Somewhere on Michael Creadon's page I was explaining the surge in the price of #bitcoin is due to the faith of the crowd. #BTC isn’t a new religion; rather a new idol / deity / avatar to capture and convey the hope of people in despair.
Fiat currency isn't collapsing. #Faith, #Trust and a whole lot of adjectives in the confidence of politicians and political entities, as well as banking and finance, are collapsing. Humans know the system is unjust and rife with inequities, we just haven't figured out how to express that in words. So like the French, we turn to action. The French riot and burn over higher cost of living. We, you and I, we vote w/ our value. Lacking faith in the Government, more people are placing their faith in cryptocurrencies. Today, people are doing what Humans have done for millennia, following the crowd, seeking a sense of safety in numbers.
Why? When faith maketh the lord or currency, why not pray to all the gods, old and new, that you find the peace you're looking for in an encrypted medium?
The real question isn't why is Bitcoin over $10K. Bitcoin, like all cryptos and fiat currencies, has no intrinsic value. We can argue over that to no end so lets just jump to the end. In the apocalypse when you have 1000 dollars or 1000 Bitcoins and I have 1 live chicken. You know who has more "value"? They lady with the bottle of bourbon who can trade it for the chicken. Cause neither dollars or bitcoins have any value beyond a record of debt. Where as a live chicken is worth, a couple years worth of eggs.