The total BTC market cap has also surpassed one trillion dollars for the first time in it’s 12 year existence. A massive psychological level which was reached extremely fast!
#Bitcoin is firmly worth more than $1 trillion dollars. 9 more to go until the gold flippening
— Tyler Winklevoss (@tyler) February 20, 2021
Is there a news catalyst to search for which explains this latest price surge? Bank of New York Mellon, the oldest bank in the US announced they would soon begin transacting Bitcoin. MicroStrategy’s additional $250 Million treasury to BTC conversion, along with plans to raise another $900 million to buy even more? Tesla taking a massive treasury position in BTC of their own? (Not to mention Elon’s Twitter profile action!)
Grayscale has been continually purchasing BTC faster than it has been mined in calendar 2021. The Motley Fool stock advisement platform has announced a $5 Million BTC investment of their own, siting all those long familiar reasons. It’s becoming a bit self-evident, isn’t it? The price rise is to do with what has frequently been declared inevitable. Ongoing demand (now institutional demand) meeting dwindling supply. Binance CEO Changpeng Zhao has recently suggested that what we are now witnessing is only the beginning, and most are still unprepared for what comes next...
“Right now, only 11 companies have announced they are allocating some, like usually less than 1% of their corporate treasury, to Bitcoin. And we think that is most likely what caused the initial price rise. I think Microstrategy’s Michael Saylor started it first. But there are 650,000 companies in the world… like relatively established companies in the world. And their treasury is huge.
If all of them only allocated 1% to Bitcoin we are going to see, I don’t know, 1,000x more growth in Bitcoin price. And if they allocate more than 1%, that’s going to be even bigger. So I think people don’t quite get the magnitude of the wave that is about to hit us.”
Zhao has also expressed that their exchange is onboarding new individual users at a continual and unprecedented rate, even outpacing their user growth during the 2017 bull run.
“Just to give people an idea, in 2017 when Bitcoin hit the peak of about $20,000 we were seeing 300,000 new registered users per day. And that only happened for a couple of days and then it kind of trailed off and became slower. Now we are seeing sustained new user registrations above that peak and sustained over like the last 2-3 months. And it’s increasing.”
Even once highly skeptical and reluctant financial experts are beginning to adjust their views. Times are changing.
There is no shortage of similarly bullish price targets going forward. ‘In a three-way interview on The Investor’s Podcast Network, on-chain data expert Woo reveals that by his estimations, whales are heavily accumulating BTC while retail investors are just getting started, indicating that Bitcoin is still in the early stages of a bull market.
Breaking: ETH ATH above $2,000!
On Saturday, February 20th, following shortly behind BTC, Ethereum has also posted new all-time highs. After breaking through $2,000 the second largest market cap crypto retraced only slightly before finding support near $1,850, rebounding quickly to above $1,950...
