Bitcoin price is setting new historical records each day. The world’s number one cryptocurrency reached over $21,000 today, setting a new all-time high. At the time of writing, Bitcoin is hovering at $21,700 and is up by 12 percent on the day. The sudden spike sent the market cap of Bitcoin past $380 billion for the first time. With this new ATH, nearly 100 percent of all BTC in circulation is in profit.
According to a recent report released by JPMorgan’s Global Market Strategy team, “Corporate endorsements of bitcoin and in particular, the endorsement by Paypal a couple of weeks ago appears to have propagated further demand for bitcoin.”
The report highlights proof where institutional interest for Bitcoin and investors moving from traditional investments like gold and other trusts.
Unlike 2017 Bitcoin and blockchain infrastructure has changed rapidly. Today there are many protocols and services to support cryptocurrency investments and trading. Hence the Bitcoin price will attract more and more retail and institutional investors into Bitcoin. Organizations like MassMutual, MicroStrategy are also investing huge amounts of their net worth into Bitcoin to safeguard their positions in the world of Bitcoin.
CEO of One River Asset Management, Eric Peters, said in an interview with Bloomberg Wealth that the company has committed to bringing holdings of Bitcoin and Ether to about $1 billion as of early 2021. He mentioned:
“There is going to be a generational allocation to this new asset class,” Peters said. “The flows have only just begun.”
Bitcoin price has more than tripled this year, let us all fasten our seatbelts and get ready for the Bitcoin’s shoot to the moon.
