Bitcoin just hit 19,829 breaking its previous all-time high of 19,783 in late 2017.
Why is the Market Pumping now?
On a macro level, the pandemic has resulted in aggressive money printing and pressure on the Federal Reserve to expand its balance sheet. This will very likely inflate consumer prices and cause a “hidden tax” for all Americans.
For crypto specifically, 2020 has become a “watershed moment” for institutional adoption of Bitcoin, according to Fidelity’s head of sales and marketing, Christine Sandler.
This year is also much different for retail investors than in 2017 as it’s much easier to invest due to mainstream services now offering crypto including PayPal, Cash App, Robinhood, and more. Even our platform, Bitcoin IRA, is cheaper, more robust, and easier to use than in 2017.
Pantera Captial CEO: “This rally is much more sustainable than in 2017.”
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What is a Bitcoin Really Worth?
Popular quantitative analyst, PlanB, has reached near infamy with his “stock-to-flow” model for crypto that now appears to be proving true. His model shows that since Bitcoin’s supply is fixed, only 21 million Bitcoin will ever be produced, that scarcity can drive Bitcoin’s price to over $100,000 per coin sometime next year. While some lauded his model initially, many are praising its merits today.
PlanB Analyst: “I have no doubt whatsoever that Bitcoin’s [stock-to-flow] is correct and Bitcoin will tap $100K-288K before Dec 2021. In fact, I have new data that confirms the supply shortage is real. IMO 2021 will be spectacular. Not financial advice!”
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What’s Next for Bitcoin Investors?
There are dozens of big events still to come for crypto that could continue to push prices much higher. If 2020 was a year for institutional adoption, 2021 could be a boon for consumers, with PayPal expanding to millions of Venmo users, Facebook’s Libra still-in-development, the first Bitcoin ETF, Fidelity’s new crypto fund, Central Banks launching their digital currencies, and countless other major events in development.
What are you waiting for? Consider setting up a Bitcoin IRA account today
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