In my personal opinion this seems to be getting out of control, this morning when I went to check the news on Google news the word that came out in 98% of the statements was bitcoin, some statements were really interesting but others were extremely ridiculous like bitcoin can cure cancer by 2025 or bitcoin can overthrow the government of Venezuela, these are absurd things from people who only want to gain views trying to spread false or altered news.
But one thing that is certain is that bitcoin is becoming more and more popular among institutional investors, in fact at this very moment institutional investors own 3% of the total bitcoin supply which is almost half a million BTC. And at the rate we are going it seems that this number will continue to increase as recently mastercard and Apple pay have joined the crypto initiative and although the latter two do not have bitcoin in their treasuries as microstrategy put their grain of sand to promote cryptocurrency payments.
460,500 BTC and rising.
As I mentioned institutional investors own 3% of bitcoin and this breaks down as:
MtGox K K 141,690 BTC
Block.one 140,000 BTC
Microstrategy 71,000 BTC
Tesla 38,500 BTC
But these numbers will soon become obsolete as more and more investors enter the party, as buying bitcoin is becoming a new corporate standard trend that is gaining more and more traction, and although the main reason for this accelerated migration is to hedge against inflation due to the unchecked printing of dollars there is also the freedom from government control of assets to avoid sanctions, expropriation or freezing of funds, but whatever the reason for adopting cryptocurrencies institutionally it is being taken further and further and so much so that it is attracting the attention of the government who are proposing laws to regulate corporate investments in cryptocurrencies.
The BTC MarketCap is close to $1,000,000,000,000.
Currently the market capitalization of bitcoin is $910,274,987,477 and has a market dominance of 61.08% But these numbers can change rapidly due to the great popularization of bitcoin and the use that is being given to it, that is why it is very close to reach a market capitalization of $1 trillion, surpassing by far and leaves behind the market capitalization of large global companies such as alibaba, Facebook, tesla and tencent. To achieve a milestone of a market capitalization of one trillion dollars, bitcoin needs to reach a price of $53,600 and if we look at the numbers this is not far away as this morning it reached a new all-time high of $49,000 and if it manages to overcome the 50K Barrier it will be easily on its way to the trillion.
From this moment on there are many doubts regarding bitcoin and the future of the economy and although there may be gurus who predict a bullish or bearish price, what we do know is that bitcoin is becoming increasingly popular even displacing soccer as the main internet search. Because before investing in bitcoin was something daring but now it is becoming something necessary and if you visualize the news you will realize that the issue of cryptocurrencies and blockchain occupy 40% of them so I can say with respect to what we currently see around us that this is just the beginning, we are already seeing record highs in cryptocurrencies and many experts have reason to believe that this train will not stop but will continue to gain more strength with institutional investors and the massive acceptance of cryptocurrencies as a form of payment, So while bitcoin may not cure cancer or topple totalitarian governments, it is changing the way we look at money and the way we invest.
Posted Using LeoFinance Beta