Written by Robert Thompson Jr. | 1/6/21
This is the best time to get your cryptocurrency game up because the price is insane right now. Bitcoin price just made a breakthrough by breaking beyond the $35,000.00 mark, We previously did a blog in December 2020 when Bitcoin reached its all-time high of $20,000. bitcoin is currently at $34,815.75 and is still rising! According to market data from coin metrics taking its year-to-date gains to more than 180%, Ruffer confirmed the size of its gigantic bitcoin investment from November in an email to CoinDesk. Ruffer had 20.3 billion in assets by the end of November. Bitcoin first started in 2009 and one bitcoin cost a few cents. In 2010 it cost $0.08, and in 2011 it cost $1.00. today one bitcoin equals $34,815.75 that’s INSANE! Every four years bitcoin has a bull
2010 9,900%
2011 1,473%
2012 186%
2013 5,481% (Bull)
2014 -57%
2015 34%
2016 123%
2017 1,368% (Bull)
2018 -73%
2019 92%
2020 121%
2021 0.67%+ (Bull)
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Will Bitcoin be the new Gold?
Investors say that bitcoin will be the new gold. Bitcoin’s competition with gold has already started, as evidenced by the more than $3 billion of inflows into the Grayscale Bitcoin Trust and the more than $7 billion of outflows from gold since mid-October. Bitcoins market value is around 575 million and to equal the value of gold bars it will have to increase almost 5 times. Gold has been around for over 5000 years, so it is likely for bitcoin to be around for a long time also. Therefore, A growing number of investors now view the digital currency both as an inflation hedge and as an alternative to the declining value of the dollar, the world’s reserve currency.
Companies insights on Bitcoin
Many businesses are accepting Bitcoin, with many credit card companies and banks endorsing Bitcoin. However, Banks such as JPMortgage have their own currency called JPM coin. JPMorgan thinks that bitcoin could rise over 146,000. They said, “There’s little doubt that the institutional flow impulse into bitcoin is what distinguishes 2020 from 2017.” Bitcoin was accepted by mecherents about six years ago such as in health care and many other organizations including cannabis vendors and beer vendors. If this isn’t enough evidence that everyone’s making the Bitcoin change Coca Cola also has launched vending machines that accept Bitcoin, MIT also has a vending machine that accepts Bitcoin.
In air travel Norwegian air is also accepting Bitcoin for travel and I’m sure there will be plenty more travel companies since they already offer rewards. Uber is accepting Bitcoin on its platform. If you love drinking coffee the world’s famous coffee brand Starbucks also accepts Bitcoin. If you love sports cars Tesla and BMW accept Bitcoin as well.
Bitcoin could stage a monster rally in 2021 and reach $100,000, but pricing at that level “would prove unsustainable,” JPMorgan said in a note on Monday.
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Blockfi Link: https://blockfi.com/?ref=e7df586b
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