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Bitcoin (BTC) Hit $20,000 One Year Ago Today: “Happy Mooniversary”

“Happy Mooniversary,” Yell Bitcoin Enthusiasts

One fateful year ago, Bitcoin (BTC), the world-renowned digital asset, hit $20,000 on a majority of exchanges amid 2017’s jaw-dropping, unprecedented “speculmania” that took the entire globe by storm. Now, on December 17th, 2018, a number of crypto’s most prominent commentators have taken to Twitter to commemorate that day in Bitcoin’s relatively short ten-year history.

(Altcoin) Thoreau, who goes by the handle “PrintingUSD” in a likely reference to the U.S. FED’s devious practices, took to his following of 23,000 to remind crypto’s segment of Twitter that approximately one year ago, BTC eclipsed the $20,000 price barrier. Just days later, the aggregate value of all cryptocurrencies hit an all-time high of $814 billion. In closing, Thoreau added that he hopes that cryptocurrencies can go to the moon again, subsequently coining the term “Happy Mooniversary.”

Although prominent traders and commentators, like Thoreau, painted their Mooniversary in positive lights, pundits took to Twitter to remind skeptics that this event isn’t a good thing. Peter Schiff, the CEO of Euro Pacific Capital and a diehard fundamentalist, noted that Bitcoin’s recent uptick, which he thought was catalyzed by the Mooniversary, wasn’t worth buying into.

Schiff later appeared on Fox Business, discussing his distaste for BTC and cryptocurrencies, while being pitted against Andy Bromberg, co-founder of CoinList, a platform and service for promising ICOs and prospective investors.

The traditional markets specialist said that just like stock market investors, “Bitcoin HODLers” don’t want to admit that the bull market is over, clearly touching on the controversial sentiment that continual hope in the crypto market is nonsensical. Schiff then noted that while BTC is young, “it will have a very short life,” adding that Bitcoin’s proposed use case as “money” is “flawed.” The Euro Pacific even went as far as to say that Bitcoin doesn’t have the characteristics of a store of value, and as such, doesn’t have prospects for another ten years.

And interestingly, the crypto public at large was mixed at this celebration of what would call a “non-event.” In a Reddit thread, which quickly rose to the top of /r/cryptocurrency’s leaderboards, pseudonymous commenters indulged in the use of humor to douse their pain. One user, who goes by the moniker “Joetromboni,” joked that “there’s going to be a lot of ‘Remindme’s’ showing up in our inboxes,” touching on the fact that one year ago, many traders predicted that BTC would be far above $20,000 today. Others reminisced, stating that last year was a golden time for cryptocurrencies, before making it clear that they missed the unprecedented run-up.

Some ignored price talk entirely. Jameson Lopp, a cypherpunk and zealous Bitcoiner, took today’s occasion to remind the cryptosphere about Bitcoin’s inherent value and ability to alter the world — alluding to the fact that fiat values of BTC should be disregarded. Lopp, who is an advocate for a decentralized ecosystem, noted that he, a libertarian and cypherpunks, sees Bitcoin as the “promise of privacy” and “freedom.”

Title Image Courtesy of Brian Garcia Via Unsplash

Bitcoin (BTC) Hit $20,000 One Year Ago Today: “Happy Mooniversary”

cryptohero8
I am a believer of the HODL philosophy because we are still in the nascent stage of blockchain technology. Although we are in a bear market now, my outlook on the adoption and growth of blockchain solutions remains unchanged. Blockchain transactions has been growing exponentially and demand for cryptocurrency like Bitcoin [BTC], Ethereum [ETH], Ripple [XRP], Litecoin [LTC] and other Altcoins will only continue to grow exponentially in the next five to ten years.

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