Bitcoin, the world’s first and largest cryptocurrency in terms of market value, continues to break all-time high price records almost daily. On December 24-25, Bitcoin was hovering around $ 23,000-24,000, then dropped to another all-time high.
What is interesting is not that Bitcoin broke its all-time high price again, but how and when it did so.
According to Blockstream CEO Adam Back, institutional investors are not responsible for Bitcoin’s record of $ 25,000, thanks to retail investors, the new record has come. “Three new ATHs: $ 25,000, $ 24,700 in one day, $ 24,800 and $ 25,000,” Back recently shared on Twitter. Do you think institutions do this? On Christmas day? The retail investor did this, only the people next to the keyboard ”.
According to the famous CEO, most of the world celebrated Christmas on December 25, companies shut down so employees could spend time with their families and loved ones. Under these circumstances, retail investors must be responsible for Bitcoin to break its all-time high price three times a day and surpass $ 25,000.
Increasing Bitcoin Interest
2020 was a tough year for the world in general, but a great year for Bitcoin. At the beginning of the year, BTC was trading below $ 10,000, and now it looks like Bitcoin is preparing to close in the $ 30,000 price range.
The price increase is thought to stem from global financial conditions and increased institutional interest. Investors sought safe haven assets amid financial uncertainty. Billions of dollars have flowed into Bitcoin this year from institutional investors such as MicroStrategy, one of the world’s largest business intelligence companies. MicroStrategy has invested over $ 1 billion in Bitcoin. MicroStrategy CEO Michael Saylor also personally owns hundreds of millions of dollars in Bitcoin.
In addition, institutions with large amounts of capital to invest can greatly change the atmosphere around Bitcoin. They can also provide an assurance to retail investors. When the average investor sees a top company investing hundreds of millions or billions in a new asset, they think these large organizations believe in the asset.
This growing institutional interest has been great for Bitcoin. As some governments print money and face greater economic turmoil, we may continue to see both retail and institutional investors flocking to Bitcoin.