As the price of Bitcoin hits $ 45,000, does the next Bull Run begin?

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With the price of bitcoin hitting $ 45,000 and up, has the next BTC bull run started?

Last Week in Bitcoin is a new segment covering the week that was in Bitcoin, including all important news as well as some analysis.

It was the week we were waiting for: We spent most of last week with the price of bitcoin in the $ 40,000 range, briefly seeing the $ 37,000 bitcoin eye on Thursday before starting its weekend, which saw it go over $ 45,000 a few times more wondered: is this the start of the next bull run?

Timeline of bitcoin’s price this week, with corresponding news listed below. The news that drove the price of Bitcoin

This week started off with a bang when finance giant NCR, which operates more than one million ATMs worldwide, announced it would acquire bitcoin ATM operator LibertyX (1), with the goal of to deploy bitcoin ATMs and point of sale (POS) systems across the globe. Pretty bullish, right?

Additionally, on Monday, Wells Fargo, the same bank that banned users from purchasing cryptocurrencies in 2019, began offering high net worth clients exposure to bitcoin and bitcoin-related investments (2).

On Tuesday, the week’s uptrend continued as US fast food chain Quiznos announced that it would soon start accepting bitcoin payments (4) and eligible users would receive $ 15 in bitcoin rewards, opening the way for more companies in the United States to do the same. Despite once having more than 4,700 outlets around the world, the fast food chain currently has nearly 1,000 outlets, most of which are likely to start accepting bitcoin, according to the news.

Also on Tuesday, Google finally lifted its crypto advertising ban in 2018, which means businesses will now be allowed to buy ads across Google’s advertising network (5). Later today, a Bloomberg Intelligence report indicated that bitcoin was on track to hit $ 100,000 later this year. On Wednesday, the founder of Merchant Banks spoke on Yahoo! Finance calling bitcoin massive and essential in your wallet, further spreading the bitcoin gospel (6).

Thursday also brought some interesting news, with reports that JPMorgan would open a bitcoin fund for high net worth investors (7). This would be the same JPMorgan whose CEO Jamie Dimon has repeatedly criticized bitcoin over the years, claiming bitcoin is a terrible store of value in 2014, claiming it won’t go anywhere in 2016, calling it bitcoin fraud in 2017 and saying it doesn’t. give a sh * t about bitcoin in 2019. It turns out that Bitcoin is undeniable.

But for most of the week, the market was buzzing over the controversial U.S. infrastructure bill proposal, which included a section focused specifically on regulating cryptocurrency tax payments such as than bitcoin. The bill’s author, Senator Rob Portman, admitted during the week that the wording of the bill is vague and needs some clarification (3).

Ongoing discussions regarding the section covering bitcoin were stalled as the bill was debated, and it emerged that lawmakers would end up hastily making changes or pushing the bill through without it. do, which could have dire consequences for the United States. leave the country, users will hide their bitcoin stashes and the United States will be years back.

Overall, the phrase buy the rumor, sell the news has become more and more relevant day by day. While the market didn’t seem very phased by this, if this bill comes with heavy demands on bitcoin taxation, it could very well act as a catalyst for the start of the next bear market. Of course, this is only my opinion.

Bitcoin is ready for a pump

The past week has been a breath of fresh air for Bitcoin, confirming my constant barking over the past few months that bitcoin is primed for a pump. I remain firm in my opinion that bitcoin will continue to rise over the next few months and that a six-figure price is not unlikely (even Bloomberg thinks). There may still be a few dips in the weeks or months to come, but they were on a rocket that will pave the way for the future of finance.

Over a decade ago, just a week after the Bitcoin network went live, pioneer Hal Finney hypothesized that a single bitcoin could one day be worth $ 10 million. It’s always at least 20,000% up, if you’re bothered with bitcoin fiat pricing. If you look at how bitcoin has performed over the past decade, it’s clear that the next decade will be a spectacle.

I think the US infrastructure bill is something to watch out for, and not just if you are based in the US or one of its territories. It will have long term ramifications for the entire market, if it comes to fruition in its original form, although that may not happen.

Bitcoin has grown from $ 0 to an asset with a market cap of nearly $ 1,000 billion in just over a decade. And that does not include the platforms and services that have been built around bitcoin, its trade or its expansion. Media, hardware and software companies, influencers, investors and many more have built massive industries around Bitcoin.

Bitcoin isn’t going anywhere anytime soon, this week will be just another green candle in a sea of ​​them

This is an article invited by Dion Guillaume. The opinions expressed are entirely theirs and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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