MEITU NOW HOLDS $100 MILLION IN BITCOIN AND ETHEREUM!! COINBASE RECORDS STAGGERING $1.8B IN REVENUE!

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With Bitcoin nearly touching $19,000 in the last few days, many analysts are of the opinion that BTC still has room to grow to as much as $500,000.

Institutional investors are now ramping up their purchase of Bitcoins. 

ARK Invest CEO Catherine Wood suggested that if all institutions would assign even a mid-single-digit allocation to Bitcoin on their portfolio, its value would increase tremendously. 

“The cryptocurrency could rise to somewhere in the $400,000 to $500,000 range,” she told news outlet Barron’s during an online event.

Woods said institutions have been increasing their allocation of Bitcoin, and their numbers are increasing significantly. 

The ARK Investment CEO compared this movement to the early days when institutions first moved to real estate and emerging markets. 

“They started out with a half a percent allocation, then 1%, then 5%,” she said. 

Bitcoin is seen by investors – retail and institutions alike – as a digital version of gold or as a hedge against inflation. 

The weakening dollar contributed to this “Bitcoin is digital gold” narrative. Quantitative easing or the effort to put more cash into the financial system to jolt the economy with spending has weakened the dollar. 

This served as a catalyst for even large companies, including publicly-listed MicroStrategy, to turn much of their cash reserves into Bitcoin last August.

Wood has noted that Bitcoin’s supply is definite – at 21 million BTC. So far, 18.5 million BTC has already been mined. If institutional investors take a greater interest in Bitcoin, it could send the price even higher, she added.

Bitcoin closed Sunday at $18,437 after reaching as high as $18,900 the previous day, a new 2020 high for the benchmark cryptocurrency. 

Bitcoin was the best performing major cryptocurrency in the past month, increasing by 36% in the last 30 days. It is also up 158% since the beginning of the year and up 380% since March 2020.

In other Trending Bitcoin News today:

Paypal Bought 70% of All Newly Mined Bitcoin Last Month as Demand Rockets

Paypal bought up to 70% of all the newly mined bitcoin since the payments giant started offering cryptocurrency services four weeks ago.

Now that’s according to estimates by hedge fund manager Pantera Capital, as revealed in its latest monthly blockchain letter. 

Together with Square’s Cash App, the two companies are buying more than 100% of all newly issued virgin bitcoin, it says.

The letter said demand for Paypal’s crypto service, which runs on Paxos fiat-to-crypto exchange, Itbit, had hit the roof. The exchange “was doing a fairly constant amount of trading volume… [but] when Paypal went live, volume started exploding,” it observed, adding:

The increase in Itbit volume implies that within four weeks of going live, Paypal is already buying almost 70% of the new supply of bitcoins.

Paypal announced in late October that its customers – running in excess of 300 million active users – will now be able to buy, hold and sell bitcoin and other digital assets using their Paypal accounts.

The decision also meant users could use their coins to buy things from the 26 million merchants that accept Paypal, it said. Paypal rolled out the crypto service to U.S. customers early this month, with the rest of the world set to be integrated later.

Bitcoin prices rose alongside the Paypal news, breaching $12,000 at the time the service was announced, and has maintained the bullish momentum ever since, hitting a three-year high of $18,997 on Nov. 20.

Pantera Capital noted that the Paypal crypto service is “already having a huge impact”. As shown in the graph above, it predicted that if the “growth persists, Paypal alone would be buying more than all of the newly-issued bitcoin within weeks.”

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

Current #bitcoin price action is nice, but we are waiting for a real jump (like the red arrows early 2013 and 2017). IMO that will be the start of the real bull market, and indeed phase5. January 2021? pic.twitter.com/orzwdCOcvP

— PlanB (@100trillionUSD) November 22, 2020

https://www.ibtimes.com/bitcoin-price-prediction-btc-may-top-500000-ark-ceo-explains-why-3087280

https://news.bitcoin.com/paypal-bought-70-of-all-newly-mined-bitcoin-last-month-as-demand-rockets/

https://cointelegraph.com/news/us-dollar-squeeze-and-19k-btc-5-things-to-watch-in-bitcoin-this-week

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The Bitcoin price is not so far from reaching a $100,000 valuation, recalled Adam Back, founder of Blockstream.

The BTC price broke $10,000 when it was not even expected to move above $1,000.

Bitcoin (BTC) went on to revisit the $10,000 level with ease a few times.

Over the years, the bitcoin price reached a peak near $20,000, reached within just weeks from lows around $3,500.

Adam Back recently shared the following Tweets on Crypto Twitter:

“It’s closer than it sounds as along the path of hyperbitcoinization, the USD inflation rises, eg aided by Modern Monetary Theory rationale for high inflation, so $1 becomes worth say 10c over a decade or two of monetary craziness, then $10mil/BTC is $1mil/BTC in today’s money.”

“And $100k Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.”

In other Crypto news today, this simple observation suggests Bitcoin is about to go parabolic.

Historical data suggests the BTC halving to boost prices pre-event. Cryptocurrency analyst Nunya Bizniz recently made an eerily bullish observation about Bitcoin.

He noted that in the two previous market cycles of the BTC market, the cryptocurrency performed extremely well starting 120 days (four months) out from the cycles’ respective block reward reductions, known as “halvings” or “halvenings.”

In the four months prior to the first halving in 2012, the price of BTC rallied dozens of percent higher from $10 to around $14 by the time of the event; and in the four months prior to the second halving in 2016, the price of Bitcoin went effectively parabolic, running from $432 to $700.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

And $100k Bitcoin doesn’t seem so far given we already crossed $10k threshold a few times when few expected even $1k some years back and $10k seemed crazy.

— Adam Back (@adam3us) January 11, 2020

Bitcoin is about 120 days away from the halving.What was price action like 120 days prior to the first two halvings?

Whether you believe its priced in or not, if past is prologue – volatility may be expected. pic.twitter.com/7peG6Ir0m4

— Nunya Bizniz (@Pladizow) January 10, 2020

This Late Night Host Just Exposed Millions to Bitcoin, Again

This Simple Observation Suggests Bitcoin is About to Go Parabolic

Bitcoin Will Soon Have a $100,000 Price Tag: Adam Back

➡️ Leverage OPM (Other People’s Money): http://opm.cryptonewsalerts.net

“Just to be clear, the risk of buying Bitcoin today HAS NEVER BEEN LOWER and the upside is still huge, like 80x. This is why institutions are pouring in now. The risk has never been lower”, says BTC pioneer Max Keiser, host of the Keiser Report.

As Bitcoin Tina tweeted: “If you don’t understand how fast Bitcoin can be repriced you don’t understand how markets work. TSLA went from the 150 range to the 450 range from the end of May to the middle of September. Bitcoin could reprice from 20K range to 75K range between now and February.”

Max Keiser responded with: “This is true. In fact, I expect it. The risk reward ratio for Bitcoin right now is; you’re risking 1 to make 100. The risk/reward has actually NEVER BEEN BETTER.”

In other trending Bitcoin News today:

Guggenheim Fund Files to Be Able to Invest Up to Almost $500M in Bitcoin Through GBTC

An SEC filing on Friday indicates that the next Wall Street institution to take a public position in Bitcoin may also be among the largest yet: the $275 billion financial services firm Guggenheim Partners. 

The Guggenheim filing allows the Macro Opportunities fund to purchase GBTC, a publicly-traded Bitcoin investment vehicle from Grayscale, at an indeterminate point in the future. 

“The Guggenheim Macro Opportunities Fund may seek investment exposure to bitcoin indirectly through investing up to 10% of its net asset value in Grayscale Bitcoin Trust (“GBTC”),” the filing reads.

According to independent ratings firm Morningstar, the Guggenheim Macro Opportunities fund currently has $5.3 billion in assets under management and sports a four-star rating “based on risk-adjusted returns out of 270 Nontraditional Bond funds.”

Guggenheim describes the overall fund strategy for the institutional-grade shares (ticker: GIOIX) as a product of the investment team’s “highest-conviction ideas.” If the fund were to take the full 10% stake in GBTC, it would be worth north of $500 million.

The filing also notes a long list of potential investor risks associated with cryptocurrencies, which it refers to as “digital assets designed to act as a medium of exchange.” 

Risks include lack of cryptocurrency exchange regulation, GBTC’s historical “significant premium” to net asset value, and uncertainty regarding tax laws and regulations, among others.

This preparatory move by Guggenheim appears to be part of a cascading series of investments indicating increased acceptance of Bitcoin among major financial institutions. 

In August, business intelligence firm Microstrategy purchased nearly 40,000 Bitcoin, leading to a parabolic move in share price. Likewise, financial services firm Square, Inc bought $50 million in Bitcoin in October.

This rolling snowball of institution interest may quickly become an avalanche, as noted by one prominent voice in crypto journalism: 

“2016: The institutions are coming! 2017: The institutions are coming! 2018: The institutions are coming! 2019: The institutions are coming! 2020: The institutions are here! 2021: Dammit, the institutions bought all the Bitcoin”

In other trending Crypto News today:

Weekend Bull Trap? Traders Remain Cautious As Bitcoin Price Rebounds to $18K

The price of Bitcoin (BTC) surged above $18,000 on Nov. 29, reaching as high as $18,209 on Binance. However, traders are turning cautious despite BTC’s weekend rally.

Bitcoin currently faces resistance at around $18,200, which is also the 10-day moving average (MA) on the daily chart. As Cointelegraph reported yesterday, some traders still anticipate BTC to see another drop in the near term before the rally can continue.

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Ledger: ► http://ledger.cryptonewsalerts.net

DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

2016: The institutions are coming!2017: The institutions are coming!2018: The institutions are coming!2019: The institutions are coming!2020: The institutions are here!

2021: Dammit, the institutions bought all the #Bitcoin

— Jon Rice (@JonRiceCrypto) October 17, 2020

Just to be clear, the risk of buying #Bitcoin today HAS NEVER BEEN LOWER and the upside is still huge, like 80x

This is why institutions are pouring in now. The risk has never been lower. https://t.co/LlPemmn4Zk

— Max Keiser (@maxkeiser) November 29, 2020

If you don’t understand how fast #bitcoin can be repriced you don’t understand how markets work. TSLA went from the 150 range to the 450 range from the end of May to the middle of September.#bitcoin could reprice from 20K range to 75K range between now and February. pic.twitter.com/kMABvU0AsJ

— BitcoinTina☣️- “TINA” #bitcoin (@BitcoinTina) November 28, 2020

https://cointelegraph.com/news/weekend-bull-trap-traders-remain-cautious-as-bitcoin-price-rebounds-to-18k

https://cointelegraph.com/news/guggenheim-partners-prepares-to-dip-investment-fund-s-toes-into-bitcoin

https://cointelegraph.com/news/paul-tudor-jones-bitcoin-fractal-hints-at-possible-explosive-btc-rally