There’s never been a better time to be a Bitcoin holder this year.
The price of Bitcoin has hit a fresh 2020 high of $13,700. This after a dip earlier this week, and a seemingly nervous stock market, tested the strength of those hands. Yesterday, for example, the Dow Jones sunk by 2.3%, but Bitcoin held steady at around $13,000 after briefly dropping to $12,785.
Today, the crypto asset is up 6%. At the moment, Bitcoin is trading for a yearly high of just over $13,700 per data from Messari. The last time Bitcoin investors saw a BTC price that high was June 27, 2019, and before that, January 2018.
These short-term gains further embolden the bullish long-term outlook of traders. Bitcoin has been on a bull run since the market crashed in the middle of March. The outlook remains mostly the same since then—with increasingly higher peaks.
Various moves by big players in finance and tech, including Square, PayPal, MicroStrategy, and JP Morgan, have given Bitcoin investors reason for optimism.
Earlier this month, Square announced a $50 million investment in Bitcoin. And just last week, PayPal announced its platform would enable the buying and selling of Bitcoin, Litecoin, Ethereum and Bitcoin Cash. The CEO of Microstrategy, which recently converted near 23% worth of its treasury into Bitcoin ($425 million of its total net worth of $1.79 billion), said BTC was a million times better than gold. Not to be left out, JP Morgan said in a letter that Bitcoin had the potential to triple its price.
To some, it might feel like 2017 all over again—only this time, there’s no talk of bubbles or hype-driven parabolic growth. And that could be a good sign for the market.
Disclaimer
The views and opinions expressed by the author are for informational purposes only and do not constitute financial, investment, or other advice.