Today, crypto king Bitcoin accomplishes one of its greatest achievements in the crypto industry’s history so far. It breaks its previous resistance levels to surpass the $20,000 mark that the community was eagerly waiting for for since long. At the time of this publication, Bitcoin currently stands at $20,399. According to Coinmarketcap, the total Bitcoin market capitalization has crossed a whopping $375 billion at the press time.
However, Bitcoin gaining increased momentum is no surprise due to the foray of the institutional rally in the crypto space. Thus the propelling demand for Bitcoin doesn’t seem to decrease. With the current milestone, Bitcoin has reinforced itself as a storehouse of house value against traditional assets like gold. The current surge gained huge traction on Twitter, with various Bitcoin advocates and supporters celebrating this milestone. This is the biggest achievement in Bitcoin’s history, thus advocating reliance and trust in the digital virtual asset.
Tyler Winklevoss, the co-founder and CEO of Gemini and an active Bitcoin advocate, shared his excitement, saying,
Another crypto enthusiast, Scott Melker, a crypto advocate and host of WOAS podcast shared his views on Twitter saying,
#BITCOIN IS IN PRICE DISCOVERY. Holy shit, it’s all happening.
Currently, Twitter is bombarded with the community expressing its joy over the massive breakthrough since the inception of Bitcoin. Nonetheless, the current breakthrough plays an important role in positioning Bitcoin as a viable digital asset amidst ambiguous perceptions of traditional financial advocates and the crypto community.
Institutions foray into the Bitcoin space majorly contributed to the surge in value.
Not only crypto companies but also traditional financial institutions have keenly monitored Bitcoin’s movement over the past few months. This has led to various institutions, including traditional financial firms like MassMutual and Ruffer Investment company venturing into the Bitcoin bandwagon. The FOMO of Bitcoin is so much so that MicroStrategy issued $650M worth of convertible debt notes to purchase more Bitcoin.
Investment banks like JP Morgan have also demonstrated trust in the virtual cryptocurrency. It has further predicted increased demand for Bitcoin in the forthcoming years. The famous Winklevoss twins of Gemini have also reinforced their faith in the sustainability of Bitcoin.
With Bitcoin crossing the $20,000 mark this year, the future seems to open endless possibilities for fueling Bitcoin adoption.
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