We’ve been here before, three years ago. Around these dates, exactly, Bitcoin surpassed a yearned All-Time-High (ATH) with a price over $20.000 and a market capitalization around $334B. Now, we’re seeing a new record: $20.836 per eenheid volgens CoinMarketCap, en $20.815 per eenheid geregistreerd door CoinGecko.
Besides, the market capitalization it’s higher as well, with over $384B. That is probably thanks to the institutional investors who have bet on Bitcoin this year. Maybe the biggest one of them is the hedgefonds Grayscale, which owns over 500.000 BTC. After this new Bitcoin ATH, they’re equivalent to $10.4B and almost 3% of the total Bitcoin supply.
Microstrategie, het bedrijf achter de gelijknamige business intelligence-software, was in 2020 een andere institutionele belegger. With over 38.250 BTC, equivalent to $795M, this is now their main reserve asset.
De recente PayPal-adoptie has contributed as well, and the billionaire British fund manager Ruffer jumped inside the cryptocurrency too, just before the new Bitcoin ATH. According to a recente aankondiging, they bought around $744M in BTC, equivalent to 2.5% of their portfolio. To do this, the company reduced its exposure to gold, and it was done as a “defensive move”.
Enkele aanwijzingen wijzen erop dat andere investeerders hetzelfde doen: exchanging gold for Bitcoin as a store of value. Zoals aangegeven door de Duitse Commerzbank, the investors are getting away from gold ETF’s, resulting in a 1% drop of them.
Meanwhile, the multinational investment bank JPMorgan Chase considers that Bitcoin kan concurreren “more intensely” with gold in the near future.
Will it last this Bitcoin ATH?
We saw a similar situation three years ago when Bitcoin and altcoins didn’t stop going up all year, until they didn’t. After reaching its last ATH on holidays, the Bitcoin price began to plummet and verloor in december (2018) ongeveer 84% van zijn waarde. It could be this new Bitcoin ATH some kind of déjà vu?
We can’t be really sure, but the circumstances are different this time. In 2017, we can say Bitcoin suffered a financial bubble, probably due to the fever caused by Initial Coin Offerings (ICO's) en een aantal grote zwendel investeringen zoals BitConnect (BCC). De meeste investeerders waren onervaren, terwijl nu de impuls werd gegeven door de instellingen.
Bovendien zien sommige experts van hieruit een optimistische toekomst. Volgens een studie van Bayerische Landesbank, the BTC price can reach at least $60,000 per unit by mid-2021, en kort daarna zou het zelfs $250.000 kunnen bereiken.
Andere firma's en liefhebbers, like Prime XBT, Peter Smith, Anthony Pompliano, and Wences Casares, vary their bets from $25,000 to $1M. It seems like it’s just a matter of time from now on.
Uitgelichte afbeelding door nickgesell / Pixabay
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