Bitcoin miners are accumulating now

Bullish for BTC: Bitcoin miners are accumulating now – instead of selling

Recent mining data suggests miners have switched from selling rewards to accumulating – amid a supply crunch on exchanges.
Miners stop delivering

According to data from cryptocurrency analytics firm Glassnode, Bitcoin (BTC) miners stopped Bitcoin Bank selling their mining rewards altogether last week – and in favour of accumulation.

As the „Miner Net Position Change“ data shows, the difference between miner rewards and miner sales turned positive for the first time since 27 December.

This means that the amount of BTC sold is less than the additions to miner-owned wallets. The rise in the MNP indicator came at the moment when BTC dipped to the $44,000 mark.

Indeed, the period up to 28 December saw MNP in positive territory for more than three weeks, corresponding with the top cryptocurrency’s rise above the significant $20,000 level.

Institutions gobble up bitcoin

Indeed, the data shows what the cryptocurrency market perhaps already knows too well: demand is currently at an all-time high.

Institutions like Grayscale and MicroStrategy continue to hoard BTC and other cryptocurrencies with a ferocious appetite. Just a few hours ago, the cryptocurrency fund management company bought another 53,000 Ethereum (ETH) in a single day.

In fact, their total cryptocurrency assets under management (AUM) now exceed $36.6 billion. They also recently revealed plans to expand their fund offerings, including several other cryptocurrencies.

MicroStrategy is not far behind. The business analytics firm has been in the headlines for its frequent bitcoin impulse buys, with the latest purchase involving $10 million.

In addition, the company has raised another $1 billion through debt issuance and used these funds to buy another 20,000 bitcoin (Go to buy bitcoin cheap platform comparison).

All signals are bullish

Accordingly, these large purchases are causing a significant supply shortage. Combined, both Grayscale and MicroStrategy are heading towards owning over 10% of the total bitcoin supply.

You don’t have to have a PhD in econometrics to gauge the impact of this data on the market.

When supply is less than demand, the price goes up. And at the moment, all indications, both on the demand side and on the supply side, are that this will continue to be the case.

 

Grayscale measures the value of the cryptocurrency in a new report

Grayscale has evaluated the value of Ethereum in a new report. The report examined the cryptocurrency using three approaches.

The crypto year 2021 has already started more than positively for Ethereum

Due to the boom in the decentralized financial sector (DeFi), on which the Ethereum blockchain is based, the second most valuable cryptocurrency is currently at a new all-time high. At the time of going to press, the price was now over $ 1,762. Grayscale took this development as an opportunity to determine the value of the asset more precisely. Here, examined the biggest asset manager for digital assets the cryptocurrency using three approaches: ether as funds ether as a consumable and ether as interest-bearing asset.

The first part of the report dealt with the money aspect of Ethereum. In many ways, ether is the money of modern times. Because every time a user closes a smart contract on the Ethereum network, provides liquidity for an application, or enters into a trade on a decentralized exchange, Ether would be required to pay the network fees, according to the report. There would be no capacity limits, like with Bitcoin, but the network tries to use only the necessary amount of ETH to secure the network. Competition comes from alternative assets and stablecoins, which are enjoying increasing popularity. The increasing use of Ethereum as a processing network, however, is a positive trend.

ETH as a consumer good

Because fees are due for every transaction in the Ethereum network and the fees even increase with increasing use, problems for Ether could arise. For example, investors might only hold the minimal amount of ETH needed to pay these fees. Although this would increase the processing speed, it would also mean a decline in the price of Ether.

The crypto currency counteracts this by attempting to use “EIP-1559” to “burn” (destroy) ether that arises from transactions. The Grayscale report says that this process will then completely convert Ethereum from a crypto asset into a digital raw material.

In general, the “combustion mechanism” can also take on a deflationary function if, for example, too many ETHs are in circulation. This shortage would then lead to a rise in Ethereum prices, as each unit would have to cover a larger proportion of economic activity.

According to Grayscale, although price fluctuations are still very likely, the transparent tracking within the blockchain protocols makes it relatively easy to analyze or interpret the activity intensity. The report says more precisely:

We can examine the total daily transaction fees taken on the Ethereum network as a measure of demand. Since ether is the commodity that pays those fees, high fees drive demand for ether, just as an increase in travel could drive demand for gasoline.

Phil Bonello, Grayscale Research “Valuing Ethereum“

Grayscale développe les cryptocurrences sous enregistrement

Grayscale a déposé cinq nouvelles cryptocurrences, sans faire de commentaires sur leur lancement éventuel en tant que produits ni sur la date de leur lancement.

Grayscale Investment pourrait passer à la finance décentralisée (DeFi) après avoir déposé un nouveau trust dans le registre des sociétés du Delaware.

Grayscale est actuellement le premier gestionnaire d’actifs en cryptocrédit au monde, avec des participations monumentales dans Bitcoin et un important fonds fiduciaire en cryptocrédit sur différents jetons, tels que Ethereum, Bitcoin Cash et Litecoin.

Grayscale a déposé de nouveaux trusts pour Aave, Polkadot et Cosmos plus tôt dans la semaine. Dans le même temps, la société a également enregistré des trusts pour Cardano et Monero.

Poser les bases

Grayscale a reconnu que ces dépôts ne sont pas nécessaires ; aucune indication qu’elle lancera bientôt un produit pour les cinq cryptocurrences nouvellement enregistrées. Toutefois, elle a indiqué qu’il pourrait s’agir d’un plan futur et que l’enregistrement des cryptocurrences ne fait que jeter les bases d’un éventuel lancement.

Comme l’a dit la société :

„Il nous arrive de faire des dépôts de réservation, bien qu’un dépôt ne signifie pas que nous mettrons un produit sur le marché“.

Les performances des altcoins attirent l’entreprise d’investissement

La justification de la décision de Grayscale n’a pas été confirmée. Il est possible qu’il ne fasse qu’ouvrir ses horizons de cryptoconnaissance grâce aux performances sonores dont les cinq jetons ont bénéficié au cours des derniers mois. Le marché des cryptocurrences dans son ensemble ayant un sentiment positif, soutenu par la hausse de Bitcoin, certains altcoins ont surpassé les autres. Les jetons en question auraient pu ainsi attirer l’attention de Grayscale.

Si l’on considère l’année écoulée, Aave a enregistré une croissance record de 483 % au cours des trois derniers mois de 2020. En se concentrant sur le DeFi, un marché en plein essor, la cryptocouronne s’est bien comportée. Cosmos a également tenu bon sur le marché, affichant une hausse de près de 490% pour porter le jeton à la 25ème place en termes de capitalisation boursière.

Le Polkadot affiche une croissance encore plus forte, avec près de 540 % depuis le mois d’août et maintenant. Récemment lancé, le projet a exceptionnellement bien réussi à s’imposer sur le marché et dans l’industrie, offrant une concurrence acharnée à Ethereum.

Gli utenti di Mt. Gox si preparano a recuperare 2,6 miliardi di dollari di Bitcoin

La causa di hackeraggio del monte Gox potrebbe presto concludersi con la distribuzione di 140.000 Bitcoin agli ex utenti.

Chiavi da asporto

  • Il termine per l’assegnazione delle partecipazioni in criptovaluta associate al caso del Mt. Gox è fissato al 15 dicembre.
  • Il „piano di riabilitazione“ prevede la distribuzione di quasi 140.000 Bitcoin agli utenti che hanno perso fondi durante il fallimento dello scambio.
  • Valutato oggi a 2,6 miliardi di dollari, i mercati potrebbero potenzialmente diventare ribassisti se un’ondata di destinatari decidesse di vendere il proprio Bitcoin.

In una settimana, la saga dello scambio di Mt. Gox potrebbe finalmente concludersi. La scadenza per la finalizzazione di un piano di compensazione è fissata per il 15 dicembre, con uno stanziamento stimato di 137.891 BTC da distribuire agli utenti che hanno perso fondi a seguito della chiusura del Mt. Gox nel 2014.

Il tanto atteso Payout di Mt. Gox

La chiusura del Monte Gox è uno degli eventi più infami nella storia delle catene di blocco e delle crittocittà. La borsa giapponese ha bruscamente cessato le operazioni nel febbraio 2014, annunciando di aver perso 850.000 BTC in vari attacchi.

La Bitcoin era una delle poche valute crittografiche affermate all’epoca, e il monte Gox era responsabile della gestione di circa il 70% delle sue transazioni.

L’evento causò la perdita di diverse partecipazioni da parte dei primi investitori Bitcoin. Rimane un elemento centrale del mantra della comunità dei crittografi, spesso ripetuto, „non le tue chiavi, non le tue monete“, che consiglia agli investitori di non conservare i loro fondi in una borsa centralizzata.

Preoccupazioni sulla reazione del mercato

L’imminente evento di distribuzione vedrà la scorta di Bitcoin recuperati del valore di 2,6 miliardi di dollari andare ad un certo numero di ex utenti di Mt. Gox. Bitcoin era scambiato solo a circa 700 dollari quando Mt. Gox ha fermato tutti i prelievi nel febbraio 2014. Da allora ha visto un aumento di valore di circa il 2600%, che potrebbe essere una manna per i destinatari.

A causa del significativo aumento di valore dal 2014, è possibile che un certo numero di destinatari possano vendere il loro Bitcoin appena ricevuto sul mercato aperto. Questo potrebbe creare un paesaggio ribassista se il sentimento cambia improvvisamente a seguito della distribuzione. I membri di „Crypto Twitter“ sono preoccupati per la scadenza in sospeso.

Tante anticipazioni

Un certo numero di seguaci della crittografia hanno monitorato i conti sospettati di essere controllati dai direttori del Mt. Gox, senza dubbio con un maggiore controllo, dato che la scadenza del 15 dicembre incombe. Sono in corso discussioni su un subreddit chiamato /r/mtgoxinsolvency, e un sito web è specificamente dedicato al monitoraggio delle transazioni rilevanti. Finora, però, l’attività è latente.

In ogni caso, l’evento prevede la chiusura, in quanto la data del piano di riabilitazione del Monte Gox è stata rinviata più volte. La data del 15 dicembre è stata confermata per la prima volta lo scorso ottobre.

¿Cuándo es la tapa de la macro de Bitcoin? El jugador de la industria especula

Bitcoin ha tenido una tremenda subida de precios hasta ahora en 2021, pero este crecimiento no puede continuar para siempre.

El impulso de los precios de Bitcoin (BTC) ha llevado recientemente al activo a casi 42.000 dólares por moneda. Su precio se ha más que duplicado en los últimos dos meses, rompiendo los anteriores máximos históricos que se fijaron en 2017. El podcaster Nathaniel Whittemore recientemente dio su opinión sobre los métodos de detección de un mercado alcista macro para la moneda digital.

„No hay realmente una cima macro, en el sentido de que las condiciones se alinean tan bien con la narrativa“, dijo Whittemore, presentador de un podcast llamado The Breakdown, a Cointelegraph. Añadió:

„Si vemos otra gran ronda de acción fiscal agresiva bajo los Demócratas, y después de unos meses la velocidad del dinero sigue siendo baja y la inflación está limitada, se podría ver un cambio de vuelta entre ciertos administradores de dinero e instituciones a la idea de que la inflación no es algo de lo que preocuparse, lo que podría perjudicar algunas de las tesis de animación“.
Después de que el precio cayera en marzo, Bitcoin se recuperó más rápido que el mercado de valores de los Estados Unidos, que sufrió un descenso similar. Después de completar su tercer evento de reducción a la mitad en mayo, el activo tuvo una tendencia lateral en ocasiones durante el verano, pero su tendencia general macroeconómica tuvo una tendencia al alza. El impulso de los precios de BTC aumentó en los últimos meses de 2020, en línea con una serie de grandes empresas que asignaron capital al activo digital.

La escena económica de los Estados Unidos también juega en la ecuación. El gobierno ha trabajado en una serie de paquetes de estímulo, y ha impreso una cantidad significativa de dólares.

Los anteriores mercados alcistas macro de Bitcoin han llegado con correcciones de precios en medio de una gran perspectiva alcista. Los topes locales se refieren a las cumbres de precios a corto plazo que se producen antes de las correcciones dentro de dicho panorama macro. „Una cumbre más local podría llegar si la gente se pone nerviosa porque está demasiado espumosa y sobrecalentada con la llegada de nuevos inversores minoristas“, dijo Whittemore. „Eso no ha sucedido todavía pero parece estar empezando (es decir, ver Coinbase saltando al #25 en las aplicaciones gratuitas de Apple)“.

Apenas ocho días después del año nuevo, Bitcoin ya ha subido más del 40%, según los datos de TradingView.com. „La velocidad del ascenso es bastante vertiginosa – no se puede negar eso“, explicó Whittemore, añadiendo:

„Pero creo que realmente lo que está sucediendo es un activo masivamente subvalorado con un suministro insanamente restringido por diseño que finalmente está siendo reevaluado. Un montón de grandes compradores han sido desbloqueados y no hay suficiente para todos.“
Bitcoin tiene un suministro máximo de 21 millones de monedas, lo que le da un aspecto de escasez. Sea como fuere, el activo todavía tiene menos de 15 años, con un valor que vale lo que la gente pagará por él, similar al del oro, como Mark Cuban ha postulado anteriormente. Algunos expertos, como el comentarista financiero Peter Schiff, todavía se muestran escépticos sobre el activo, llamándolo una burbuja.

Bitcoin träffar nytt $ 23 000 högt, Willy Woo säger att $ 100 000-mark är nu för lågt

Bitcoin har nått en ny rekordhög nivå när institutionella investeringar ökar. Willy Woo säger att $ 55 000 är hans nästa mål.

Bitcoin har nått en heltidshöjd på 23 000 dollar efter att ha skalat det kortvariga motståndsområdet 21 000 dollar till 22 000 dollar

Den 17 december, efter att ha träffat 23 000 dollar, har den populära analytikern Willy Woo sagt att 100 000 dollar nu är lite för låga.

Efter att ha träffat 20 000 dollar sattes 21 000 dollar som en milstolpe för Bitcoin för att göra någon betydande uppåtgående stigning. Enligt en Cointelegraph- rapport visade värmekartor från börser att det fanns försäljningsorder för priser mellan $ 21 000 $ 21 500, vilket tyder på att Bitcoin behövde överträffa dessa nivåer för att se mer robust uppåtgående rörelse.

På grund av handelarnas hausseartade natur säger Willy Woo att nästa landmärke är $ 55 000:

”Vi befinner oss inte vid tidpunkten där BTC Top Cap-modellen börjar böja sig uppåt. Låt oss se hur högt hon når 2021. $ 100 000 är ett löjligt lågt mål vid den aktuella banan. $ 55 000 är nästa landmärke -> Bitcoin blir en $ 1T makro tillgångssats. ”

Om Bitcoin når 55 000 $ skulle det motsvara upp till 10% av guldets totala börsvärde. Oavsett vilket pris som överstiger $ 50 000 skulle det leda till en märkbar konkurrens i marknadsvärde för guld.

Ovanstående prognos är trolig, med tanke på den fortsatta ökningen av institutionella investeringar i Bitcoin.

Le géant américain de l’assurance avec 28,6 milliards de dollars de revenus achète pour 100 millions de dollars de Bitcoin

La Massachusetts Mutual Life Insurance Company – une société d’assurance âgée de 169 ans qui a généré 28,6 milliards de dollars de revenus en 2019, a acheté 100 millions de dollars de Bitcoin à partir de son compte général d’investissement, le Wall Street Journal a rapporté le 11 décembre.

Approbation de MassMutual Bitcoin

Une approbation de Bitcoin, MassMutual rejoint d’autres entreprises publiques, y compris MicroStrategy et Square, qui ont investi une somme importante dans l’actif numérique.

La société d’assurance n’a investi que 100 millions de dollars sur les 239 milliards de dollars qu’elle détient sur son compte général d’investissement. Cela pourrait être un montant insignifiant, mais cela démontre que Crypto Trader mûrit et est sûr. C’est un détournement des interprétations précédentes où Bitcoin était considéré comme un outil de blanchiment d’argent.

Expliquant sa décision, la compagnie d’assurance a déclaré que cela faisait partie d’une vaste stratégie visant à se diversifier et à profiter de nouvelles opportunités.

NYDIG, une société de gestion de fonds basée à New York, gérant environ 2,3 milliards de dollars de Bitcoin et d’autres assortiments de crypto-monnaies a facilité leur achat.

MassMutual a également investi 5 millions de dollars dans le gestionnaire de fonds pour une participation minoritaire. Sans mentionner aucun nom, le PDG de NYDIG a également déclaré que d’autres compagnies d’assurance achetaient du Bitcoin à partir de leurs comptes généraux.

Le plus grand sceau d’approbation

Le PDG de River Financial – Alexander Leishman, pris à Twitter en disant l’entrée du géant de l’assurance est le «plus grand sceau d’approbation à ce jour».

Il cite la nature conservatrice des compagnies d’assurance et la façon dont elles sont calculatrices lorsqu’elles investissent dans des eaux inexplorées comme les actifs numériques.

Comparé aux actifs traditionnels comme les obligations ou les actions, Bitcoin existe depuis environ 11 ans. Cependant, c’est pendant cette période que sa valeur a explosé, ajoutant un million de pour cent et surpassant tous les autres actifs au cours de la dernière décennie.

Le compte d’investissement général est l’endroit où les compagnies d’assurance utilisent pour régler les sinistres facturés par les assurés.

«En investissant dans Bitcoin, MassMutual a effectivement signalé que Bitcoin est considéré comme suffisamment sûr et liquide pour que les institutions les plus grandes et les plus conservatrices du monde puissent effectuer une allocation.»

En tant que BTCManager signalé, la nouvelle vient dans la foulée de Fidelity Digital permettant aux clients avec un compte BlockFi, y compris les mineurs, d’emprunter de l’argent avec BTC en garantie.

„We were naive about death and lost 250 bitcoins,“ says administrator of the largest bitcoin forum

In 2014 the treasurer of the Bitcointalk forum died and 250 Bitcoins were lost.

At the time, the coins were valued at $ 100,000. 5 years passed and the amount that is now worth $ 24 million began to move. The community then decided to go after it and that’s what they found.

A great mystery existed about the 250 bitcoins lost in 2014 by Bitcoin Code, the largest bitcoin forum in the world. An investigation initiated in 2016 was trying to find out what had happened to the lost amount. A forum treasurer passed away and access to the bitcoins was lost, but to the surprise of many, the coins that were then worth 10x more were moved.

The forum was created by Satoshi Nakamoto in 2009, it was where he had the greatest communication with his followers and where the first bitcoin transaction in history (famous purchase of 2 pizzas) was carried out, it was also there that the term „Hodl“ appeared.

Before disappearing, Satoshi Nakamoto, the creator of bitcoin chose the user identified as Theymos to administer the forum, the anonymous young man received help from a treasury to administer the funds received to pay the forum costs. These funds were used for the structural part and even for the dissemination of the contents and were composed of bitcoins between different portfolios controlled by members of the forum itself.

Paraipan was one of the members who took care of a percentage of the forum funds. But a number of developments ended up making this story a great mystery to the entire cryptomarket.

First we heard that Paraipan had died, but the coins under his control began to be moved months after the supposed death, causing the community to start a „hunt“ for clues that could indicate what was happening.

Many said that everything was just a big coup and a robbery within the largest bitcoin community in the world, for others the story had many more layers.

The supposed death of the BitcoinTalk treasurer and the beginning of a great mystery

As you can imagine, BitcoinTalk is an extremely libertarian community and all problems are solved among its own members, hardly involving other entities or any kind of centralization or legal actions. That’s why stories like this one of Paraipan coins are so interesting, because they show how self-sufficient the community is.

Paraipan, who is a Romanian and his real name is Bogdan-Alexandru Semenciuc, was one of Theymos‘ trusted treasurers and was responsible for managing 250 bitcoins of the community. Paraipan disappeared and remained inactive in the forum from 2014, when people close to him declared that he had passed away, with him 250 bitcoins had been considered lost.

So far „so good,“ but by 2016 the coins he controlled began to be moved between different portfolios.

Theymos himself noticed the strange movement for the first time, publishing in the forum about the money leaving the wallet that Paraipan controlled to other addresses and eventually to brokers.

„Paraipan was controlling 250 BTC for the forum when he unfortunately died. Now, it seems that someone has found his wallet, since these coins are moving. If someone is able to track these coins and retrieve any of them for the forum, you can keep 25% of what was recovered“.

Through any block explorer it is possible to see that there were 250 bitcoins (approximately $ 100 thousand at the time).

But the bitcoins were removed from the portfolio in transactions in 2016, 2 years after the supposed death of Paraipan.

Les mineurs chinois de bitcoin au Yunnan ont été interdits d’alimentation électrique

Les mineurs de Bitcoin à Baoshan, dans le Yunnan, se sont vus interdire de recevoir de l’électricité des compagnies d’énergie.

La source affirme qu’il s’agit d’une demande accrue d’intérêt économique de la part des autorités.

Un récent rapport du populaire reporter crypto chinois, Wu Blockchain, a informé que les autorités de la province chinoise du Yunnan avaient reçu l’ordre des compagnies d’électricité de cesser de fournir de l’électricité aux mineurs de Bitcoin Profit de cette région. Les autorités n’ont donné aucune raison à cette soudaine interdiction. Toutefois, le journaliste a noté qu’elle pourrait avoir été motivée par une demande accrue d’intérêts économiques.
Les mineurs de bitcoin du Yunnan arrêtés par l’interdiction de fournir de l’électricité

Selon la source, l’interdiction d’électricité a été signifiée à plusieurs mineurs de Bitcoin dans la région de Baoshan au Yunnan, précisément le 30 novembre. L’évolution actuelle peut avoir un impact sur le hachage du réseau Bitcoin, étant donné le grand nombre de crypto-fermes minières situées dans cette région. Notamment, le Yunnan est la quatrième plus grande province par le hashrate minier de Bitcoin, juste après le Xinjiang, le Sichuan et le Nei Mongol, selon la carte minière de Cambridge BTC.

Déjà, une baisse a été constatée hier dans le hashrate du réseau Bitcoin. De 139 EH/s, le hashrate est tombé à 111 EH/s, selon les informations sur Coinwarz. Il est possible que le développement du Yunnan ait alimenté ce déclin. Cependant, la source a estimé que l’interdiction de l’électricité n’est pas une pression politique sur les mineurs de bitcoin. C’est probablement un moyen pour les autorités d’exiger plus d’intérêt économique.

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Le Yunnan sévit contre les mineurs

En juin, les autorités du Yunnan avaient demandé à de nombreux mineurs de Bitcoin de la région de cesser leurs activités. Les autorités ont déclaré que la plupart des mineurs posaient des risques pour la sécurité, car ils auraient relié leurs fermes aux centrales hydroélectriques locales. Les mineurs ont également été accusés d’évasion fiscale, ce qui a conduit à la fermeture de 64 exploitations minières non autorisées, y compris de nouvelles installations minières.

Bitcoin is the ‚winner of supply and demand‘, according to Anthony Pompliano

Anthony „Pomp“ Pompliano says Bitcoin is the winner of the bid and ask exercise.

Pomp wouldn’t be surprised if the price of bitcoin hit $ 100,000 before the end of 2021.

The supply shock can catapult bitcoin to a new ATH.

As Bitcoin (BTC) seeks a new all-time high (ATH), noted permabull Anthony ‚Pomp‘ Pompliano, said the largest crypto by market cap could cross $ 100,000 per ‚coin‘ before the end of 2021 .

Several Bitcoin supporters are forecasting a parabolic rise in the price of BTC in the current bullish streak. BTC is currently up over 168% year-to-date (YTD).

The confluence of the winds propels the soaring bitcoin prices

Speaking to CNBC on November 25, Pompliano, co-founder of crypto asset hedge fund Morgan Creek Digital, described Bitcoin as „the winner of the bid and ask exercise.“

According to Pomp, the current price of BTC is due to a convergence of several factors forcing increased demand for a scarce asset.

In May, Bitcoin saw another halving event as block rewards become even rarer. This step meant a further reduction in the daily supply of BTC amid growing demand for the popular cryptocurrency.

Speaking in the interview, Pomp identified the growing pivot towards inflation-hedging assets and the desire for long-term HODLing as triggers for upward action in BTC prices .

The Morgan Creek Digital co-founder also pointed to the supply shock brought on by massive whale buying activities like PayPal and Square.

Even though bitcoin is still trading at around $ 700 less than its ATH, over 97% of BTC addresses are profitable. Indeed, long-term HODLing seems to be the dominant investment logic among holders.

Pompliano also highlighted the growing institutional appetite for bitcoin, as seen in recent months. State-owned companies like MicroStrategy and Square are now adopting BTC as a cash reserve asset instead of cash .

Wall Street leads 2020 bullish lead

Unlike the 2017 surge, the current upward progression seems much quieter, with Bitcoin searches on Google falling far below the levels seen three years ago. For Mike Novogratz , founder of Galaxy Digital:

“This rally is driven by institutions that are slowly entering space, wealthy individuals, hedge funds, real institutions. Bitcoin has become a macro asset. “

As is the case during bitcoin’s bullish times, many commentators are particularly bullish with the BTC price predictions. Speaking in the interview, Pompliano said the price of bitcoin could reach $ 100,000 before the end of 2021.

According to Pomp, if the emerging institutional consensus regarding Bitcoin solidifies, then the price of BTC should easily climb even these high cliffs.

In the midst of this parabolic advance driven by the big money players, some stakeholders are claiming that Bitcoin will begin to challenge gold as a de facto inflation hedging asset.