BITCOIN PRICE HITS ALL TIME HIGH $28,378 Topping 2017 Record
Bitcoin broke new record today by hitting a new all time $28,378 Dec 28st 2020 which surpassed the previous ATH $19,783.21 set Dec. 18, 2017 however, many still feel that new all time high has not been hit until the price passes 20k.
The total market value of bitcoin in circulation is about $500 billion. By comparison, the size of the investment market for gold was about $11.9 trillion at the end of 2019, according to the World Gold Council.
To put that in perspective, if the market cap of Bitcoin hit the 11.9 Trillion market cap of Bitcoin would be
32 x the current price = $652,527 per Bitcoin.
Bitcoin has nearly five x in 2020 and is up 97% since early September. The Federal Reserve and other central banks have injected trillions worth of liquidity into the capital markets, and a number of companies working on coronavirus vaccines are providing hope that the global pandemic will soon be brought under control.
Although this is just our opinion, Bitcoin is on target to hit $100,000+by the end of 2020 and like Tim Draper prediction $250k by end of 2020.
With safe assets like government bonds yielding close to zero, investors have been more willing to diversify their portfolios into crpto-currency hopes of reaping big gains.
The main reason for Bitcoin meteoric price increase over the last few weeks have been attributed to both retail and professional investors and a plethora of platforms that make it easy to trade cryptocurrencies. On the retail side, online platforms like Square Inc.’s Cash App, Robinhood and PayPal Holdings Inc. allow users to buy and sell bitcoin directly within their apps which were completely against Bitcoin and crypto-currency just a few years ago.
The other altcoins have also increased by following Bitcoin’s gains. Ethereum staking 2.0 caused a spike in the price of Ethereum.
Bitcoin is a digital version of gold. There are about 18.5 million bitcoins currently in circulation out of the 21 Million that will ever be available.