Bitcoin rallied above $18,000 on Wednesday morning for the first time since December 2017, when it hit an all-time high of $19,783 before nosediving to as low as $3,122 the following year.
Analysts expect a correction before a new all-time high. “In 2017, the rally was driven purely by retail traders and a huge amount of FOMO, or fear of missing out, but the scenario is much different in 2020,” CoinTelegraph reported.
Large bitcoin acquisitions became a thing in 2020 for institutional investors and companies including Fidelity Investments, Square and PayPal.
Cryptocurrency enthusiast Jack Dorsey made what he described as a mission-driven investment when his payments company, Square, purchased 4,709 bitcoins — a $50 million investment that represents 1 percent of the firm’s total assets.
PayPal plans to let customers and the 26 million merchants on its network buy, sell and shop using bitcoin and other virtual coins. It plans to expand the service to Venmo in 2021.
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“The fact the market is now focusing its rallying efforts during the institutional working week is a clear indication that real money has arrived, which leads me to believe the pull-back many are expecting may be shallow,” said Matt Blom, head of global sales trading at digital currency exchange EQUOS, in a Cointelegraph report.
Billionaire investor Ray Dalio, a longtime bitcoin bear, admitted on Tuesday that he “might be missing something” about bitcoin.
Dalio has said in the past that cryptocurrencies such as bitcoin are not the best way to store value as they are fundamentally flawed.
“I’d love to be corrected,” Dalio tweeted.
Freakie Fries tweeted back, “Bitcoin has tenx’d every two years thus far, and at that rate, if it continues, where will it be by 2030?”
