Bitcoin climbed to a full-time high, surpassing $ 53,700, pushing the market value to over a trillion dollars for the first time.

Bitcoin’s rise in late 2020 appears to have triggered a unique wave of demand from foundations and billionaires, a trend that has come in after MicroStrategy, the world’s largest listed business intelligence company, revealed it had diverted $ 250 million in August . from your storage in BTC. eleven..

By the end of January 2021, MicroStrategy had invested $ 1.095 billion dollars to accumulate 71 079 BTC, or 0.38% of the tradable Bitcoin supply. In early February, the company hosted a free webinar that presented strategies for adding bitcoins to the company’s tax server, and MicroStrategy is currently raising another $ 900 million to purchase additional bitcoins.

Grayscale, an institutional asset manager, has significantly increased its Bitcoin hoarding during 2020, with the Bitcoin Trust reporting an 872% increase in total assets from $ 1.8 billion at the beginning of the year to $ 17.5 billion at the beginning of January. So far, Grayscale has bought Bitcoin faster than the new BTC offer that was created.

On February 8, the news that Tesla CEO Elon Musk had invested $ 1.5 billion, or 7.7% of the EV manufacturer’s cash in BTC, pushed the price of bitcoin to a full-time high of over $ 43,000.

Encouraging institutional news continues to emerge, with rumors suggesting that Twitter may be the next big company to add bitcoin to its balance sheet, and major banks such as BNY Mellon and Deutsche Bank announcing steps to offer BTC storage services. Large funds such as BlackRock and Morgan Stanley are looking at whether it is guaranteed to invest in bitcoin.

Bitcoin 2020
The $ 1 trillion dollar hit was reached after 12 months of extreme volatility in Bitcoin, with BTC capitalization increasing more than ten times since the Black Thursday crash in March 2020.

Amid the growing threat of the coronavirus pandemic, former US President Donald Trump introduced a ban on traveling from Europe to the US on March 11 when many countries around the world were locked up.

The growing panic caused chaos in the cryptocurrency and older financial markets as the price of bitcoin fell more than 50% on March 11 to less than $ 4,000 by March 13, leading to wholesale liquidation on leveraged exchanges. On March 13, Bitcoin’s market value fell below $ 100 billion for the first time since May 2019.

Despite the carnage, opportunistic buyers have again relentlessly pushed prices as the reward for Bitcoin’s third block is expected to be halved in May 2020. In May, BTC returned $ 10,000 shortly after it was revealed that the famous billionaire hedge fund manager Paul Tudor Jones had invested in BTC as an inflation hedge.

While the DeFi bull market in Q3 2020 and the pressure to reform Ethereum Eth.2 should divert attention from BTC, much of the profits from the DeFi boom will be quickly channeled to Bitcoin – BTC will exceed $ 12,000 by the end of October. It tested its full-time service since 2017 towards the end of November after PayPal launched cryptocurrency trading services in the United States.

Given the oversupply since 2017, Bitcoin broke a new market record on November 18, with a capitalization of BTC that exceeded $ 326.5 billion dollars for the first time, and the price exceeded $ 18,000.

Since then, Bitcoin’s market value has more than tripled in almost three months, with BTC pushing BTC to new full-time points in December and driving prices up.

It took Bitcoin just 12 years to grow from a little-known academic knowledge book to a $ 1 trillion dollar decentralized network, and became the eighth traded asset that currently has a 13-digit market number.

In comparison, it took Microsoft 45 years to exceed $ 1 trillion. It took Amazon 27 years, and Google hit $ 1 trillion in just 22 years.

Now the question is, how long will it take before Bitcoin gets close to the market value of gold?

Source: CoinTelegraph