Bitcoin Peaks at $50K Amid High Demand and Scarcity on Wall Street
Wall Street Enthralled by Bitcoin: What Executives are Saying about the Price Surge to $50,000
The demand for Bitcoin (BTC) on Wall Street is greater than the supply, indicating a bullish future. The cryptocurrency recently reached a new peak of $50,000, the highest value in over two years.
Bitcoin Reaches New Highs
US tech company MicroStrategy, known for its support of Bitcoin and holding approximately 190,000 BTC valued at around $8 billion, saw a nearly 11% increase on February 12. This increase reflects the price surge of Bitcoin. According to Michael Saylor, co-founder of MicroStrategy, this milestone is a testament to the growing popularity of Bitcoin as the most coveted digital asset.
Independence from Traditional Market Influences
In an interview with CNBC, Saylor emphasized that Bitcoin, due to its independence from traditional market influences, is an attractive addition to investment portfolios. He highlighted that there has been accumulated demand for BTC Exchange-Traded Funds (ETFs) over the past ten years. This demand has now been met, allowing mainstream investors access to Bitcoin.
Wall Street Loves Bitcoin
In another interview with CNBC, Anthony Pompliano, founder of Pomp Investments, emphasized the unprecedented performance of ETFs. He pointed out that in the entire history of over 5,500 ETF launches, no fund has ever managed a fortune of $3 billion within the first 30 days. Both BlackRock and Fidelity achieved this milestone, marking a historic first.
Impact of ETFs on Bitcoin Demand
Pompliano suggested that there is much more buying pressure, as evidenced by the inflows of $4 billion at BlackRock and $3.5 billion at Fidelity. Furthermore, both Bitwise and 21Shares are expected to soon reach about $1 billion in inflows. Interestingly, 80% of all BTC in circulation has not moved in the past six months. ETFs have absorbed 5% of the total tradable supply of Bitcoin in just 30 days, making it Wall Street’s favourite asset.
Future Development of BTC
Pompliano shared that the significant demand coupled with the upcoming halving event almost guarantees that Bitcoin will return to its all-time highs (ATH) within the next year.
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Source: AMBCrypto
| Symbol | BTC |
| Coin type | Alt Coin |
| Transaction Speed | Slow |
| Pros |
|
| Cons |
|
| Price | $97,176.00 |
| 24h % | 0.55 % |
| 7d % | -4.35 % |
| 30d % | 0.40 % |
| 60d % | 44.89 % |
| 1y % | 122.21 % |
| Market Cap | $1,923,876,243,096.00 |
| Max. Supply | 21,000,000.00 |
| Official Links | Website | Whitepaper | Source Code |
| Socials | Reddit | X | Message Board |
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