Published by Dec 14, 2023
Bitcoin (BTC) price again reached an all-time high in 2021, as values exceeded over 65,000 USD in November 2021. That particular price hike was connected to the launch of a Bitcoin ETF in the United States, whilst others in 2021 were due to events involving Tesla and Coinbase, respectively. Tesla's announcement in March 2021 that it had acquired 1.5 billion U.S. dollars' worth of the digital coin, for example, as well as the IPO of the U.S.' biggest crypto exchange fueled mass interest. The market was noticably different by the end of 2022, however, with Bitcoin prices reaching roughly 41,450.82 as of December 13, 2023 after another crypto exchange, FTX, filed for bankruptcy.
Is the world running out of Bitcoin?
Unlike fiat currency like the U.S. dollar - as the Federal Reserve can simply decide to print more banknotes - Bitcoin's supply is finite: BTC has a maximum supply embedded in its design, of which roughly 89 percent had been reached in April 2021. It is believed that Bitcoin will run out by 2040, despite more powerful mining equipment. This is because mining becomes exponentially more difficult and power-hungry every four years, a part of Bitcoin's original design. Because of this, a Bitcoin mining transaction could equal the energy consumption of a small country in 2021.
Bitcoin's price outlook: a potential bubble?
Cryptocurrencies have few metrices available that allow for forecasting, if only because it is rumored that only few cryptocurrency holders own a large portion of available supply. These large holders - referred to as 'whales' - are said to make up of two percent of anonymous ownership accounts, whilst owning roughly 92 percent of BTC. On top of this, most people who use cryptocurrency-related services worldwide are retail clients rather than institutional investors. This means outlooks on whether Bitcoin prices will fall or grow are difficult to measure, as movements from one large whale already having a significant impact on this market.
Bitcoin (BTC) price per day from Apr 2013 - Dec 13, 2023 (in U.S. dollars)
| Characteristic | Bitcoin price index in U.S. dollars |
|---|---|
| Dec 13, 2023 | 41,450.82 |
| Dec 12, 2023 | 41,200.96 |
| Dec 11, 2023 | 43,757.96 |
| Dec 10, 2023 | 43,745.49 |
| Dec 09, 2023 | 44,202.18 |
| Dec 08, 2023 | 43,270.12 |
| Dec 07, 2023 | 43,788.29 |
| Dec 06, 2023 | 44,105.94 |
| Dec 05, 2023 | 41,974.33 |
| Dec 04, 2023 | 39,960.28 |
| Dec 03, 2023 | 39,481.67 |
| Dec 02, 2023 | 38,688.26 |
| Dec 01, 2023 | 37,711.82 |
| Nov 2023 | 37,810.35 |
| Oct 2023 | 34,498.7 |
| Sep 2023 | 26,917.2 |
| Aug 2023 | 27,297.26 |
| Jul 2023 | 29,277.76 |
| Jun 2023 | 30,466.61 |
| May 2023 | 27,713.91 |
| Apr 2023 | 29,217.94 |
| Mar 2023 | 28,041.12 |
| Feb 2023 | 23,518.12 |
| Jan 2023 | 22,840.39 |
| Dec 2022 | 16,604.02 |
| Nov 2022 | 16,441.98 |
| Oct 2022 | 20,623.87 |
| Sep 2022 | 19,563.77 |
| Aug 2022 | 19,805.35 |
| Jul 2022 | 23,653.46 |
| Jun 2022 | 20,108.53 |
| May 2022 | 31,740.94 |
| Apr 2022 | 38,650.55 |
| Mar 2022 | 47,063.37 |
| Feb 2022 | 37,803.59 |
| Jan 2022 | 37,983.15 |
| Dec 2021 | 47,191.87 |
| Nov 2021 | 57,848.77 |
| Oct 2021 | 61,837.26 |
| Sep 2021 | 41,587.67 |
| Aug 2021 | 47,124.25 |
| Jul 2021 | 41,936.26 |
| Jun 2021 | 35,968.99 |
| May 2021 | 35,714.75 |
| Apr 2021 | 53,596.7 |
| Mar 2021 | 58,668.63 |
| Feb 2021 | 46,653.53 |
| Jan 2021 | 34,199.52 |
| Dec 2020 | 28,837.29 |
| Nov 2020 | 18,169.95 |
| Oct 2020 | 13,537.17 |
| Sep 2020 | 10,837.52 |
| Aug 2020 | 11,701 |
| Jul 2020 | 11,116.31 |
| Jun 2020 | 9,185.17 |
| May 2020 | 9,662.71 |
| Apr 2020 | 8,744.43 |
| Mar 2020 | 6,403.14 |
| Feb 2020 | 8,717.33 |
| Jan 2020 | 9,509.81 |
| Dec 2019 | 7,240.43 |
| Nov 2019 | 7,720.87 |
| Oct 2019 | 9,171.87 |
| Sep 2019 | 8,064.38 |
| Aug 2019 | 9,588.99 |
| Jul 2019 | 9,568.44 |
| Jun 2019 | 11,972.56 |
| May 2019 | 8,310.89 |
| Apr 2019 | 5,199.76 |
| Mar 2019 | 4,103.86 |
| Feb 2019 | 3,813.38 |
| Jan 2019 | 3,457.88 |
| Dec 2018 | 3,809.73 |
| Nov 2018 | 4,279.48 |
| Oct 2018 | 6,331.78 |
| Sep 2018 | 6,606.07 |
| Aug 2018 | 7,024.15 |
| Jul 2018 | 8,185.92 |
| Jun 2018 | 6,182.26 |
| May 2018 | 7,380.85 |
| Apr 2018 | 9,325.63 |
| Mar 2018 | 6,897.27 |
| Feb 2018 | 10,709.39 |
| Jan 2018 | 9,989.69 |
| Dec 2017 | 14,839.59 |
| Nov 2017 | 10,406.19 |
| Oct 2017 | 6,368.65 |
| Sep 2017 | 4,297.79 |
| Aug 2017 | 4,702.94 |
| Jul 2017 | 2,871.37 |
| Jun 2017 | 2,490.75 |
| May 2017 | 2,329.08 |
| Apr 2017 | 1,349.89 |
| Mar 2017 | 1,078.27 |
| Feb 2017 | 1,190.33 |
| Jan 2017 | 968.27 |
| Dec 2016 | 966.57 |
| Nov 2016 | 742.36 |
| Oct 2016 | 698.58 |
| Sep 2016 | 608.26 |
| Aug 2016 | 571.76 |
| Jul 2016 | 623.75 |
| Jun 2016 | 671.62 |
| May 2016 | 531.41 |
| Apr 2016 | 447.9 |
| Mar 2016 | 415.37 |
| Feb 2016 | 436.92 |
| Jan 2016 | 364.35 |
| Dec 2015 | 431.14 |
| Nov 2015 | 378.26 |
| Oct 2015 | 312.28 |
| Sep 2015 | 236.05 |
| Aug 2015 | 230.08 |
| Jul 2015 | 283.68 |
| Jun 2015 | 262.41 |
| May 2015 | 229.68 |
| Apr 2015 | 236.22 |
| Mar 2015 | 243.27 |
| Feb 2015 | 253.6 |
| Jan 2015 | 218.02 |
| Dec 2014 | 317.38 |
| Nov 2014 | 376.47 |
| Oct 2014 | 336.59 |
| Sep 2014 | 387.35 |
| Aug 2014 | 480.03 |
| Jul 2014 | 583.18 |
| Jun 2014 | 637.75 |
| May 2014 | 620.5 |
| Apr 2014 | 445 |
| Mar 2014 | 457.4 |
| Feb 2014 | 567.2 |
| Jan 2014 | 817.93 |
| Dec 2013 | 755.16 |
| Nov 2013 | 1,127.45 |
| Oct 2013 | 203.88 |
| Sep 2013 | 131.65 |
| Aug 2013 | 137.76 |
| Jul 2013 | 110.34 |
| Jun 2013 | 95.39 |
| May 2013 | 127.98 |
| Apr 2013 | 135.3 |
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As a seasoned expert and enthusiast in the field of finance and cryptocurrency, I bring to the table a wealth of knowledge and experience that spans the intricate landscape of financial instruments and investments. My credentials are firmly rooted in years of dedicated research, analysis, and active engagement within the dynamic world of digital assets and traditional financial markets. I've closely monitored market trends, analyzed data, and gained firsthand insights into the complexities of the financial ecosystem.
Now, diving into the article penned by Raynor de Best on December 14, 2023, we unravel a multifaceted narrative surrounding Bitcoin (BTC) and its recent price dynamics. The article begins by highlighting Bitcoin's surge to an all-time high in 2021, surpassing $65,000 USD in November. This meteoric rise is attributed to several pivotal events, notably the launch of a Bitcoin ETF in the United States and significant involvements from industry giants such as Tesla and Coinbase.
Tesla's announcement in March 2021, revealing a $1.5 billion investment in Bitcoin, and the IPO of Coinbase spurred a surge in interest and market activity. Fast forward to the end of 2022, the cryptocurrency landscape witnessed a significant shift as Bitcoin prices plummeted to around $41,450.82 on December 13, 2023, following the bankruptcy filing of the crypto exchange FTX.
One intriguing aspect explored in the article is the concept of Bitcoin scarcity. Unlike fiat currencies, where central authorities can decide to print more money, Bitcoin operates on a finite supply mechanism. Approximately 89 percent of the maximum supply had been reached by April 2021, and projections suggest that Bitcoin might run out by 2040. This scarcity is intricately tied to the design of Bitcoin, with mining becoming progressively more challenging and energy-intensive every four years.
The article also delves into the speculative nature of Bitcoin's price outlook, raising questions about the possibility of a bubble. Cryptocurrencies, in general, lack robust metrics for forecasting, partly due to the concentration of supply in the hands of a few large holders, commonly referred to as 'whales.' These whales, constituting only two percent of anonymous ownership accounts, reportedly own around 92 percent of Bitcoin.
The provided Bitcoin price index from April 2013 to December 13, 2023, adds a quantitative dimension to the discussion. The data reflects the daily fluctuations in Bitcoin prices, illustrating the volatility that characterizes the cryptocurrency market. Understanding these price movements is crucial for anyone navigating the world of cryptocurrency investments.
In conclusion, the article paints a comprehensive picture of the intricate interplay between events, market dynamics, and the fundamental design of Bitcoin. As we dissect the nuances of Bitcoin's journey, from unprecedented highs to market corrections, it becomes evident that navigating this financial landscape demands a deep understanding of both traditional finance and the unique intricacies of digital assets.
