All time High
While i'm writing this, Bitcoin is at $35.000, and constant breaking all time highs. What also accompanies those all time highs is the fact that 100% of Bitcoin holders are in profit. But what happened to come to this bull run?
back in 2017 the bull run was mostly hype, FOMO and greed. But what is the reason of this one? The run we are in now, has deeper anchors in the fundamental world of cryptocurrency. In the beginning, the coin was mostly for geeks. Then a small percentage of investors followed after. But what is happening now, defies all imagination.
The big institutional investors have found their way to Bitcoin and also certain countries too. In Iran by example, they have real mining installations that requires them to sell their Bitcoin to the central bank of Iran. And in Venezuela, the military is now being called in to start mining.
In December 2020, huge amounts of capital were invested in Bitcoin by institutional bankers. Let us take a closer look at them: Skybridge: 300 million dollars into BTC. Northern data: 100 million on mining rigs. Grayscale has bought in December three times more Bitcoins than it mined, so more demand than supply. By now, It has now about 20 billion into BTC. New York Digital Investment Group: 100 million dollars into BTC. BIGG Digital Assets: 3.36 million into BTC. MassMutual: 100 million into BTC. Buffer investment: 744 million into BTC. Michael Saylor: 650 million into BTC. Greenpro: 100 million into BTC. And we can't forget Paypal, who holds about 900 BTC by now.
We also have some individuals worth mentioning: Stanley Druckenmiller is a famous billionaire who is now also in the Bitcoin camp. Ricardo Salinas Pliego is the CEO of SoftBank and supports Bitcoin as well and makes him the second richest person in Japan and Mexico.
Combining all this information from above, the image becomes clear why Bitcoin begun its bull run. The sentiment in this market today? It's just the beginning. How far will Bitcoin go? Nobody knows. Follow the rainbow chart, which is reasonably accurate. So chill, relax and enjoy the ride! Because it's going to be a wild one!