Early in the morning, Bitcoin price broke again $ 50,000, the highest price since Bitcoin’s correction in May.
As early as this morning, bitcoin price broke through $ 50,000 again, as it did on August 23, which was the highest price since Bitcoin’s correction in May. After the slump, Bitcoin price hovered between 30-40,000 for most of the summer.
While it’s impossible to say for sure, many predict the price will go up significantly from here towards the end of the year. Keep in mind that a year ago today, the price of Bitcoin was around $ 10,174.
In 2017, Bitcoin price soared from around $ 10,000 to $ 20,000 in 18 days, hitting an all-time high. Just last week, investor Anthony Pompliano told CNBC, “I wouldn’t be surprised to see something crazy like this happen before the end of the year.”
Here’s a look back at the increasingly bullish news from last month that led to this exciting price milestone:
- Your $ 1,200 stimulus check would be worth around $ 9,000 today if you had used it to buy bitcoin in April 2020.
- In late August, it was announced that Blackrock, the world’s largest wealth manager, had already invested over $ 382 million in shares of Marathon Digital Holdings & Riot Blockchain in June, making it the second largest investor in both.
- Coinbase announced in late August that it had updated its investment policy to include a quarterly income allocation of 10% in Bitcoin and other cryptocurrencies, and also committed to allocating $ 500 million of its $ 4 billion in bitcoin and crypto reserves invest.
- Banking giants Wells Fargo and JPMorgan both applied for bitcoin passive funds for their wealthy clients.
- Market-leading investor and famous fund manager Bill Miller said he bought Bitcoin because it only cost $ 200.
- Galaxy Digital has filed an exchange-traded Bitcoin futures fund with the SEC under the Investment Company Act of 1940.
- Walmart is hiring a “Product Manager for Digital Currencies and Cryptocurrencies”.
- The private investment firm Neuberger Berman is adding Bitcoin futures to its $ 161 million Commodity Strategy Fund.
- Jordan Peterson publishes a podcast episode on Bitcoin and becomes the latest public intellectual to share his thoughts.
- Global investment manager VanEck has filed for an exchange-traded Bitcoin strategy futures fund with the SEC for the second time.
- Nevada-based Black Rock Petroleum Company has entered into an agreement with Optimum Mining Host to provide and operate up to 1 million Bitcoin mining machines.
- The U.S. Senate opposed a bipartisan amendment aimed at clarifying tax reporting regulations for brokers supporting the Bitcoin economy.
- The “Bloomberg Crypto Outlook” from August reports on a bullish future development of Bitcoin and states: “We see performance parallels that could bring the benchmark crypto back on the path towards 100,000 US dollars”.
- One of the largest bitcoin mining companies in North America, Marathon Digital Holdings, Inc., announced that it will buy 30,000 additional Antminer S19J Pros for $ 120.7 million.
- In a new letter to shareholders, payment giant Square announced that customers bought $ 2.72 billion worth of Bitcoin in the second quarter of this year.
Bitcoin has grown an average of 120% per year over the past 10 years. Last year we had an annualized return of 250%.
Taking a long look into the future, venture capitalist Alyse Killeen predicted in an interview with Business Insider on Monday: “In three or four years, most people will get access to Bitcoin by making money.”
At the end of August, MicroStrategy CEO Michael Saylor spoke in a typically eloquent bullish manner in the podcast “Blockchain Interviews”: “Bitcoin is one of the, if not the most disruptive technologies of the decade, and it disrupts the energy industry, it disrupts the investment community, it disrupts the technology -Community. That means it messes politics and economics in general. It disrupts the definition of assets and property rights. When that is the case, it gets people’s attention and it’s progressive and it makes people focus. I think it was great for morale. “
Permabull Saylor continued, “Bitcoin is a 10 year old successful proof-of-work system, as if you only have two things on the blockchain that are property or commodity bitcoin. In theory there are only two, but only one of them has a consistent strategy for the next decade and a consistent path for the last decade. And that’s bitcoin, isn’t it? I think it’s pretty important to understand that Bitcoin is pretty much the most predictable in the entire blockchain universe, everything else is uncertain. “
Bitcoiners will likely continue to do what they did, what Hodl is, and stay on track as we adjust to new all-time highs.
The views and opinions expressed herein are those of the author and do not necessarily reflect those of Nasdaq, Inc.