But for 100x there should be plenty of options. TRAC is one I see huge growth potential - it works with proper organisations and businesses like GS1, British standard institution, etc.
      You can read more about it at https://deepdive.othub.io/

  • dfg555 on 28/02/2024 - 19:43
    +2

    ATO's pupils are probably so big right now! Watching every owner of crypto in Aus.

  • Tiredman on 28/02/2024 - 20:34
    +2

    Pretty unbelievable people are still calling it a scam. When a huge amount of tech bosses owns it personally and Wall Street legends like Stanley Drukenmiller, Bill Miller, Paul Tudor Jones and Ray Dalio are bitcoin bulls. Everyone will get it a price they deserve.

    • bargainhunter168 on 29/02/2024 - 09:13
      +2

      So many asset managers are piling in, its just amazing to see. Bitcoin will surprise alot of people again.

      • Tiredman on 01/03/2024 - 17:21

        I'm just loving it. the higher it goes, the more tears are shed.

    • netjock on 01/03/2024 - 11:24
      +1

      Being fund managers. If assets go to zero they win (fees) if assets go up they win twice (fees and performance fees).

      You have rich asset managers. Very few rich investors in their fund. If there is a really good fund, most of us won't get in without being well connected.

    • Autonomic on 01/03/2024 - 15:54
      -1

      Ray Dalio are bitcoin bulls

      Do we have different definitions of bull? Ray Dalio is the only name I recognised.

      https://www.marketwatch.com/story/i-dont-understand-why-peop…

    • Tiredman on 01/03/2024 - 17:19

      I'm not surprised if you don't know the other names.

  • [Deactivated] on 28/02/2024 - 21:53
    +1

    Love these regular hate filled OZbargain BTC posts. Just makes me buy more.

    • bargainhunter168 on 29/02/2024 - 09:13
      +1

      I love reading these BTC haters and just laugh. Meanwhile the market is proving them wrong every day.

      • netjock on 01/03/2024 - 11:25
        -2

        Property market and share market too.

        Your point is just selective statistics. I made a 100% return last year on private equity but I won't be on here saying get in on this because I'd have ASIC / ACCC on my back.

        • bargainhunter168 on 01/03/2024 - 13:05
          +1

          ASIC and ACCC is not preventing you talking about it. You seem to be misguided about the financial advice laws. There's nothing stopping you from just shouting on the streets, I'm invested in X investment, likewise you can post on X and other public forums that you are invested in X investment. ASIC is not coming for you.

          By your definition, ASIC/ACCC should have locked up Techlead by now, yet nothing has happened because nothing he has said can be construed as financial advice.

  • Cheap Bastard on 28/02/2024 - 22:46
    +2

    When your clueless friends/family start asking for advice on investing in BTC, it's probably a good reminder to take profits.

  • AlienC on 29/02/2024 - 07:55

    and to think me and my dad was looking at buying bitcoin in the $5-25 stage but we saw it like we saw fidget spinners just a craze

    haha even if we only bought 4-5 which i think we were realistically thinking at the time that is worth 400k now oh boy.. ah well such is life

  • AlienC on 29/02/2024 - 08:53
    -2

    Fun fact: over 2 years ago around October 2021 BTC was about $88k AUD.. As of right now it is only 6% more than that price

    2 years.. And a few months

    TL;DR savings account was a better ROI

    • bargainhunter168 on 29/02/2024 - 09:04
      +4

      Key word, "as of right now".

      Fun fact, if you pick any other time period more than 2 years, Bitcoin ROI is insane. Also, if you pick one year, the ROI is also insane.

      Thanks for cherry picking the time period. If you DCA'd like me, you'd be very much in the green over two years.

      So let's play your cherry picked time period game.

      Fun fact: If you started two years ago to buy $100 USD worth of BTC every month, how much will you have now?
      Total amount spent is $2500USD and total value as of now is $5622.94USD. 124.92% return, please let me know which savings account has better ROI than this?
      I just did a comparison, assume interest rate of 10%pa compounded monthly. Starting at $0 balance, deposit $100 per month for 25 months, what's the ROI with no withdrawals?
      $2500 spent, $266.73 interest earnt. $2,766.73 balance at the end of 25 months.

      $2,766.73 v $5622.94

      TLDR: Savings account returns are no match. Obviously, even property returns are no match for Bitcoin, why would savings account have any chance? Its just common sense.

      • AlienC on 29/02/2024 - 09:53
        -4

        No need to get mad I just chose the month I decided to play fantasy crypto on coin gecko no cherry picking here just mad coincidence.

        Was just a funny coincidence I saw in my portfolio page.

        I decided i wanted to do other things with my life than keep tabs on internet money for the rest of my life.

        Economics is fun but it is soulless and life draining that's why it's not for me.

        And anyways nvidia is was a better play if you want to make money easy that way.

        Yeah as of right now means that's all I really care about.

        Just buy the next dip if you want to get rich from crypto it's guaranteed.

  • bargainhunter168 on 29/02/2024 - 08:58
    +1

    Bitcon is now $93k AUD each, surely that's a new all time high?

    • RefusdClassification on 29/02/2024 - 09:48

      It peaked at $98,000 AUD today (historical high), before dropping back to $94,500. About the only time in life when price inflation is actually a good thing.

      • bargainhunter168 on 29/02/2024 - 09:50

        Price inflation is good for any asset, whether it be Bitcoin or Real estate.

        The only difference is that real estate (aka shelter) is essential, so if the price gets to high, society start to break down, while if Bitcoin suddenly went to $1 mil, its not going to break the fabric of society.

        • RefusdClassification on 29/02/2024 - 09:55

          Yes, crytocurrencies, unlike housing, is an unproductive and useless asset. However, I live in a capitalist society, and crytocurrency, if played successfully, can double your wealth within a relatively short time frame (compared to bank interest or housing capital gains).

          Despite hating on crytocurrencies, the government secretly loves them since they get to steal your capital gains through taxation. You take all the risk, but the government confiscates some of your profit. If you lose money on shares or crytocurrency, though, the government doesn't reimburse your loss.

          • bargainhunter168 on 29/02/2024 - 10:01
            +1

            @RefusdClassification: You do realise that gold has a $13.7 Trillion USD market cap. That's the ultimate unproductive and useless asset. Don't give me the "it can be used in jewelry and electronics" talking point for gold, the vast majority of gold sits in a vaults doing nothing. https://companiesmarketcap.com/assets-by-market-cap/

            Despite hating on crytocurrencies, the government secretly loves them since they get to steal your capital gains through taxation. You take all the risk, but the government confiscates some of your profit. If you lose money on shares or crytocurrency, though, the government doesn't reimburse your loss

            If you lose money on shares and crypto, it is used to offset future gains.

            • Autonomic on 29/02/2024 - 16:11

              @bargainhunter168: The difference is that gold has been used as a store of value for thousands of years.

          • happydude on 29/02/2024 - 12:26

            @RefusdClassification:

            If you lose money on shares or crytocurrency, though, the government doesn't reimburse your loss.

            Not understanding basic taxation like a carried forward capital loss is why I don't think any of us should listen to crypto-bros and their rocketship delusions.

            • bargainhunter168 on 29/02/2024 - 13:43

              @happydude: I don't think that guy is a crypto bro lmao. Read his comments, he's pretty anti-crypto. He called Bitcoin a "useless asset" lmao

              I do agree with your sentiment though, just change crypto bro to a crypto skeptic or crypto hater.

          • diceman99 on 29/02/2024 - 18:32

            @RefusdClassification: I agree with all your points, except you can claim capital gains losses to offset any future capital gains, so if crypto down and real estate up you can offset, so govt does take a hit potentially

  • Cluster on 29/02/2024 - 09:38

    The price of bitcoin is starting to go parabolic. Nice. Enjoy it and make money from it, just don't end up being a bag holder when it inevitably pops. When the price trends down literally every retail holder who bought in the last month or two will dump, all at once.

  • Issun on 29/02/2024 - 12:21

    My only question is, may I have one?

    • Poor Ass on 29/02/2024 - 13:03

      he may give you a Satoshi but not 1

      • bargainhunter168 on 29/02/2024 - 13:42

        There were these Bitcoin faucet websites back in the day that gave out like 5 BTC if you solved a captcha to prove you are not a robot.

        • Poor Ass on 29/02/2024 - 14:44

          let me fuel up the time machine

    • bargainhunter168 on 29/02/2024 - 13:41
      +1

      You may, if you give me $94k. :D

      I'm so happy I bought Bitcoin in the last cycle instead of an investment property.

      • Poor Ass on 29/02/2024 - 14:46

        how much?

  • Mistredo on 29/02/2024 - 17:15
    +1

    what does it take for you to change your mind about crypto?

    If it was used for something useful and not just speculation. So far, all use cases have solved niche problems. It's 15 years in the making, and it is only suitable for speculation.

    • diceman99 on 29/02/2024 - 18:35

      People in Nigeria, turkey, Argentina, Venezuela, iran all have a purpose for Bitcoin, it protects against inflation. Any modern day country with current , past or future inflation issues will like to use Bitcoin to protect their wealth

      • Goonos on 01/03/2024 - 11:27

        A lot of these countries also just use USD as an unofficial currency when their local currency goes down the drain.

        • diceman99 on 03/03/2024 - 00:40

          True, but if your under sanctions or threat of sanctions, or can't get USD cash, or open a bank account that has USD, well you go to the next best thing

  • The Value on 29/02/2024 - 20:53

    Only that it reminds me of the time someone on Gumtree was offering WoW 60 days cards for bitcoins many years ago.

  • Dack Smith on 29/02/2024 - 23:20

    Bitcoin has proven itself time and time again

    The best investment producing many millionaires

    You’ll find it’s how many ozbargainers afford all the bargains

    • SBOB on 29/02/2024 - 23:34
      +2

      You’ll find it’s how many ozbargainers afford all the bargains

      You mean they foolishly sell off their btc for fiat and exchange them for goods, instead of holding ?
      Seems like they aren't doing btc correctly

      • illusion99 on 01/03/2024 - 10:12
        -1

        Yes I see a lot of people saying “never sell”. But then it’s basically just Monopoly money then since you can’t really buy anything with crypto

        • netjock on 01/03/2024 - 11:29
          +1

          They just want to be rich (boomer) asset hoarders. You know collect the government pension while sitting on $47m in their cold wallets. Just like boomers living in their $3m PPOR.

          No difference. All about themselves and BBQ chat. Until some dumb burglar steals your cold storage wallets. Don't have the key and dumps them in the tip to destroy evidence of their crime.

  • BuDWiZe on 01/03/2024 - 08:05

    im close to parity( just a few % left to go bloody ADA ) as i jumped in just before things tanked
    but i think ada will catch up in time and i will steam ahead after CDA several months ago

  • 1Kenobi on 01/03/2024 - 09:15

    Zero sum game.. Just taking money from others…No value add

    • Cluster on 01/03/2024 - 09:42

      Negative sum game because miners need millions of dollars in electricity per day to keep the blockchain running.

Login or Join to leave a comment
Login Join