Starting the week with a sea of green candles, Bitcoin broke above $50,000 for the first time since early September and then continued to break above $55,000 for the first time since May. Bitcoin looks set to rally for the rest of the year as more institutional support has been amassed over the past week, which is always a good sign. Here’s what happened in Bitcoin this week:
Bullish news to raise prices
Monday started with upbeat news from El Salvador when their president, Neb Bukele, revealed that the country had seen more than 3 million people sign up to use the Chivo bitcoin wallet in just 26 days, meaning that more than two-thirds of adults in the country have now used the app, which in itself is an achievement. cool.
Later in the day, Michael Saylor reiterated MicroStrategy’s intent to keep HODLing on their bitcoins while revealing that the company has inspired hundreds of letters to the US Financial Accounting Standards Board (FASB) to amend its accounting standards in order to accommodate companies that own bitcoin.
Also on Monday, Ultimate Fighting Championship legend Jorge Masvidal entered into a Gamebred Fighting Championship partnership with Legacy Records to give fighters bitcoin, becoming the first MMA promoter to do so. Bitcoin crossed the $50,000 mark for the first time in a month on Monday, leading to an all-out bullish week.
Tuesday, billionaire Bill Miller spoke at the Forbes Summit By saying that “Gold is a horse, and Bitcoin is a Ferrari.” Interestingly, Bitcoin has risen over 1,200,000% over the past decade, while gold has seen a dismal 1% increase in value over the same time period. Bitcoin has risen more than 6 billion percent in the past 12 years when New Liberty Standard introduced the first pricing for bitcoin in 2009.
Also on Tuesday, the fifth largest retail bank in the United States, US Bank, began offering bitcoin custody services through a partnership with NYDIG. The Jack Mallers’ Strike app also allowed users to do just that Buy up to $0.50 of Bitcoin simultaneously through the application.
Wednesday kicked off an upward trend with Bank of America (BofA) launching its own digital asset research with the publication of a report titled “Digital Assets Primer: Only The First Inning,” saying “Bitcoin is too hard to ignore.” Later in the day, the bitcoin price will surpass $55,000, for the first time since early May.
Also on Wednesday, the President of El Salvador, Nayib Bukele, revealed that citizens who claimed their initial bitcoins were made available through the country’s Chivo bitcoin wallet. were between 10% and 35% Did they keep holding their stack? Bukele also mentioned that the citizens were Buying more bitcoin than selling on the platform, with income including transfers quadrupling to withdrawals as citizens learn how to stack.
Later in the day, Dawn Fitzpatrick, CEO of Soros’ $6 billion fund, confirmed that the fund does hold some bitcoin, describing it as more than just a hedge against inflation, noting that “Bitcoin has crossed the chasm into the mainstream.” Up a lot?
On Thursday, Leah Wald, CEO of Valkyrie Investments, stated that bitcoin is “establishing itself as one of the most powerful cash networks and a digital store of value ever.” Wald went on to say that they “expect this upward trend to be driven to nearly the highest levels in the fourth quarter.” Bitcoin supporter and US Senator Cynthia Loomis Reveals a $50,001 to $100,000 Bitcoin Purchase According to CNBC.
Politician Andrew Yang, who recently established a new political party in the United States in hopes of running for the presidency, stated that He is a “big supporter” of Bitcoin And that the newly formed party will support bitcoin. Later Thursday, a JP Morgan report said institutional investors see bitcoin as a “better inflation hedge” than gold.
On Friday, the amount of bitcoin held by major miners was confirmed More than 200,000 bitcoins, equivalent to 1.1 billion US dollars. As miners continue to accumulate, and as retail and institutional investors continue to hoard bitcoin, it is very likely that we will see a supply shortage later in the year, further fueling this current uptrend.
lame bear news
As Bitcoin continues to rally this week, the bears remain in a tight spot. But this does not mean that there was no news that could be considered bearish during the week. Pepsi Vice Chairman and Chief Financial Officer, Hugh Johnston, She said That bitcoin is “still very volatile and still very speculative” and that it will be a “very long time” before it can be considered a currency. However, he said he has “learned over time to never say never” when asked if the company would consider holding bitcoin on its balance sheet.
Bitcoin is up over 400% over the past year as last week saw Bitcoin jump over 20%, leading many, including myself, to believe that the next phase of the current bullish run is underway. I’ve said it before – bitcoin still has a lot of bullish momentum left for the rest of the year, and it’s increasingly likely that bitcoin will hit the six-digit mark sometime in December, and maybe even sooner if the current trajectory continues.
With both citizens and the government in El Salvador, it is likely that other countries will speed up plans to adopt bitcoin as a legal currency, or at least introduce favorable regulations to encourage investment in their countries. Politicians around the world are signaling their support for bitcoin from countries like Brazil to Zimbabwe, which have spent decades grappling with financial turmoil and instability.
With more than enough momentum remaining in the current rally, Bitcoin is likely to retest all-time highs later this month. There may be a bearish case that this may not happen until sometime in November. However, the upside is clear and the interest and support for Bitcoin is increasing day by day.
This is a guest post by Dion Guillaume. The opinions expressed are their own and do not necessarily reflect the opinions of BTC Inc. or Bitcoin Magazine.