After almost exactly three years, the time has finally come. The price of Bitcoin has broken through its old all-time high of just under $20,000 and is currently moving towards the $21,000 mark. The strong increase has been announced for weeks, but it was of course not clear when it would really happen.
According to CoinDesk data, on Wednesday, December 16th, Bitcoin was traded at $20,809, an increase of %7.3 on the trading session. During the year, the price of Bitcoin has seen a surge of %180.
If you want to find more details about the future of Bitcoin and how the price of the number one cryptocurrency will move, download the Born2Invest mobile app. Our companion app brings you the most important business news in the world so you can stay on top of the market.
Bitcoin becomes a recognized financial product
Years ago, when the price of Bitcoin corrected to as low as $3,000 in 2018, crypto experts kept saying that it was only a short-term correction and BTC would subsequently run again towards its all-time high.
Of course, hindsight is easy but there have been more than enough indications in recent years that the journey for Bitcoin is far from over.
Retail investors were quickly unnerved by falling prices and turned their backs on Bitcoin. Investors who know their stuff have taken this opportunity to invest even more in BTC.
However, this year is no longer about private investors as it was in 2017. A lot has happened in the meantime and now Bitcoin has become a recognized financial product.
Institutional investors take the helm
Institutional investors are currently showing increased interest and are collectively investing billions in Bitcoin. It seems that even the big players have realized that BTC is very suitable as a hedge against inflation.
Almost every day, applications are filed with the SEC by companies to invest in Bitcoin. And it seems that it is just the beginning. The wave of institutional investors that has been waited for so long has finally arrived.
Wall Street money is slowly but surely flowing towards Bitcoin. Although only a fraction of the total volume but still enough to drive the BTC price up.
The next few years are bullish for Bitcoin
This strong demand is met by a falling supply, which is basically conducive to a price increase. That is because daily Bitcoin purchases already exceed the daily production volume of new BTC.
In 2024, the world can expect another supply shortage that will cut daily production volumes in half again. If by that time the demand for Bitcoin continues to rise, we will see a sharp Bitcoin price increase in the coming months and years.
We join you in rejoicing over the $20,000. It has been a long and rocky road but finally exactly what we have been trying to convey to you over the last months and years has come true. Bitcoin is a revolution and will massively turn our monetary system upside down in the next 50 years.
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First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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