- BlackRock is a new corporate investor in Bitcoin (BTC).
- Bitcoin might soon become the first trillion-dollar cryptocurrency asset.
- Blockchain experts believe that Bitcoin price is set for a new bull run above the $50,000 price levels.
- Other financial firms are toeing the path of Tesla and BlackRock by investing in Bitcoin.
Right now, one Bitcoin (the world’s leading cryptocurrency) is valued at $52,500 – a new all-time high; it reached this new milestone in the early hours of today.
One reason for this new BTC price high might be BlackRock’s investment into Bitcoin yesterday – February 17, 2021. BlackRock is the foremost asset manager globally. With this new development, Bitcoin is set to become a trillion-dollar asset. It would be the first cryptocurrency to do so; it only needs an additional $1,000 to reach this milestone.
It is no longer a secret that Bitcoin’s corporate and institutional demand continues to rise in epic proportions following tesla’s investment in Bitcoin. Data from skew analytics (an on-chain analytics platform) shows that there has been a 30% rise in Bitcoin price within the last week. The CME Bitcoin futures have recorded $5 billion Bitcoin transactions during the period ending on Tuesday, February 17 – an unparalleled feat. After exceeding the $50,000 price levels, predictions for Bitcoin on-chain indicators remained healthy, and that’s what happened.
Ki-young Ju (CEO, CryptoQuant) remarked that the largest cryptocurrency remained in the positive range, which indicates an additional rally. Is it possible for Bitcoin to start another bull run after exceeding the $50,000 price range? Peter Brandt, a famous market analyst, and trader believed so. According to him, Bitcoin is on a parabolic advancement of epic proportions that will move it from its current levels to at least $240k. Glassnode (a blockchain data and intelligence provider) agreed that a steep BTC price correction isn’t likely from this point onwards, notwithstanding its quick rally.
This on-chain data platform has proof that Bitcoin’s consolidation beneath the $40,000 price levels in January 2021 isn’t realistic. The BTC fundamentals have been able to catch up since most of the indicators have reset. Hence, enabling BTC to form new support at the $48k mark.In the last few months, there has been a steep reduction in Bitcoin supply at the exchanges, mainly because most institutional purchases are being moved into cold storage. Anthony Scaramucci (founder, SkyBridge capital founder) believes that BTC price would likely be $100k before this year runs out.
Corporate Financial Giants Don’t Want to Be Left Behind
The Bitcoin Financial Windfall
Other financial players are following BlackRock in investing in BTC at its current price levels. The Motley Fool, a top financial and investment advisory firm, is one such financial giant investing in Bitcoin (BTC). The giant firm is starting their Bitcoin investment (BTC) with $5 million because they believe BTC price is likely to reach $500K. Also, a partner at Morgan Creek Digital Assets and Bitcoin evangelist, Anthony Pompliano, believes that Bitcoin will soon be the world’s reserve currency. Pomp predicts that BTC price will reach $1 million in the future. He said,
“I am of the opinion that Bitcoin will finally be the world’s reserve currency. It will even be much greater than the gold market cap.”