The wealthy look to Bitcoin - What's next to come?

Quick take

1 minute read

• With bitcoin rising, what is to come next?

• Could we see a new all-time high in 2021?

This year has been one hell of a journey in every aspect, and that doesn’t exclude Bitcoin by any means. The beginning of the year saw a somewhat unsettled start for Bitcoin however after the progress that has been made over the last few weeks, BTC seems to be putting its past behind. The Digital Currency’s fourth quarter saw it rise to a new all-time high within 49 days, rising more than 270% to over $24,000. Bitcoin rose above $20k for the first time in its lifespan after cutting shy back in late 2017.

After seeing the exponential growth of the currency over recent months, Bitcoin seems to have attracted a number of new interested parties. It appears that some of wall street’s elite as well as some institutional investors are being tempted into investing in BTC and a number of other cryptocurrencies. Bitcoin finally seems to have caught on in the financial world, becoming a go-to for the wealthy after the market showed a rise of large purchases from major financial suitors.

Investors who bought a minimum of 1k Bitcoins, worth around $23 Million, had accounts that were no older than nine months old. The past 3 months alone has seen $11.5 billion worth of BTC purchased by these big investors, and this is what many have speculated to be the cause for the sharp increase in price. Bill Miller, Paul Tudor Jones, and Stanley Druckenmiller are just a few of the big names who have bought big in recent months.

Some other notable mentions are Rick Reider, the Head of the Fundamental Fixed Income business, who came out and said that BTC is going to stick around for a long time and holds the potential for many opportunities. A Mexican Media billionaire named Ricardo Salinas Pilego also announced that he has recently invested 10% of his liquid assets into bitcoin. 

After so many years, Bitcoin seems to have finally gained respect and acceptance from top wall street investors as well as big companies like Visa and Paypal. The current run is expected to continue for the coming months and has the potential to see even more multimillion investors get in on the act. 

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