BlockchainBusiness

Bitcoin Update: New high at $47,549. Great News For Investors

Bitcoin’s price continues to move northbound, as the crypto asset’s value has touched another all-time high (ATH) this week reaching $47,549 per coin on Feb 9.

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Credit: Source https://www.coindesk.com/price/bitcoin

Bitcoin was the first cryptocurrency to successfully record transactions on a secure, decentralized blockchain-based network. Launched in early 2009 by its pseudonymous creator Satoshi Nakamoto, Bitcoin is the largest cryptocurrency measured by market capitalization and amount of data stored on its blockchain. The Bitcoin software is free and available online to anyone who wants to run a Bitcoin node and store their own copy of the Bitcoin blockchain. As Bitcoin matures, engineers have designed additional protocols to improve the speed and privacy of Bitcoin transactions, including the Omni LayerLightning Network and Liquid Network. Only approximately 21 million bitcoins will ever be created. New coins are minted every 10 minutes by bitcoin miners who help to maintain the network by adding new transaction data to the blockchain.

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Institutional AdoptionCryptocurrencies, especially Bitcoin, is now being considered as a safe-haven asset against market volatility and inflation. The current societal and economic climate also brings about a situation for people to hold less cash and stay hedged against market swings.

  • Institutional Adoption
  • Paypal & Cryptocurrencies
  • Bitcoin Halving Driven Scarcity
  • Easy Accessibility To Public
  • Bottom Line

The digital asset bitcoin is now the 7th most valuable asset worldwide with an overall market valuation of around $778 billion today.

Morgan Creek Partner Says ‘BTC Is a 10x Improvement on Gold’

Bitcoin is currently up 40% so far in 2021, and on track to post its second-best week since the December 2017 rally.

The idea of bitcoin as a hedge against inflation has continued to gain traction among investors.

At the time of writing, bitcoin is swapping for $41,900 per unit after dropping a hair lower. The crypto asset saw a massive drop yesterday after quickly touching the $40k handle dropping well over 10% to the $36,388 range at 1:48 p.m. on Thursday afternoon.

Of course, the crypto community has been excited about the bullish prices and many have been saying we still have a ways to go price-wise.

Morgan Creek cofounder, Anthony Pompliano, discussed the subject on CNBC’s Fast Money broadcast yesterday and said bitcoin would be far superior to gold someday.

Pompliano told CNBC’s Melissa Lee that “Bitcoin is a 10x improvement on gold” and “we will one day see a $1M Bitcoin price, which is only 2x the gold market cap.” Bitcoin’s $778B market cap is now half the size of silver’s market cap of roughly 1,700,000 metric tons of .999 Ag.

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In a response to Pompliano’s guest appearance on Fast Money, Microstrategy’s Michael Saylor said: “Gradually, then suddenly, investors are coming to the horrifying realization that Gold is a zombie store of value.” Similarly, the bitcoin bull, Chamath Palihapitiya, also spoke on CNBC and told the broadcasters that BTC will be going to $200k someday.
Palihapitiya spoke about the mistrust in governments and central banks worldwide and said first it will be $100k and then $200k at some point down the road.

Abhishek Shah

Senior Editor at TechMantle Technology Writer, Entrepreneurship, Business, IoT, Management

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