Bitcoin price news: BTC records all-time high amid ‘growing institutional interest’
Bitcoin has taken almost exactly three years to beat its previous record, when it peaked approximately £100 ($137) lower. The flagship cryptocurrency saw a steep tumble in its value in the two hours after hitting its 11am GMT peak.
However, bitcoin has since rallied and recovered much of its losses.
Seamus Donoghue, VP Sales and Business Development at METACO, believes bitcoin is in a more robust position than ever.
He said: “After a spike to $19.5k and dramatic reversal to $16k between November 25 and 26, the market consolidated for a few days and today resumed its bullish ascent to print a new high.
“The retracement and consolidation, albeit very brief, was a welcome breather from a relentless rally of over 90 percent since October.
“Contributing to the recovery was yet another institution, Guggenheim Funds, announcing that they would have filed with the SEC for a $500 MIO [Miner One token] bitcoin fund.”
“Although the growing institutional interest in bitcoin provides a very positive medium and long term backdrop for the market, we expect that the market short-term will likely consolidate for one to two weeks within the recent range before beginning another move up through the highs and into yet uncharted new highs.
“It seems very likely we will close the year at all-time highs in bitcoin’s price.”
Mr Donogue’s reference to Guggenheim Partners relates to the Wall Street firm’s announcement last week it may invest as much as $530million (£400million) into a bitcoin-related investment trust.
This makes it only the latest in large institutional investors declaring interest in buying into funds tied to the crypto-currency.
Rhian Lewis, author of The Cryptocurrency Revolution, said: “It seems that barely a day goes past when we don’t read a headline about a mainstream fund or company expressing an intention to put some of their holdings into bitcoin.
“Price predictions are notorious for being wrong, so it’s entirely likely there will be more dips and volatility.
“But this time it feels very different from the 2017 high – there seems to be more real demand, and the narrative is more measured.”
Such is the surge in optimism surrounding the the crypto industry, bitcoin bulls Tyler and Cameron Winklevoss claimed yesterday bitcoin is on track to soar to $500,000 (£375,000) within the next decade.
Cameron Winklevoss, a US crypto investor, tweeted Monday on morning Eastern time: “#Bitcoin is an emergent store of value that defends against inflation and has the potential to unseat gold.
“This means it could appreciate 25x in value from $19K.
“No other liquid asset in the universe can credibly offer this magnitude of asymmetric payoff in the next decade.”
And Tyler Winklevoss told CNBC on Monday: “Our thesis is that Bitcoin is gold 2.0, that it will disrupt gold, and if it does that, it has to have a market cap of 9trillion, so we think it could price one day at $500,000 of bitcoin.”
Some finance experts are, however, not as enthusiastic about the cryptocurrency, urging people to stay clear.
Book author and crypto investor Grant Sabatier warned in 2017: “Bitcoin is a global craze. Even my barber, who has no idea what a blockchain is, is buying it.
“Because so many new people are buying it (and so quickly!), it’s impossible to accurately value.”
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