Early this morning the Bitcoin price broke $50,000 again, the highest price seen since Bitcoin’s correction in May.
Early this morning the Bitcoin price broke $50,000 again, as it did on August 23rd, which was then the highest price seen since Bitcoin’s correction in May. After the dip, the Bitcoin price hovered between 30-40k for most of the summer.
Although it’s impossible to say for certain, many are projecting the price to significantly appreciate from here to close out the year. Recall that just one year ago today, the Bitcoin price was sitting at around $10,174.
In 2017 the Bitcoin price went from about $10,000 to $20,000 in eighteen days, achieving a blow off top all time high. Just last week investor Anthony Pompliano told CNBC, “It would not surprise me to see something crazy like that happen before the end of the year.”
Here is a review of the increasingly bullish news from the past month that led to this exciting price milestone:
Your $1,200 stimulus check would be worth around $9,000 today if you’d bought Bitcoin with it in April 2020.In late August it was uncovered that back in June, Blackrock, the world’s largest asset manager, allocated over $382 million to shares of Marathon Digital Holdings & Riot Blockchain, becoming the second biggest investor in both. Coinbase announced in late August that it has updated its investment policy to include a 10% quarterly income allocation in Bitcoin and other cryptocurrency and also committed to investing $500 million of its $4 billion in reserves into Bitcoin and crypto.Banking giants Wells Fargo and JPMorgan both filed for passive Bitcoin funds for their wealthy clients.A small Texas biotech company, Spinesmith Holdings, which generates over $15 million in annual revenue, will convert their balance sheet to Bitcoin for long term holding to avoid the overreach of banks.Market-beating investor and famed fund manager Bill Miller said he has been buying Bitcoin since it cost just $200.Jack Dorsey is mining Bitcoin.Galaxy Digital filed with The SEC For A Bitcoin Futures Exchange-traded Fund Under The Investment Company Act of 1940.Walmart is hiring a “Digital Currency And Cryptocurrency Product Lead.”In late August the President of Argentina said he was open to adopting Bitcoin as legal tender to fight inflation. Private investment firm Neuberger Berman is adding Bitcoin futures to its $161 million Commodity Strategy fund.Jordan Peterson releases a podcast episode about Bitcoin, becoming the latest public intellectual to share his thoughts.Global investment manager VanEck filed with the SEC for a Bitcoin strategy futures exchange traded fund, for the second time. Nevada-based Black Rock Petroleum Company entered into an agreement with Optimum Mining Host to deploy and operate up to 1 million Bitcoin mining machines.The U.S. Senate rejected a bipartisan amendment aiming to clarify the tax-reporting provisions required for brokers supporting the Bitcoin economy.Independent investment firm Invesco, which currently operates 233 ETFs in the U.S., quietly applied for a Bitcoin ETF.August’s “Bloomberg Crypto Outlook” reports a bullish future trajectory for Bitcoin, stating “we see performance parallels that could get the benchmark crypto back on track toward $100,000.”One of the largest bitcoin mining companies in North America, Marathon Digital Holdings, Inc., announced it will purchase 30,000 additional Antminer S19J Pros for $120.7 million.In a new shareholder letter, payments giant Square revealed customers bought $2.72 billion worth of bitcoin in Q2 of this year.
Bitcoin is up about 120% per year on average for the past 10 years. In the last year we had a 250% annualized return.
With a long eye toward the future, venture capitalist Alyse Killeen predicted Monday in an interview with Business Insider that, “Three or four years from now, most people will get access to Bitcoin through earning.”
In late August, in typical eloquent bullish fashion, MicroStrategy CEO Michael Saylor spoke on the Blockchain Interviews podcast: “Bitcoin is one of the most, if not the most disruptive technology of the decade, and it’s disrupting the energy industry, it’s disrupting the investment community, it’s disrupting the technology community. That means it’s disrupting politics and economics in general. It’s disrupting the definition of assets and property rights. So that being the case, it gets people’s attention and it’s progressive and it gets people focused. So I think it’s been great for morale.”
Permabull Saylor continued, “Bitcoin is a 10 year old successful proof of work system, like you’ve only got two things in the blockchain that have been deemed as property or commodity Bitcoin. In theory, there’s only two, but there’s only one of them that has a consistent strategy for the next decade and a consistent path for the last decade. And that’s Bitcoin, right? So I think it’s pretty important to understand that Bitcoin is pretty much the most predictable thing in the entire blockchain universe, everything else is uncertain.”
Bitcoiners will likely continue to do as they have done, which is hodl, and stay the course as we brace ourselves for new all time highs.