Bitcoin Price Exceeds 50,000, Bitcoiners Prepare For New All-Time Highs

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Around midnight Sunday, the price of Bitcoin hit $ 50,000, the highest price seen since Bitcoin’s correction in May. After the decline, the price of Bitcoin hovered between 30,000 and 40,000 for most of the summer.

While it is impossible to say for sure, many predict that the price will appreciate significantly from here to close the year. Recall that just a year ago today, the price of Bitcoin was around $ 11,650.

In 2017, the price of Bitcoin rose from around $ 10,000 to $ 20,000 in eighteen days, reaching an all-time high. On Monday, investor Anthony Pompliano told CNBC: “It wouldn’t surprise me to see something crazy like this happen before the end of the year.”

Here’s a look at the increasingly bullish news from the past month that led to this exciting price milestone:

Your $ 1,200 stimulus check would be worth around $ 8,765 today if you bought Bitcoin with it in April 2020. On Thursday it was discovered that in June, Blackrock, the world’s largest asset manager, had allocated more than $ 382 million to shares in Marathon Digital Holdings. & Riot Blockchain, becoming the second investor in both. Coinbase announced on Thursday that it has updated its investment policy to include a quarterly income allocation of 10% in Bitcoin and other cryptocurrencies and has also pledged to invest $ 500 million of its 4 billion Bitcoin reserves. and crypto. Banking giants Wells Fargo and JPMorgan have both filed for liability Bitcoin funds for their high net worth clients. Famous investor and fund manager Bill Miller said he has been buying Bitcoin since it only cost $ 200. Private investment firm Neuberger Berman adds Bitcoin futures to its $ 161 million commodity strategy fund. Jordan Peterson posts a podcast episode on Bitcoin, becoming the latest public intellectual to share his thoughts. Global investment manager VanEck has filed an exchange-traded fund for the Bitcoin strategy with the SEC for the second time. Nevada-based Black Rock Petroleum Company has entered into an agreement with Optimum Mining Host to deploy and operate up to 1 million Bitcoin mining machines. The US Senate has rejected a bipartisan amendment aimed at clarifying the tax reporting provisions required for brokers supporting the Bitcoin economy. This month’s “Bloomberg Crypto Outlook” reports a bullish future trajectory for Bitcoin, stating “we are seeing performance parallels that could put the benchmark crypto back on track towards $ 100,000.” ., has announced that it will purchase an additional 30,000 Antminer S19J Pros for $ 120.7 million. In a new letter to shareholders, payments giant Square revealed that customers bought $ 2.72 billion worth of bitcoin in the second quarter of this year.

Bitcoin has been rising by around 120% per year on average over the past 10 years. Last year we had an annualized return of 250%.

With a long look to the future, venture capital firm Alyse Killeen predicted in an interview with Business Insider Monday that, “in three or four years, most people will gain access to Bitcoin.”

On Friday, in a distinctly bullish and eloquent manner, MicroStrategy CEO Michael Saylor spoke on the Blockchain Interviews podcast: This is disrupting the tech community. This means that it disrupts politics and the economy in general. This disrupts the definition of assets and property rights. So that being the case, it gets people’s attention and it’s gradual and it allows people to focus. So I think it was good for morale.

Permabull Saylor continued, “Bitcoin is a successful 10-year-old proof-of-work system, as if you only had two things on the blockchain that were considered a Bitcoin property or commodity. In theory, there are only two, but there is only one that has a consistent strategy for the next decade and a consistent trajectory for the past 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 did, which is hodl, and stay the course as we prepare for new all-time highs.

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