Summary of the week
As the week began with the green candle sea, the price of Bitcoin broke $ 50,000 for the first time since the beginning of September and then broke 55 55,000 for the first time since May. Bitcoin seems ready to rally throughout the rest of the year as more institutional support has been gathered in the past week, which is always a good sign. Here’s what happened to Bitcoin this week:
Bullish news to raise prices
Monday began with overwhelming news from El Salvador when their president Naib Buckley revealed that the country has seen more than 26 million people sign up to use its Chivo Bitcoin wallet in just 26 days, meaning two-thirds of the country’s adults now use the app, which itself A significant achievement.
Subsequently, Michael Sailor reiterated HODLing’s intention to keep their bitcoins in the micro-strategy and revealed that the company has complied with the US Financial Accounting Standards Board (FFSB) to adjust the accounting standards to accommodate companies holding bitcoins.
Also on Monday, Ultimate Fighting Championship legend George Masvidal’s empty fake MMA promoter partnered with Gamebred Fighting Championship Legacy Records to reward fighters with bitcoin, becoming the first MMA promoter. Bitcoin crossed $ 50,000 for the first time in a month on Monday, fueling the overall bullish week.
Tuesday, millionaire Bill Miller spoke at the Forbes Summit Says that “Gold is a horse, Bitcoin is a Ferrari.” Interestingly, Bitcoin has risen above 1,200,000% over the past decade, while gold prices have risen 1% over the same period. Bitcoin has grown 6 billion percent in the last 12 years when the New Liberty Standard first paid for Bitcoin in 2009.
Also on Tuesday, the United States Bank, the fifth largest retail bank in the United States, began providing bitcoin custody services in partnership with NYDIG. The Jack Mallers Strike app has made this possible for users Buy $ 0.50 less in Bitcoin At one time through the app.
The Bank of America (BofA) on Wednesday began bullish on its digital asset research by releasing a report titled “Digital Asset Primer: Only the First Inning” as “Bitcoin is very hard to ignore.” The price of Bitcoin will exceed $ 55,000 by the end of the day, for the first time since early May.
Also on Wednesday, El Salvador’s president, Naib Bucel, revealed that citizens claimed their initial bitcoin through the country’s Chivo Bitcoin wallet. Was between 10% and 35% If they continue to hold their stack. Buchel further said that there were citizens Buying more bitcoin than selling on the platform, Income including remittances is four times more than such withdrawals, as citizens learn to stack.
At the end of the day, Don Fitzpatrick, CEO of the billion-dollar Soros Fund, confirmed that the fund owns some bitcoins, referring to it as just a hedge against inflation and saying that “Bitcoin has overcome instability in the mainstream.” Too bullish?
On Thursday, Leah Wald, CEO of Valkyrie Investments, said that Bitcoin “is establishing itself as one of the most powerful financial networks and an absolutely valuable digital store.” Wald said they “hope to take this bull race to the highest level in the fourth quarter.” Bitcoin proponent and U.S. Senator Cynthia Lumis Published $ 50,001 to $ 100,000 Bitcoin purchases According to CNBC.
Politician Andrew Young, who recently started a new political party in the United States, hoping to run for president, says He is the “big proponent” of Bitcoin. And that newly formed team will support Bitcoin. Later Thursday, a JPMorgan report said institutional investors see Bitcoin as a “better inflation hedge” than gold.
On Friday, the amount of bitcoin from major mining companies was confirmed More than 200,000 BTC, equivalent to 1.1 billion. As miners continue to accumulate, and both retail and institutional investors continue to stockpile bitcoin, we will likely see a supply deficit by the end of the year, which will further fuel this current bull.
Bearish News is Lam
As Bitcoin continues to rise this week, bears are in the bay; This does not mean, however, that there was no news during the week that could be considered bearish. Hugh Johnston, Vice Chairman and CFO of Pepsi, Said That Bitcoin is “still very volatile and still very speculative” and it will be “a terribly long time” before it is considered a currency. However, he said he learned to say “never learned over time” when asked if companies would consider keeping Bitcoin on their balance sheets.
Bitcoin has been 400% higher than last year as Bitcoin has risen above 20% in the last week, making many, including me, believe that the next episode of the current bull race is underway. I’ve said it before বি Bitcoin still has a lot of upward momentum left for the rest of the year, and it’s increasingly possible that Bitcoin will hit the six-digit mark sometime in December, perhaps even if the current trajectory continues.
With both the citizens and the government in El Salvador’s green, perhaps other countries will accelerate plans to accept bitcoin as a legal tender, or at least introduce favorable rules to encourage investment in their respective countries. Politicians around the world are signaling support for Bitcoin from countries like Brazil and Zimbabwe, which have faced decades of financial instability and instability.
With enough momentum remaining in the current geosynthetic, Bitcoin is likely to re-test its current all-time high for some time later this month. There is probably a bearish case that may not happen until some time in November; However, the upside is clear and both the interest and support for Bitcoin is increasing day by day.
This is a guest post by Dion Guillaume. The opinions are entirely their own and BTC Inc Bitcoin Magazine.